Almirall, S.A. Company Profile

Background

Overview

Almirall, S.A. is a global biopharmaceutical company specializing in medical dermatology, headquartered in Barcelona, Spain. Founded in 1944, the company has established itself as a leader in the dermatology sector, focusing on the development and commercialization of innovative treatments for skin diseases. In 2023, Almirall reported total revenues of €898.8 million, solidifying its position as the leading European company in medical dermatology.

Mission and Vision

Almirall's mission is to transform patients' lives by providing innovative dermatological solutions that address unmet medical needs. The company's vision is to be a global leader in medical dermatology, delivering groundbreaking treatments that improve skin health and overall well-being.

Primary Area of Focus

The company's primary focus is on medical dermatology, with a strong emphasis on immune-mediated inflammatory diseases such as atopic dermatitis and psoriasis, as well as non-melanoma skin cancers like actinic keratosis. Almirall's portfolio includes a range of topical, systemic, and biologic treatments designed to address various dermatological conditions.

Industry Significance

Almirall's dedication to dermatology has positioned it as a key player in the global dermatology market, which is projected to reach €77 billion by 2028, growing at an estimated annual rate of 10%. The company's continuous investment in research and development, along with its strategic focus on biologic therapies, underscores its commitment to advancing skin health and meeting the evolving needs of patients worldwide.

Key Strategic Focus

Core Objectives

• Leadership in Medical Dermatology: Almirall aims to solidify its position as a leader in medical dermatology by expanding its portfolio of innovative treatments and enhancing its market presence globally.

• Sustained Growth: The company is committed to achieving sustained double-digit growth in net sales, with a compound annual growth rate (CAGR) projected between 2023 and 2030.

Specific Areas of Specialization

• Biologic Therapies: Almirall focuses on developing and commercializing biologic treatments for chronic dermatological conditions, aiming to provide patients with effective and targeted therapies.

• Actinic Keratosis: The company has a strong presence in the actinic keratosis market, offering treatments like Klisyri® (tirbanibulin), a novel microtubule inhibitor for the topical treatment of actinic keratosis of the face or scalp.

Key Technologies Utilized

• Biologic Drug Development: Almirall employs advanced biologic drug development technologies to create therapies that target specific pathways involved in dermatological diseases.

• Research and Development: The company invests significantly in R&D, dedicating approximately 12.6% of its net sales to this area in 2024, to drive innovation and expand its product pipeline.

Primary Markets Targeted

• Europe: Almirall's European dermatology business is a major contributor to its revenue, with net sales increasing by 24.2% year-on-year to €289.5 million in the first half of 2025.

• United States: The company has a growing presence in the U.S. market, focusing on expanding its dermatology portfolio and establishing partnerships to enhance market penetration.

Financials and Funding

Funding History

Almirall is a publicly traded company on the Spanish Stock Exchange (ticker: ALM). Over the years, it has raised capital through various funding rounds, including public offerings and strategic partnerships, to support its growth and expansion initiatives.

Total Funds Raised

Specific details regarding the total funds raised by Almirall are not publicly disclosed.

Recent Funding Rounds

In June 2023, Almirall executed a capital increase, which provided additional funds to support strategic initiatives, including the acquisition of rights to Prometax® in Spain.

Notable Investors

Almirall's investor base includes a mix of institutional and individual investors, with significant holdings by the Gallardo family, who have a controlling interest in the company.

Intended Utilization of Capital

The capital raised is primarily allocated towards:

• Research and Development: Advancing the company's pipeline of dermatological treatments.

• Strategic Acquisitions: Enhancing the product portfolio through acquisitions, such as the rights to Prometax® in Spain.

• Market Expansion: Strengthening commercial operations in existing markets and entering new geographical regions.

Pipeline Development

Key Pipeline Candidates

• Ebglyss® (Lebrikizumab): A biologic therapy for moderate-to-severe atopic dermatitis, launched in Europe in 2024. The product has shown strong performance, with net sales of €75.5 million in the first nine months of 2025, representing a more than threefold increase year-on-year.

• Ilumetri® (Tildrakizumab): A biologic treatment for moderate-to-severe psoriasis, achieving net sales of €170.9 million in the first nine months of 2025, with a 12.1% increase year-on-year.

Stages of Clinical Trials or Product Development

• Phase II Studies: Almirall has initiated Phase II studies for the anti-IL-1RAP monoclonal antibody, targeting immune-mediated inflammatory skin disorders. Additional proof-of-concept studies are planned in the next 9 to 12 months, including an IL-2muFc fusion protein targeting alopecia areata and an anti-IL-21 monoclonal antibody.

Target Conditions

• Atopic Dermatitis: Ebglyss® addresses moderate-to-severe atopic dermatitis.

• Psoriasis: Ilumetri® targets moderate-to-severe psoriasis.

• Actinic Keratosis: Klisyri® is indicated for the treatment of actinic keratosis.

Relevant Timelines for Anticipated Milestones

• Ebglyss®: Launched in Europe in 2024, with ongoing market expansion and additional launches planned in Portugal and Ireland in the second half of the year.

• Ilumetri®: On track to achieve peak sales exceeding €300 million, with continued growth anticipated.

Technological Platform and Innovation

Proprietary Technologies

• Biologic Drug Development: Almirall utilizes proprietary technologies in the development of biologic therapies, focusing on targeted treatments for dermatological conditions.

Significant Scientific Methods

• Clinical Trials: The company employs rigorous clinical trial methodologies to evaluate the safety and efficacy of its products, ensuring they meet regulatory standards and address patient needs.

• Real-World Evidence: Almirall integrates real-world evidence into its research to better understand treatment outcomes and inform product development strategies.

Leadership Team

Carlos Gallardo

• Position: Chairman and CEO

• Professional Background: Carlos Gallardo has extensive experience in the pharmaceutical industry, having held various leadership roles within Almirall. Under his leadership, the company has focused on expanding its dermatology portfolio and achieving sustained growth.

Paul Rittman

• Position: President and General Manager of Almirall, LLC – U.S.

• Professional Background: With over 35 years of experience in the pharmaceutical industry, Paul Rittman has held positions in sales, marketing, and general management at companies such as Marion Laboratories, Intrabiotics, Teva Pharmaceuticals, and Helsinn Therapeutics.

Competitor Profile

Market Insights and Dynamics

The global dermatology market is experiencing significant growth, driven by increasing awareness of skin health, advancements in treatment options, and a rising prevalence of dermatological conditions. The market is projected to reach €77 billion by 2028, growing at an estimated annual rate of 10%.

Competitor Analysis

• Novartis: A global healthcare company with a strong dermatology portfolio, including treatments for psoriasis and atopic dermatitis.

• AbbVie: A biopharmaceutical company offering dermatology products such as