Almirall expectations rise alongside sales and earnings

Just a year or two ago, shareholders at Spanish dermatology specialist Almirall (ALM: MC) would have embraced half-year financial results like those presented on Monday, but perhaps expectations have risen alongside sales and earnings in that period.

Shares in Almirall had dropped by more than 2% by lunchtime, despite the company’s total revenues growing to 469 million euros ($522 million), an 18% increase on the first six months of 2018.

Earnings before interest, taxes, depreciation and amortization (EBITDA) hit 166.2 million euros, a jump of 58%, and Almirall increased its EBITDA guidance for 2019 as a whole, explained chief executive Peter Guenter, who has helped to turn around the company's fortunes since his appointment nearly two years ago.