ZURICH (Reuters) – Swiss skincare company Galderma will talk to major American retailers about trade tariffs imposed by the U.S. government in order to manage their impact, CEO Flemming Ornskov said on Thursday.
U.S. President Donald Trump this week slapped tariffs of 25% on Canada and Mexico, though his administration later said it would temporarily exempt automakers and consider other products.
“We will be talking to Walmart, Target, Amazon, and others to figure out how we’re going to react to this, also price-wise,” Ornskov told Reuters after Galderma posted a 9.3% sales increase for 2024 and net income of $231 million.
He described tariffs as “a bit of a moving target,” noting that their scope could still be altered.
Ornskov said his company had already taken “precautions on stock and other things” in the U.S. to mitigate the impact on Galderma, which has major production operations in Canada.
“Another way of compensating this would be just to drive more volume with your product,” he said.
Galderma’s net U.S. sales were flat in 2024 on the year and fell in the final quarter. Ornskov said there were specific factors behind that and was confident U.S. sales would grow in 2025.
Trump has also threatened to impose tariffs on Europe.
As most aesthetic companies produce in Europe, they and Galderma would be affected, Ornskov said.
Galderma’s results come almost a year after it listed on the Swiss stock exchange. Its share price has since doubled from its initial launch price, though the stock fell by as much as 9% on Thursday before paring losses.
(Reporting by Dave Graham, Writing by Miranda Murray, Editing by Rachel More)
