1 drugs and approvals to underpin Galderma, says JPM
** Shares of Galderma GALD.S rise around 3% after J.P.Morgan initiates the Swiss firm with "overweight", saying it offers an attractive play on the fast growing skin-care market and strong EBITDA margin expansion
** Broker sees the company delivering sustained double-digit revenue growth and outperforming derma market, driven by its Injectable Aesthetics (IA) and Therapeutical Derm (TD) verticals
** It forecasts a 4.5% EBITDA margin expansion over 2023-2027
** In IA, JPM seesstrong market growth driven by durable trends such as an earlier use in younger patients using the product for decades, and an aging population with more disposable income
** It also points to an increasing demand for treatments to reduce changes to facial appearances due to the use of weight loss drugs such as Novo Nordisk's NOVOb.CO Ozempic
** It adds that IA was likely the appeal behind L'Oreal's OREP.PA recent move to acquire a 10% stake in Galderma
** In TD, JPM expectsthe imminent approval of skin diseases treatment Nemolizumab, and estimates the drug to have a $1.6 billion peak sales in 2030
** Five out of seven analysts covering the stock rate is as "strong buy" or "buy" while two rate is as "hold" - LSEG
Reporting by Paolo Laudani
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