BofA Sees Galderma's Potential Q3 Sales Beat as Re-rating Catalyst

02:20 AM EDT, 10/02/2026 (MT Newswires) -- BofA Global Research anticipates another "beat and raise" performance from Galderma Group (GALD.SW) in its upcoming third-quarter results, potentially triggering a re-rating in the Swiss dermatology company's share price following recent summer weakness. The research firm said Thursday it projects third-quarter sales growth at 22.2% on a constant-currency basis, above market forecasts by 270 basis points, amid expectations of higher estimates across every category. Galderma is scheduled to release its earnings report on Oct. 22. "In Injectable Aesthetics, we expect 12.2% cFX growth as: 1) Neuromodulators (+19%) should benefit from positive phasing effects, ongoing roll-out of Relfydess in International markets, as well as market share gains in the US, 2) Fillers (+4%), where the toughest 2y comp of the year implies a sequential slowdown, partly offset by an anticipated return to growth in the US filler market. In Derma skincare, we expect +15% cFX as Cetaphil continues to benefit from strong momentum in China and India through the quarter. Finally, in TD, the legacy portfolio should continue to grow during the quarter as generics entry are taking less share than previously expected. In that category, we expect Nemo sales of $285m, c.1% ahead of cons, driven by scripts growth, minimal price effect, and ex-US roll-out," BofA wrote. Accordingly, analysts raised their full-year 2027 EPS estimate by 5%, citing expected growth in Injectable Aesthetics and Nemluvio. The research firm also affirmed its buy rating and price objective of 200 francs, saying the recent de-rating is a "particularly attractive" entry point for the stock. "We add Galderma to BofA's Top 10 EMEA Ideas Quarterly list. Galderma remains one of EU consumers' rare structural growth stories, with innovation and geographic expansion supporting market share gains in an underpenetrated category," the note said.