Almirall delivers great deals – GuruFocus.com
Barcelona, Spain, May 9, 2022 /PRNewswire/ —
- Good start to the year with core net sales* at €218.8 million (+1.6% year-on-year) driven by recently launched products and the good performance of the European dermatology portfolio
- Total EBITDA reached €59.6m, including a net positive impact of €9m the transfer of worldwide rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma
- Solid Core results with a strong performance in dermatology in the EU, with sales up +31% year-on-year driven by the positive contribution from growth drivers. Ilumetri® continues to show good performance with excellent momentum in the anti IL-23 class while recent deployments of Klisyri® and Wynzora® in Europe gain good traction
- The company is working hard on the late-stage pipeline to capitalize on its significant potential and prepare the business for important launches such as lebrikizumab following positive 16-week phase data 3 clinical studies reported this quarter
- Mr. Carlos Gallardo was appointed Chairman and Chairman of the Board of Directors of Almirall at the General Meeting of Shareholders of May 6e. His international experience in the pharmaceutical industry as well as in the digital health sector will support Almirall in its growth trajectory and help position the company as a leader in dermatology.
- Buoyed by strong business performance in Q1, Almirall reiterates its 2022 guidance
Almirall, SA (ALM), the global biopharmaceutical company based in Barcelonaannounced its financial results for the first quarter of 2022.
Summary of results
- Basic net sales* reached €218.8 million, up +1.6% year-on-year with a positive contribution from growth drivers. Core EBITDA* reached €50.3m, down -26% year-on-year, in line with expected performance as Q1 2021 had a positive effect of €16m in one-off**.
- Total EBITDA amounted to €59.6m, down -19.7% year-on-year, and includes the net positive impact of other income related to the AstraZeneca and Covis Pharma agreement (€9m )***.
- Almirall ended the first quarter with a very healthy balance sheet with net debt of 253.0 million euros and a 1.1 x net debt to EBITDA.
- SG&A (sales, general and administrative) expenses amounted to €102.9 million (47% of base net sales*), up compared to last year, as planned to support the launch of Wynzora®, Klisyri® in United States and the EU, and the deployment of Ilumetri® in key countries.
- Basic gross margin* of 66.7% is in line with expectations. Product disposals in the first quarter of 2021 benefited the comparable period.***
*Core business excludes the contribution of AstraZeneca and Covis Pharma: deferred revenue and other revenue.
** Divestments of a small product in Spain and licensing revenue from other products with a combined positive impact on net sales of €16 million.
*** €9 million recorded in the first quarter of 2022, increasing total EBITDA following the transfer of worldwide rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma.
Further information on Almirall’s first quarter results is available at: https://www.almirall.com/media/newsroom
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