Almirall: share price rises after 'solid' start to the year

(CercleFinance.com) - Shares in Spanish biopharmaceutical group Almirall climbed over 6% on Monday on the Madrid Stock Exchange following the publication of Q1 results described as "solid" by analysts.


In Q1, the Barcelona-based company posted sales that rose 6.6% to E247.4m, driven by a 30% increase in sales of its psoriasis treatment Ilumetri to E49m.

In comparison, analysts were targeting figures of E241.2m and E44.7m respectively.

The company, now repositioned in the dermatology segment, also posted EBITDA that rose 1.4% to E52.5m in Q1, against a consensus E48m.

RBC analysts commented, that overall, these quarterly figures are in line with our positive 'overweight' opinion for the medium term.

The Canadian broker is counting on business growth fuelled by both Ilumetri and Ebglyss (eczema), whose market debut it considers encouraging, as well as on the prospect of double-digit growth in Ebitda.

Almirall has reiterated its annual targets of sales growth of between 5% and 10% and Ebitda of E175m and E190m.


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