Galderma: Initiating Coverage With a Narrow Economic Moat Rating and a CHF 83 Fair Value Estimate

We are initiating coverage of Galderma with a narrow economic moat rating and a CHF 83 fair value estimate. Galderma is a pure-play dermatology company with a broad portfolio that spans injectable aesthetics, therapeutic dermatology, and dermatological skincare. The company went public in March 2024, and the stock price is up more than 40% compared with the IPO pricing level of CHF 53 per share. Given this stellar performance, we think the current share price offers a limited upside of around 9%.