Swiss skincare company Galderma will discuss trade tariffs imposed by the U.S. government with major American retailers to address their impact, stated CEO Flemming Ornskov on Thursday. President Donald Trump recently imposed 25% tariffs on Canada and Mexico, later exempting automakers temporarily and considering other products.
Ornskov mentioned, "We will be talking to Walmart, Target, Amazon, and others to determine our response, including pricing adjustments." Following Galderma's 9.3% sales growth for 2024 and net income of $231 million, he emphasized that tariffs remain dynamic and subject to change.
Galderma has already implemented measures in the U.S., such as stock preparedness, to mitigate the tariffs' effects. Ornskov proposed increasing product volume as another way to offset the impact. Although Galderma's U.S. sales remained steady in 2024 and decreased in the final quarter, Ornskov attributed this to specific factors and expressed confidence in 2025 sales growth.
Discussing additional threats of tariffs on Europe by Trump, Ornskov highlighted the potential impact on European-based aesthetic companies, like Galderma. After going public on the Swiss stock exchange almost a year ago, Galderma's share price doubled from its launch but experienced a 9% drop on Thursday before recovering.