- Executive Summary
- Global Bullous Pemphigoid Treatment Market Snapshot, 2026 and 2033
- Market Opportunity Assessment, 2026 - 2033, US$ Bn
- Key Market Trends
- Future Market Projections
- Premium Market Insights
- Industry Developments and Key Market Events
- PMR Analysis and Recommendations
- Market Overview
- Market Scope and Definition
- Market Dynamics
- Drivers
- Restraints
- Opportunity
- Challenges
- Key Trends
- COVID-19 Impact Analysis
- Forecast Factors - Relevance and Impact
- Value Added Insights
- Value Chain Analysis
- Key Market Players
- Regulatory Landscape
- PESTLE Analysis
- Porter’s Five Force Analysis
- Consumer Behavior Analysis
- Price Trend Analysis, 2020- 2033
- Key Factors Impacting Product Prices
- Pricing Analysis, By Treatment
- Regional Prices and Product Preferences
- Global Bullous Pemphigoid Treatment Market Outlook
- Market Size (US$ Bn) Analysis and Forecast
- Historical Market Size (US$ Bn) Analysis, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, 2026-2033
- Global Bullous Pemphigoid Treatment Market Outlook: Treatment
- Historical Market Size (US$ Bn) Analysis, By Treatment, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Attractiveness Analysis: Treatment
- Global Bullous Pemphigoid Treatment Market Outlook: Route of Administration
- Historical Market Size (US$ Bn) Analysis, By Route of Administration, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Attractiveness Analysis: Route of Administration
- Global Bullous Pemphigoid Treatment Market Outlook: Diagnosis
- Historical Market Size (US$ Bn) Analysis, By Diagnosis, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Attractiveness Analysis: Diagnosis
- Global Bullous Pemphigoid Treatment Market Outlook: End-user
- Historical Market Size (US$ Bn) Analysis, By End-user, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis: Diagnosis
- Market Size (US$ Bn) Analysis and Forecast
- Global Bullous Pemphigoid Treatment Market Outlook: Region
- Historical Market Size (US$ Bn) Analysis, By Region, 2020-2025
- Market Size (US$ Bn) Analysis and Forecast, By Region, 2026-2033
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
- Market Attractiveness Analysis: Region
- North America Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- U.S.
- Canada
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- Europe Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Rest of Europe
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- East Asia Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- China
- Japan
- South Korea
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- South Asia & Oceania Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- India
- Indonesia
- Thailand
- Singapore
- ANZ
- Rest of South Asia & Oceania
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- Latin America Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- Brazil
- Mexico
- Rest of Latin America
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- Middle East & Africa Bullous Pemphigoid Treatment Market Outlook
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- By Country
- By Treatment
- By Route of Administration
- By Diagnosis
- By End-user
- Market Size (US$ Bn) Analysis and Forecast, By Country, 2026-2033
- GCC Countries
- Egypt
- South Africa
- Northern Africa
- Rest of Middle East & Africa
- Market Size (US$ Bn) Analysis and Forecast, By Treatment, 2026-2033
- Immunosuppressant Medication
- Steroids
- Antibiotics & Antiseptics
- Pain Relief Medication
- Market Size (US$ Bn) Analysis and Forecast, By Route of Administration, 2026-2033
- Topical
- Injectable
- Oral
- Market Size (US$ Bn) Analysis and Forecast, By Diagnosis, 2026-2033
- Skin Biopsy
- Physical Examination
- Blood Test
- Market Size (US$ Bn) Analysis and Forecast, By End-user, 2026-2033
- Clinic
- Hospital
- Others
- Market Attractiveness Analysis
- Historical Market Size (US$ Bn) Analysis, By Market, 2020-2025
- Competition Landscape
- Market Share Analysis, 2025
- Market Structure
- Competition Intensity Mapping By Market
- Competition Dashboard
- Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- Almirall, S.A
- Overview
- Segments and Treatment
- Key Financials
- Market Developments
- Market Strategy
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- SiriusLabs
- Teva Pharmaceutical Industries Ltd
- Astellas Pharma Inc.
- Aegis Lifesciences Pvt. Ltd
- Sun Pharmaceutical Industries Ltd
- Zydus Group.
- Others
- Almirall, S.A
- Appendix
- Research Methodology
- Research Assumptions
- Acronyms and Abbreviations
- Pharmaceuticals
- Bullous Pemphigoid Treatment Market
Bullous Pemphigoid Treatment Market Size, Share, and Growth Forecast, 2026 - 2033
Bullous Pemphigoid Treatment Market by Treatment (Immunosuppressant Medication, Steroids, Others), Route of Administration (Topical, Injectable, Oral), Diagnosis (Skin Biopsy, Physical Examination, Blood Test), End-user, and Regional Analysis for 2026 - 2033
Bullous Pemphigoid Treatment Market Size and Trends Analysis
The global bullous pemphigoid treatment market size is likely to be valued at US$2.1 billion in 2026, and is expected to reach US$2.9 billion by 2033, growing at a CAGR of 4.9% during the forecast period from 2026 to 2033, driven by the rising prevalence of bullous pemphigoid among the elderly population, increasing awareness of autoimmune blistering diseases, and advancements in targeted immunosuppressive therapies.
