Almirall leaves the red numbers behind. The Spanish pharmaceutical company, which is up 2% on the stock market in Thursday’s morning session, posted a net profit of €10.9 million from January to September 2022, compared with a loss of €39.4 million in the same period of 2021, according to the results sent by the company to the Spanish Securities and Exchange Commission (Cnmv).
The improvement in Almirall’s results is due to the fact that it has not had extraordinary impacts as in 2021, when it recorded an asset impairment of more than €100 million. On the other hand, the company has increased its revenues thanks to the good performance of new products.
Almirall’s net sales stood at €633.8 million in the cumulative January-September 2022, which translates into an increase of 5.3% compared to the same period of the previous year. The company attributes this upturn to the strong contribution of sales from the dermatology portfolio in the European market.
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Almirall achieved sales of €634 million from January to September
Gross operating profit (Ebitda), however, fell by 19.2% year-on-year to €146.4 million, in line with the Catalan drugmaker’s expected performance, as 2021 saw product divestments and deferred revenues.
Investment in research and development (R&D) increased by 11.3% in the period, to €71.6 million euros. Almirall expects R&D expenses to reach around 12% of net sales for the full year, due to investment in Phase 3b studies focused on Lebrikizumab, studies for the treatment of Klisyri, as well as increased spending on earlier-stage assets, such as Anti IL1-Rap and IL-2 mutant fusion protein.
General and administrative expenses were €308.9 million, up 6.3% from last year, as Almirall continues to invest in its newly launched products, such as Wynzora, and Klisyri in the US and Europe, and the rollout of Ilumetri, the latter being a treatment for psoriasis.
Following these results, Almirall has confirmed its financial estimates for 2022. “We are pleased with the good business momentum we have seen in the third quarter, showing strong growths; our core business continues to perform well, in line with our expectations, which puts us on target to achieve our financial estimates for 2022,” highlighted Almirall’s chairman and interim CEO, Carlos Gallardo.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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