Galderma Invests $650M in US Manufacturing, Riding Wave of Nemluvio Success

Galderma, the Swiss dermatology specialist, has announced a significant commitment to expand its manufacturing presence in the United States. The company plans to invest more than $650 million through 2030 to bolster domestic production of its skincare treatments, including the newly approved and rapidly growing Nemluvio.

US Manufacturing Expansion

Galderma's investment strategy aims to increase its ability to supply treatments through US-based contractors. In Florida, the company's partner will ramp up final assembly and packaging of Nemluvio, which has seen high demand since its FDA approval last year. The investment will also support US contract production of other skincare treatments in Galderma's portfolio, including Alastin and Cetaphil.

This move aligns with Galderma's broader strategy to strengthen its US presence. The company recently opened its US headquarters in Miami and maintains an R&D hub in Boston, two facilities in the Dallas-Fort Worth area, and an outlet in Carlsbad, California.

Nemluvio's Market Success

Nemluvio, an injected IL-31 treatment, has been a key driver of Galderma's recent growth. In the first nine months of 2025, Nemluvio generated sales of $263 million, with $131 million coming in Q3 alone. This performance is particularly impressive given that the drug has only been on the market for 14 months.

Initially approved in the US for prurigo nodularis (PN) in August 2024, Nemluvio's indication was expanded to include eczema in December of the same year. European regulators approved the drug for both indications in February 2025. While early sales were primarily for PN patients, Q3 saw atopic dermatitis sales overtake those for PN, reflecting the larger market opportunity in this indication.

Financial Performance and Outlook

Galderma's strong performance, driven in part by Nemluvio's success, has led the company to revise its annual growth guidance upward. The company now projects growth in the range of 17% to 17.7%, up from its earlier forecast of 12% to 14%. Through the first nine months of 2025, Galderma has generated record revenue of $3.7 billion.

CEO Flemming Ornskov, M.D., noted on a conference call that Nemluvio's uptake "continues to surpass expectations, underpinned by growing demand and increased access." The company's CFO, Thomas Dittrich, addressed concerns about US tariffs, stating that Galderma's exposure is "already in effect and seems manageable," primarily affecting the company's filler and biostimulator portfolio, which accounts for 7% of net sales.