The increasing demand for effective symptom management and long-term disease control in aging populations remains a major driver of growth in the bullous pemphigoid treatment market.
Key Industry Highlights:
- Leading Region: North America, anticipated to account for a 32% market share in 2026, driven by advanced healthcare infrastructure and high diagnosis rates in the U.S.
- Fastest-growing Region: Asia Pacific, fueled by improving healthcare access, an aging population, and rising awareness in China and India.
- Dominant Treatment: Steroids, to hold approximately 52% of the market share, as they remain the first-line therapy for rapid inflammation control.
- Leading Route of Administration: The oral segment, to dominate, holding 52% share, due to ease of use in chronic management.
| Key Insights | Details |
|---|---|
|
Bullous Pemphigoid Treatment Market Size (2026E) |
US$2.1 Bn |
|
Market Value Forecast (2033F) |
US$2.9 Bn |
|
Projected Growth CAGR (2026-2033) |
4.9% |
|
Historical Market Growth (2020-2025) |
4.0% |
Market Factors – Driver, Restraint, and Opportunity Analysis
Driver Analysis - Increasing Prevalence of Bullous Pemphigoid in the Aging Population
Bullous pemphigoid is a chronic autoimmune skin disorder that primarily affects older adults, typically those above 60 years of age. As global life expectancy continues to rise, the proportion of elderly individuals in the population is increasing significantly, which directly contributes to a higher number of diagnosed cases. Aging is associated with gradual weakening and dysregulation of the immune system, making older individuals more susceptible to autoimmune conditions such as bullous pemphigoid.
Elderly patients often have multiple comorbidities, including neurological disorders, diabetes, and cardiovascular diseases, which are linked with a higher risk of developing this condition. The widespread use of certain medications among older populations may also act as triggers, further increasing disease incidence. Improved access to healthcare services and better diagnostic capabilities have also led to more frequent identification of cases that might previously have gone undiagnosed. The growing prevalence of bullous pemphigoid among the aging population creates sustained demand for effective and long-term treatment options.
Advancements in Treatment Options
Significant progress in medical science has transformed the way bullous pemphigoid is managed, leading to more effective and patient-friendly treatment approaches. Traditionally, the condition was primarily treated with systemic corticosteroids, which, although effective, often caused serious side effects with long-term use, especially in elderly patients. In response, newer therapeutic options have been developed to improve safety and outcomes.
Modern treatment strategies increasingly focus on targeted therapies such as biologics and monoclonal antibodies, which act on specific components of the immune system responsible for the disease. These therapies help reduce inflammation and blister formation while minimizing damage to healthy tissues. Immunosuppressive agents and steroid-sparing drugs are also being widely adopted to lower dependence on corticosteroids and reduce associated risks. Advancements in topical therapies and combination treatment approaches have improved disease control, particularly in mild to moderate cases. Ongoing research is exploring novel pathways and mechanisms involved in autoimmune responses, opening doors for more precise and personalized treatments.
Restraint Analysis - Side Effects of Long-Term Corticosteroid Use
Prolonged use of corticosteroids, which are commonly prescribed to control inflammation and suppress immune activity in bullous pemphigoid, can lead to a range of significant health complications. While these drugs are effective in rapidly controlling symptoms, their long-term administration is often associated with serious adverse effects, particularly in elderly patients who are already vulnerable to health issues. Common complications include increased risk of infections due to immune suppression, thinning of the skin, osteoporosis, weight gain, and high blood pressure.
Patients may also develop diabetes or experience worsening of existing metabolic conditions. In some cases, psychological effects such as mood swings or depression can occur. These side effects not only impact the patient’s overall quality of life but also limit the duration and dosage at which corticosteroids can be safely used.
Delayed Diagnosis & Misdiagnosis
Delayed diagnosis and misdiagnosis remain significant challenges in the management of bullous pemphigoid, largely due to its clinical similarity to other skin conditions. In the early stages, symptoms such as itching, redness, and mild blistering can resemble eczema, dermatitis, or allergic reactions, leading to initial misinterpretation by healthcare providers. This overlap often results in patients receiving inappropriate treatments that fail to control disease progression.
Accurate diagnosis typically requires specialized tests such as skin biopsies and immunological assays, which may not be readily accessible in all healthcare settings. In addition, limited awareness of the disease among general practitioners can further contribute to delays in identifying the condition correctly. As the disease progresses without proper treatment, patients may experience more severe blistering, discomfort, and risk of infection.
