Spanish Pharma Stocks Plummet 10% in November

The Spanish pharma business is losing weight on the stock market. The six largest companies in the sector listed on the Spanish stock market closed last Friday with a fall of 10% compared to the previous month.

Once again, Rovi was the company that dragged down the Spanish pharma industry as a whole, experiencing the biggest fall. At the close of trading last Friday, the López-Belmonte family company had plummeted 17.5% on the stock market compared to 2 October.

Improving its value is one of Rovi’s objectives for the coming months. In fact, a few weeks ago, the company issued a statement in which it planned to rely on third-party manufacturing to achieve this goal. In addition, the Madrid-based company closed the first nine months of its fiscal year with falls in profit and turnover.

The second biggest drop on the stock market was for Grifols. As expected, the blood derivatives company has had ups and downs on the stock market in recent days following the news of the cancellation of the Public Acquisition Offer (OPA) by Brookfield.

PharmaMar was the Spanish pharma company listed that rose the most on the stock market

In addition, the Gotham City hedge fund attacked again , causing falls of up to 10%. At the close of last Friday, Grifols’ value was 16% lower than in October.

The stock market performance of the six Spanish pharma companies has not been good in the last month. Although more moderate than Rovi and Grifols, the shares of Almirall and Reig Jofre also lost value , with falls of 1.6% and 1.7%, respectively.

On the other hand, the only two companies in the sector that did not lose value on the market were Pharma Mar and Faes Farma. As happened in October, Pharma Mar was the pharmaceutical company that increased its value the most on the stock market , with a rise of 10.7% in November.

Despite poor financial results in the first nine months, the biopharmaceutical company managed to win the legal battle over the Aplidin case against the European Commission a few weeks ago.

Faes Farma, for its part, closed the last day of November flat , avoiding the fall it experienced in October, having been the only listed Spanish pharmaceutical company to lose value on the Stock Exchange.

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(Featured image by Yashowardhan Singh via Unsplash)

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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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