Spanish reforms and generics hit Almirall's 1st-qtr; Sativex progress

Spain’s leading drugmaker Almirall (ALM: MC) has reported a 5.9% decrease in sales for the first quarter of 2012 to 200.2 million euros ($262.5 million), mainly due to Spanish reforms and generic competition. This figure is up on the company’s previous guidance, and the stock gained a modest 0.5% to 6.47 euros in morning trading.

Regionally, sales slumped 27.2% in Spain to 86.3 million euros, offset by Europe and Middle East sales of 77.3 million euros (+4.8%), America, Africa & Asia Pacific sales of 31.8 million euros (+88%) and corporate sales of 4.8 million euros (+34.4%).

Gross profit came in at 124.0 million euros representing 61.9% of sales. EBIT and EBITDA was 14.9 million euros, a fall of 60.7%, and 31.3 million euros, down 41.3%, respectively. Normalised net income decreased 40.2% to 18.3 million euros. The company reiterated its full year 2012 guidance.