Opportunity Analysis - Expansion of Biologic & Targeted Therapies
The treatment landscape for bullous pemphigoid is increasingly shifting toward therapies that precisely target the underlying immune mechanisms responsible for the disease. Unlike conventional treatments that broadly suppress the immune system, biologic drugs and targeted therapies focus on specific cells, antibodies, or signaling pathways involved in blister formation. This approach allows for more effective disease control while reducing unintended damage to healthy tissues.
Monoclonal antibodies, for example, are designed to block key inflammatory mediators or immune components that drive the autoimmune response. By interrupting these pathways, such treatments can significantly reduce symptoms such as itching, inflammation, and blistering. Another important benefit is their potential to act as steroid-sparing options, helping patients avoid the long-term complications associated with corticosteroid use. Ongoing research continues to identify new molecular targets, leading to the development of next-generation therapies with improved precision and safety profiles. These advancements are particularly important for elderly patients who require long-term disease management.
Digital Health & Teledermatology Integration
The increasing adoption of digital technologies is transforming how bullous pemphigoid is diagnosed, monitored, and managed. Teledermatology platforms allow patients to consult dermatologists remotely through video calls or image-based assessments, which is especially beneficial for elderly individuals or those with limited mobility. This reduces the need for frequent hospital visits and enables quicker medical intervention when symptoms worsen.
Mobile health applications and wearable tools also support continuous monitoring by allowing patients to track symptoms such as blister progression, itching, and treatment responses in real time. These tools can help physicians make more informed decisions and adjust therapies promptly. Digital platforms improve treatment adherence by sending medication reminders and providing educational resources about disease management. The use of electronic health records and data analytics further enhances care coordination and enables a more personalized treatment approach. Early detection of flare-ups and timely intervention can reduce complications and hospitalizations.
Category-wise Analysis
Treatment Insights
Steroids are anticipated to dominate, accounting for 52% of the share in 2026, driven by their strong anti-inflammatory and immunosuppressive effects. They are widely used as the first-line therapy as they provide rapid relief from symptoms such as itching, redness, and blister formation. Both topical and systemic steroids are commonly prescribed depending on disease severity, making them versatile in clinical practice. Prednisone, a systemic corticosteroid manufactured by Pfizer Inc., is commonly prescribed as an initial treatment for bullous pemphigoid. Clinical evidence shows that oral prednisone is administered at doses around 0.5–1 mg/kg/day to control inflammation and blister formation in moderate to severe cases.
Immunosuppressant medication represents the fastest-growing segment, due to its ability to control the disease while reducing reliance on long-term corticosteroids. Drugs such as azathioprine, methotrexate, and mycophenolate mofetil are increasingly used as steroid-sparing agents, helping minimize serious side effects associated with prolonged steroid use. These therapies work by suppressing abnormal immune responses that cause blister formation. Azathioprine, an immunosuppressant widely used as a steroid-sparing therapy, manufactured by GlaxoSmithKline (GSK) (among other generic manufacturers).
Route of Administration Insights
Oral route is projected to dominate, nearly 52% in 2026, fueled by its convenience and practicality for long-term disease management. Since the condition often requires prolonged therapy, oral medications allow patients to continue treatment at home without frequent hospital visits. This is particularly beneficial for elderly patients who may have mobility limitations. Oral drugs are easy to administer, improve patient compliance, and can be adjusted based on disease severity and response. Mycophenolate mofetil is frequently prescribed in oral form for long-term management of bullous pemphigoid, particularly as a steroid-sparing agent. Clinical evidence indicates that patients treated with oral mycophenolate achieve effective disease control while gradually reducing corticosteroid doses.
Topical administration is expected to be the fastest-growing route, propelled by its targeted action and improved safety profile. Topical therapies, such as corticosteroid creams and ointments, are applied directly to affected skin areas, delivering high local effectiveness with minimal systemic absorption. This significantly reduces the risk of serious side effects commonly associated with oral or systemic treatments. They are particularly beneficial for patients with localized or mild-to-moderate disease and for elderly individuals who may not tolerate systemic therapies well. Clobetasol propionate cream, a high-potency topical corticosteroid marketed under brand names such as Dermovate by GlaxoSmithKline (GSK), has demonstrated strong effectiveness in the treatment of bullous pemphigoid. Clinical findings show that patients treated with this topical therapy achieved complete healing of lesions within 4 to 17 days, with several individuals maintaining remission during the follow-up period, highlighting its sustained therapeutic benefit.
Regional Insights
North America Bullous Pemphigoid Treatment Market Trends
North America is expected to dominate with over 32% of the share in 2026, driven by advanced healthcare systems and strong clinical capabilities. One of the key trends is the high rate of early diagnosis, supported by access to specialized dermatology services and advanced diagnostic technologies. This enables timely treatment initiation and better disease management outcomes.
