Almirall's stock hit hard as income drops by 43%

Spain's leading drugmaker Almirall (ALM: MC) suffered a 5% drop in its share price on Monday after announcing its financial results for 2016.

The Barcelona-based company saw its net profit slide by 42.7% from the 2015 figure to 75.5 million euros ($80 million), a greater fall than analysts had expected.

Although total revenues rose by 11.6% to 859.3 million euros, this too did not meet analysts’ predictions, according to Spanish finance group GVC Gaesco, and neither were the high costs from research and development (R&D) and administrative expenses.