Strong dermatology sales for Spain's Almirall, which is looking for M&A deals
Spain’s largest drugmaker Almirall (ALM: MC) this morning released financials for the first quarter of 2016,showing that total revenues were down 7.5% at 201 million euros compared with the like 2015 period. The company’s shares edged up 1.3% to 13.93 euros by mid-morning.
Net sales, however, were up 2.7% at 184.9 million euros. Gross were 3.2% higher at 130.3 million euros (70.5% of net sales) versus 126.2 million euros in the first quarter of 2015 (70.1% of net sales) due to the strong improvement in the product mix in the first part of the year.
Earnings before interest and taxes (EBIT) and EBIT, depreciation and amortization (EBITDA) were32.4 million euros and 54.8 million euros, down 25%. Other income of 16.1 million euros was significantly lower than 2015 due to the AstraZeneca milestone linked to AB (aclidinium bromide) combo launch in the European Union in first-quarter 2015.
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