Almirall: share price rises after 'solid' start to the year
May 13, 2024 at 10:41 am
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Shares in Spanish biopharmaceutical group Almirall climbed over 6% on Monday on the Madrid Stock Exchange following the publication of first-quarter results described as "solid" by analysts.
In the first three months of the year, the Barcelona-based company generated sales up 6.6% to 247.4 million euros, driven by a 30% increase in sales of its psoriasis treatment Ilumetri to 49 million euros.
By way of comparison, analysts were targeting figures of 241.2 and 44.7 million euros respectively.
The company, now repositioned in the dermatology segment, also saw its operating profit (Ebitda) rise by 1.4% to 52.5 million euros in the first quarter, against a consensus target of 48 million.
RBC analysts commented: "Overall, these quarterly figures are in line with our positive 'overweight' opinion for the medium term.
The Canadian brokerage firm is counting on business growth fuelled by both Ilumetri and Ebglyss (eczema), whose market debut it considers encouraging, as well as on the prospect of double-digit growth in Ebitda.
Almirall has reiterated its annual targets of sales growth of between 5% and 10% and Ebitda of between €175 and €190 million.
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Almirall SA is a Spain-based company principally engaged in the pharmaceuticals manufacture. The Company focuses on development and marketing of drugs applied in various therapeutic areas, such as nervous system, gastrointestinal, dermatological, respiratory system, antiinfectives, as well as antineoplastic and immunomodulating agents. The Company's activities are divided into four business segments: Own network, which focuses on the commercialization of pharmaceuticals through own brand names; Licenses, which sells product rights to third parties; Research and development (R&D), which is responsible for the creation of drug candidates, as well as Dermatology, which includes sale of dermatological medicines in the United States. The Company operates through numerous subsidiaries in Europe, the Americas, Africa, Asia and Australia.
ALMIRALL, S.A. 
