Almirall: Early EBITDA Margin Coup, Pipeline Advances, But Germany Looms
Almirall's H1 2026 results delivered a steady performance, with net sales of EUR 603 million (+7.5% y/y) and an EBITDA margin of 25%, up 330bps y/y — hitting its 2028 target two and a half years early. Management was quick to attribute part of this to the divestment of Actithiol, a minor non-derma asset, but it also reflects genuine operational leverage as the biologics portfolio scales.
Operational Leverage and One-Offs
The headline number is the EBITDA margin. CFO Jon U. Alonso noted, “In this scenario, in the second half of the year, of course, in order to continue accelerating in the same ratio, we should have a similar divestment to the one we have executed for Actithiol.” — Jon U. Alonso, CFO · 2026-07-24 This admission underscores that the margin improvement is not purely organic. Still, the company reiterated FY26 guidance of 9-12% net sales growth and EBITDA between EUR 270-290 million, and CEO Carlos Gallardo expressed confidence: “Almirall delivered a steady first half of 2026, broadly in line with our expectations and the trajectory set out at the beginning of the year, with performance expected to build progressively through the remainder of the year.” — Carlos Gallardo Piqué · 2026-07-24
The underlying drivers are the two biologics: Ebglyss (atopic dermatitis) and Ilumetri (psoriasis). Ebglyss reached EUR 84.5 million in H1, close to doubling y/y, though Q2 saw softness from a low single-digit price adjustment in Germany and order phasing. CFO Jon U. Alonso expects a rebound: “So we expect an acceleration in the Q3.” — Jon U. Alonso, CFO · 2026-07-24 Ilumetri grew 10.5% to EUR 125 million, and the company reaffirmed peak sales >EUR 300 million.
Pipeline Advances, Strategic Focus
The more interesting narrative is the pipeline. Almirall now has six proof-of-concept/Phase II programs, including the newly initiated anti-IL-21 antibody for hidradenitis suppurativa, which complements the anti-IL-1RAP asset. This is a company-specific theme — IL 21 is not a global market keyword, but it has high momentum for Almirall itself. Karl Ziegelbauer, Chief Scientific Officer, highlighted the differentiated approach: “We have just started a Phase II kind of proof-of-concept study and expect first results during next year.” — Karl Ziegelbauer, Executive (likely R&D or Medical Affairs) · 2026-07-24 This move marks a strategic push into high-unmet-need immunodermatology, with global rights retained.
The company also made a decisive pivot on tildrakizumab: it will not pursue psoriatic arthritis in Europe, instead focusing on the EVOLVE study in psoriasis to explore the 200mg dose in biologic-naive patients. This reinforces the IL 23 franchise and could differentiate Ilumetri in a mature market.
Market Dynamics and Germany
The German drug pricing reform is a recurring overhang. Carlos Gallardo acknowledged: “The German pricing reform is certainly not good news for the industry in Europe.” — Carlos Gallardo Piqué · 2026-07-24 While the impact is still unclear pending government clarifications, it adds uncertainty to Ebglyss's European ramp. However, the company sees the AD market as underpenetrated, and with Sanofi discontinuing amlitelimab, the IL-13 class (including Ebglyss) gains relative strength.
Prior calls had flagged pipeline excitement, as Carlos noted in February 2026: “We are very excited about our alopecia areata and 2 of the HS products that we have in place.” — Carlos Gallardo Piqué · 2026-02-23 This consistency shows that the current IL-21 initiation is an execution step rather than a strategic surprise.
We remain very confident on the outlook that we have provided.
Overall, the market is likely to view this as a positive, if not spectacular, update. The early margin achievement provides cushion, but the reliance on divestitures tempers the quality. The pipeline progress, particularly the proof of concept programs, offers optionality. Yet the unresolved German reform looms over near-term guidance.