Almirall

Almirall H1 results 2016: Growth in Total Revenues and Net Sales driven by Dermatology

Almirall, the global pharmaceutical company based in Barcelona, has announced its results for the first half of 2016.

Performance on track to achieve yearly guidance
As of July 26th, Total Revenues were €428.1 MM, representing an increase of +5.0%.
Total Revenues comprised Net Sales of €388.3 MM (+8.0%) driven by Dermatology (+13.3%) and Other Income of €39.8 MM.
Gross Profit YTD came in at €273.2 MM, which represents 70.4% of Net Sales (versus 69.1% in H1 2015).
The company’s Net Cash Position was at €76.5 MM at the end of H1, whereas the Financial Debt was €320 MM, representing 12% of the total liabilities.
Both R&D and SG&A expenses in this period are more reflective of a Specialty Pharma model.
Research & Development expenses accounted for €44 MM, or 11.3% of sales in the first half of 2016, representing a slight increase as a percentage of sales, compared with the same period of 2015.
Selling, General & Administrative expenses meanwhile came in at €196.3 MM remaining stable versus H1 2015.
As a result of the above, EBITDA increased to €123.5 MM (+0.1%).
Net Income was €80.5 MM (+36.9%), a significant increase in comparison to last year, and positively affected by the divestment of the Mexican affiliate during the second quarter of the year.
Shareholders Equity represented 56.6% of Total Assets.

Strong Dermatology sales growth
The Dermatology franchise boosted sales growth by 13.3% in H1 2016. This therapeutic area now accounts for 43% of total Net Sales vs 41% H1 2015. This was due to a strong performance of Dermatology in Europe, where sales increased by +27% vs the same period of last year (driven by the actinic keratosis franchise, Solaraze® and Actikerall® , and Ciclopoli®).
As anticipated, there is a tougher operating environment in the US and H1 sales decreased by 2.5%. The US Dermatology franchise will be boosted by the recent launches of Veltin® and Altabax®.

R&D and pipeline
Our clinical stage projects continue to make good progress.
Recently, Almirall entered into a global licensing agreement with Patagonia LLC for the development and commercialization of a novel medicinal treatment to enter Phase 2 clinical studies in patients with Congenital Ichthyosis.

Dividend payment
A dividend payment of 33 million euros or 0.19 euros per share was paid on 1st June 2016.

Vision for the future
Almirall will be a leading specialty pharmaceutical company with a strong focus on improving lives of Dermatology and Aesthetics patients.
The company will use its strong cash position to fund growth opportunities in this direction.

Guidance for 2016
Guidance is reiterated: Almirall expects Total Revenues, Net Sales and EBITDA all to grow at high single digit level (CER) in 2016.

Investor Calendar 2016
Q3 2016 Financial Results – 7th November

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