The growing adoption of biologics and targeted therapies, as healthcare providers increasingly shift away from long-term reliance on conventional corticosteroids. Continuous innovation and strong research activity in autoimmune diseases are accelerating the availability of newer treatment options across the region.
The region is also witnessing a rise in the elderly population and disease incidence, which is contributing to sustained demand for long-term treatment solutions. Additionally, the presence of major pharmaceutical companies and ongoing clinical developments is strengthening the competitive landscape. Integration of digital health and remote monitoring tools is improving patient adherence and enabling better long-term disease management. These technologies support continuous monitoring and personalized treatment approaches.
Europe Bullous Pemphigoid Treatment Market Trends
Market growth in Europe is powered by the combination of clinical advancements and demographic factors. One of the key trends is the rising incidence of the disease across European countries, particularly among the elderly population. Studies indicate that incidence rates have increased notably in countries such as the U.K., France, and Germany over recent decades, reflecting aging demographics and improved detection.
The strong preference for topical corticosteroids, especially in mild to moderate cases. Clinical practices in Europe emphasize safer treatment approaches, with high adoption of potent topical therapies compared to systemic treatments.
Europe is also witnessing growing research activity and development of targeted therapies, supported by academic institutions and collaborative clinical networks. Increasing understanding of disease mechanisms is enabling the development of more precise and effective treatment options. Well-established healthcare infrastructure and accessibility to dermatology services ensure better disease management and treatment availability across the region.
Asia Pacific Bullous Pemphigoid Treatment Market Trends
The Asia Pacific region is likely to be the fastest-growing, driven by changing demographics and improving healthcare access. The increasing disease burden, as prevalence in Asia has been reported to be notable compared to other regions, indicates a growing patient pool requiring treatment.
Rapid expansion of the elderly population, particularly in countries such as China, Japan, and India. Since bullous pemphigoid predominantly affects individuals above 60 years, this demographic shift is significantly contributing to the rising diagnosis and treatment demand.
The region is also experiencing improvements in healthcare infrastructure and diagnostic capabilities, leading to better identification and management of autoimmune skin disorders. Increased awareness among healthcare professionals is helping reduce underdiagnosis, especially in urban areas. There is a growing adoption of cost-effective treatment approaches, including generic corticosteroids and immunosuppressants, making therapies more accessible to a broader population. Larger hospitals and specialty centers are gradually adopting advanced therapies and biologics.
Competitive Landscape
The global bullous pemphigoid treatment market is moderately consolidated, with a mix of established pharmaceutical companies and generic drug manufacturers competing within a relatively defined therapeutic landscape. Most players focus on well-known treatment classes such as corticosteroids, immunosuppressants, and supportive care products, which continue to form the backbone of disease management. Since these therapies are widely used and clinically validated, competition is less about introducing entirely new drugs and more about optimizing existing treatment options.
Key competitive factors include efficacy in controlling symptoms, safety profiles, especially for long-term use in elderly patients, and overall affordability, which is crucial for chronic treatment. Companies also benefit from strong relationships with healthcare providers, as physician familiarity and confidence in specific treatment regimens play a significant role in prescribing decisions. Manufacturers are increasingly working on improving formulations, reducing side effects, and offering combination therapies.
Key Industry Developments:
- In June 2025, the U.S. Food and Drug Administration (FDA) approved Dupixent (dupilumab) for treating adult patients with bullous pemphigoid, a chronic condition mainly affecting the elderly and causing severe itching, blisters, and skin damage. Existing treatments were limited and often suppressed the immune system, increasing overall disease burden.
Companies Covered in Bullous Pemphigoid Treatment Market
- Almirall, S.A
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- SiriusLabs
- Teva Pharmaceutical Industries Ltd
- Astellas Pharma Inc.
- Aegis Lifesciences Pvt. Ltd
- Sun Pharmaceutical Industries Ltd
- Zydus Group
Frequently Asked Questions
The global bullous pemphigoid treatment market is projected to reach US$2.1 billion in 2026.
The bullous pemphigoid treatment market is driven by the rising prevalence of the condition, particularly among individuals aged 60 and above. Age-related immune system decline increases susceptibility to autoimmune disorders, while growing life expectancy is expanding the elderly population, resulting in a higher number of diagnosed cases.
The bullous pemphigoid treatment market is poised to witness a CAGR of 4.9% from 2026 to 2033.
Key market opportunities lie in the growing shift toward targeted biologic therapies for bullous pemphigoid, which focus on specific immune pathways to improve treatment effectiveness while minimizing impact on healthy tissues.
Key players in the bullous pemphigoid treatment market include F. Hoffmann-La Roche Ltd, Pfizer Inc., Teva Pharmaceutical Industries Ltd, Sun Pharmaceutical Industries Ltd, and Almirall, S.A.










