Almirall SA’s Dermatology Momentum Accelerates
Almirall SA (ALMIRALL.SA), the Barcelona‑based pharmaceutical group listed on the Bolsa de Madrid, has deepened its leadership in dermatology with a series of high‑impact clinical outcomes delivered at the 2026 European Academy of Dermatology and Venereology (EADV) conference. The company’s flagship anti‑IL‑13 antibody, lebrikizumab, continues to demonstrate durable efficacy and a favorable safety profile across multiple atopic dermatitis (AD) sub‑populations, reinforcing the strategic importance of this therapeutic in Almirall’s portfolio.
Sustained, Long‑Term Efficacy in Moderate‑to‑Severe AD
The Phase 3b ADlong study, a five‑year continuous‑treatment trial, reached a pivotal milestone: at week 108, 92.9 % of patients achieved an EASI‑75 response, and 73.8 % reached EASI‑90. Furthermore, 66.7 % achieved clear or almost‑clear skin, and 78 % reported an absolute pruritus score of ≤ 4 on the Pruritus Numerical Rating Scale. These data underscore lebrikizumab’s ability to sustain disease control while markedly reducing itch—often the most burdensome symptom for AD patients.
Consistent Benefit Across Body Regions
In the broader EADV presentation, Almirall highlighted that lebrikizumab delivered consistent efficacy across body regions, including high‑impact areas such as the face and neck. This regional consistency is critical for patients’ cosmetic satisfaction and overall quality of life, a point emphasized by the company’s two‑year POSITIVE study data, which showed marked improvements in patient‑reported well‑being during tildrakizumab therapy.
Complementary Evidence from Lilly’s EBGLYSS
While Almirall’s data focus on whole‑body AD, it is noteworthy that Eli Lilly’s EBGLYSS (lebrikizumab‑lbkz) achieved significant results in hand and foot AD. In a Phase 3b ADtouch study, more than half of patients attained HF‑IGA 0/1 by week 16, with itch and pain improvements emerging as early as two weeks. Although this data is from a competitor, it reinforces the therapeutic class’s promise and validates the clinical trajectory observed by Almirall.
Market Implications
Almirall’s share price, closing at €10.32 on 28 September 2026, sits comfortably below its 52‑week low of €10.02 and within a range that has historically correlated with investor confidence following positive clinical milestones. With a market cap of €2.3 billion and a price‑to‑earnings ratio of 38.54, the company remains a compelling play for investors seeking exposure to high‑growth dermatology therapeutics.
The sustained efficacy demonstrated by lebrikizumab not only strengthens Almirall’s competitive positioning against other anti‑IL‑13 agents but also sets the stage for potential orphan drug status or expanded indications within the broader skin disease space. As the company continues to generate long‑term evidence, it is poised to capitalize on unmet needs in moderate‑to‑severe atopic dermatitis while maintaining a robust pipeline across its dermatology and CNS portfolios.
