Dermatology company Galderma announced on Friday, October 23, 2026 that it had obtained approval in China for Relfydess, its botulinum toxin for wrinkles. The green light, granted by the Chinese medical products authority (NMPA), covers moderate to severe glabellar lines in adults, also known as frown lines. The Zug-based group can now sell the product in more than 35 markets. It plans to launch it in China in the second half of 2027. This is news worth watching for holders of Galderma shares, even though the press release puts no figure on expected sales.

Relfydess: what the Chinese approval covers

The authorisation concerns a single product and a single indication. Relfydess is a botulinum toxin, which Galderma presents as a neuromodulator. According to the press release, it comes in liquid form, ready to use, with no reconstitution needed before injection. In China, it is approved for the temporary improvement of moderate to severe lines between the eyebrows. Only adults are concerned.

The AWP news agency dispatch spoke of wrinkles "on the forehead". Galderma's press release is more precise: it refers to glabellar lines, between the eyebrows ("frown lines").

The information comes from a press release published by the group on October 23, 2026, and relayed the same day by AWP on the Allnews website. In it, Galderma announces a commercial launch in China in the second half of 2027: this is the group's intention, not a done deal. The press release does not give the price of the treatment. Relfydess is developed and manufactured at Galderma's site in Uppsala, Sweden.

A phase III study conducted in China

The approval is based on a phase III clinical study conducted in China, the stage of large-scale trials that precedes authorisation. The Chinese authority also relied on the group's international READY trials. According to Galderma's press release, these trials together involved more than 2,300 participants; the AWP dispatch attributed that total to the Chinese study alone.

The results published by Galderma measure the effect against a placebo. One month after injection, 72.4% of patients in the Chinese study met the improvement criterion used, compared with 1.6% on placebo. In the international READY-1 trial, the proportion reached 82.9%, compared with 0% on placebo. This criterion requires an improvement of at least two grades on the wrinkle severity scale, assessed by both the physician and the patient.

Also in READY-1, 39% of patients saw an improvement from the first day. After six months, up to 75% of them had not returned to their baseline level. These figures come from the manufacturer's own data.

The press release also lists the main side effects observed during the trials, which it describes as uncommon and mostly local:

  • injection site reactions;
  • headaches;
  • drooping eyelids.

It does not give their frequency in figures. Nor does it compare Relfydess with other botulinum toxins already sold in China.

Galderma in China: one more market on a list of more than 35

For Galderma, China joins the markets where Relfydess can be sold. The group claims more than 35 of them, including the European Union, the United Kingdom and Australia. In its nine-month sales, published the day before, it reported approvals in 37 markets and other reviews under way.

The United States is still missing from the list. In June 2026, Galderma received a "Complete Response Letter" from the US Food and Drug Administration (FDA) on its application for approval. The group aims to resubmit its application in the first quarter of 2027, subject to feedback from the authority.

Galderma does not report Relfydess sales separately. The product is part of the neuromodulators, which generated 1.259 billion dollars in the first nine months of 2026, up 16.9% at constant exchange rates. The group cites two drivers: Dysport, its other neuromodulator, growing in its main markets, and the launch of Relfydess, which is gaining ground in Europe and Asia-Pacific.

Galderma presents China as one of the largest aesthetics markets in the world, and one of the fastest-growing, citing studies by Deloitte and Grand View. It also draws on its own survey: 97% of the Chinese patients surveyed say they want to maintain or increase their use of anti-wrinkle treatments. This is a survey by the manufacturer, not a measurement of the market.

This point matters for reading the announcement correctly. An approval grants the right to sell; it guarantees neither volume nor price. What is established is the authorisation; revenues are still to come, at the earliest with the launch planned for the second half of 2027.

China, a mixed market for Zug-based groups

On the same day, October 23, 2026, another Zug-based group showed the other face of China. Sika, the construction materials specialist, published its nine-month sales. In the results of Sika and Holcim, the Asia/Pacific region fell by 6.3%, to 1.64 billion francs.

This decline comes from construction in China, where residential real estate remains in dire straits. Excluding Chinese construction, the rest of the region grew by 7.7%, according to Sika. The two announcements do not concern the same sector and cannot be compared figure for figure.

Zug-based groupAnnouncement of October 23, 2026Quantified effect of China
GaldermaApproval of Relfydess for glabellar linesNo sales figures published; launch planned for the second half of 2027
SikaNine-month salesAsia/Pacific: −6.3%, to 1.64 billion francs, held back by Chinese construction

The lesson fits in one sentence: China is not a single market. A regulatory green light in medical aesthetics, presented by Galderma as a fast-growing market, and a real estate market in crisis do not tell the same story.

Galderma shares: what the announcement changes for a saver

For a saver in Switzerland, this approval is a regulatory step, not a financial result. It widens the area where the product can be sold. Its effect on Galderma's accounts will depend on sales that the press release does not quantify.

It comes the day after solid figures. In the first nine months of 2026, Galderma generated net sales of 4.765 billion dollars, compared with 3.737 billion a year earlier. The increase reached 25.1% at constant exchange rates and 27.5% in dollars. The group raised its sales growth forecast for 2026 to 22.5% to 23.5% at constant exchange rates, from 19% to 21% previously. This is a target, not a result. Since September 21, 2026, Galderma shares have been included in the SMI, the index of the leading stocks on the Swiss stock exchange.

The dispatch does not describe how Galderma shares reacted on the Swiss stock exchange. This green light adds to the group's other developments followed on 2clics, such as the acquisition of ZO Skin Health, for an enterprise value of 1.5 billion dollars. This article does not constitute a recommendation to buy or sell.

What we don't know yet

  • The price of Relfydess in China and the exact date of its launch, announced for the second half of 2027.
  • The distribution model chosen by Galderma in the country.
  • The share of revenue the group expects from this market, and current Relfydess sales, which Galderma does not report separately.
  • The frequency, in figures, of the side effects recorded during the trials.
  • The full list of markets where Relfydess is approved: the press release only mentions the European Union, the United Kingdom and Australia.
  • The outcome of the US application, which Galderma plans to resubmit to the FDA in the first quarter of 2027.
  • The possible role of the Switzerland–China free trade agreement for this type of product: the sources consulted do not mention it.

Sources