Almirall posts solid nine-month results

Spain’s largest pharma company Almirall (ALM: MC) today announced year-to-date financial results, showing that total revenues for the first nine months of 2015 were 595.3 million euros($640.8 million).

On a like-for-like basis (ie, excluding Eklira [aclidinium bromide]) this represented an increase of 1.6% versus the same period in 2014. Total Revenues comprised net sales of 520.8 million euros (+0.5% YTD excluding Eklira), driven by strong Dermatology sales growth (+21.6%), and other income of 74.5 million euros. Almirall transferred rights to its proprietary respiratory franchise, including Eklira to AstraZeneca (LSE: AZN) last year for around $875 million of initial consideration, subject to adjustment for working capital, and up to $1.22 billion in development, launch and sales-related milestones. (The Pharma Letter November 3, 2014).

The company reported solid improvement of earnings before interest, taxes, depreciation and amortization (EBITDA), up 13.0% at 172.6 million euros. Dermatology accounted for 42.5% of group sales and grew by 21.6%. Results in line with upgraded guidance of October 27thYTD gross profit came in at 360.7 million euros, which represents 69.3% of net sales and a decline of 0.8%.

Operational outperformance of Almirall's business