Almirall returned to losses in 2023: the pharmaceutical group of the Gallardo family has announced to the CNMV that last year it had net losses of 38.5 million euros, which it attributes to the fact that it has recorded as a loss part of the investment it allocated to the development of Seysara, an oral antibiotic for the treatment of acne.
Almirall had earned 4.3 million in 2022, when it seemed that it was leaving behind the losses of 40.9 million in 2021, also caused by the accounting cleanup of investments from previous years.
Without these accounting adjustments, its normalized net result for 2023 would have been positive, at 15.6 million euros, but barely half that of the previous year.
The Catalan company indicated that in 2023 it continued to grow, with net sales of 895 million euros, 3.6% more than in 2022, due to the boost from the dermatology area, especially in Europe, where sales increased by 17%.
The gross operating result (Ebitda) stood at 174 million euros, with a decline of 12.2% in 2023, which the company attributes to investments for the launch of new products and commercial growth, as well as the reduction of the income obtained from the license it granted to AstraZeneca and Covis and for the marketing of aclidinium bromide, a drug it developed in Barcelona as a treatment for Chronic Obstructive Pulmonary Disease (COPD), and the increase in operating expenses, especially all energy and raw materials, due to inflation. The company allocated 111 million euros to R&D, 10% more than in 2023, and maintained the effort at 12% of net sales for the year.
According to the company, these results show that the firm “has met its financial estimates” and that the focus on dermatology has placed it “in a good position for sustained growth and leadership in the medium and long term.” Its executive president, Carlos Gallardo, in 2023 “we have continued to consolidate our leadership position in dermatology in Europe and have made progress in the development of innovative products.”
For next year, the firm announced that it expects net sales to grow “high single digits” (between 5% and 10%) with an operating profit or Ebitda of between 175 and 190 million euros.
The company today also announced a licensing agreement with Novo Nordisk to develop and commercialize a monoclonal antibody, called NN-8828, in some indications, including immune-mediated inflammatory dermatological diseases. The firm did not specify the financial terms of the agreement, which will include an initial payment to Novo Nordisk, as well as additional payments for commercial and development milestones and tiered royalties based on future global sales.
The stock market welcomed the group’s good prospects, and at mid-morning the share appreciated 3.14%, to 8.85 euros.
