Almirall reports flat 1st-qtr 2015 sales but profits leap

11 May 2015

Almirall (ALM: MC), Spain’s largest drugmaker, today reported first-quarter 2015 financials, posting flat revenues of 217.2 million euros ($243.7 million), though up 8% on a like (ex-Eklira) basis.

Net product sales were 180.0 million euros, down 10.7%, with other income of 37.2 million euros, up 132.5%. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 129.2% to 73.1 million euros. Normalized net income of 42.9 million euros rose 304.7%.

Last year, Almirall transferred the rights to its respiratory franchise to Anglo-Swedish drug major AstraZeneca (LSE: AZN), which included Eklira (aclidinium), and Duaklir Genuair (aclidinium/formoterol), in a deal worth a potential $1.22 billion to the Spanish firm. Almirall has now received $150.0 million from the first milestone payment from the AstraZeneca transaction.

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