Almirall delivers good business performance in Q1 and reiterates full year 2022 guidance

Rhea-AI Summary

Almirall reports a strong start to 2022 with Core Net Sales of €218.8 million, a 1.6% year-on-year increase. Total EBITDA stands at €59.6 million, which includes a €9 million positive impact from transferring rights of Eklira® and Duaklir® to Covis Pharma. Sales in the European Dermatology segment grew by 31% year-on-year, driven by Ilumetri®, Klisyri®, and Wynzora®. The company has reiterated its 2022 guidance and appointed Carlos Gallardo as Chairman.

Positive

• Core Net Sales increased by 1.6% year-on-year to €218.8 million.
• European Dermatology sales rose by 31% year-on-year.
• Total EBITDA of €59.6 million includes a €9 million gain from AstraZeneca deal.
• Strong performance from Ilumetri® and recent product launches.
• Healthy balance sheet with a Net Debt of €253 million.

Negative

• Core EBITDA decreased by 26% year-on-year to €50.3 million.
• Total EBITDA dropped by 19.7% year-on-year, despite one-time gains.

BARCELONA, Spain, May 9, 2022 /PRNewswire/ --

• Good start to the year with Core Net Sales* at €218.8 MM (+1.6% year-on-year) driven by recently launched products and good performance of European Dermatology portfolio
• Total EBITDA reached €59.6MM which includes a net positive impact of €9MM from the transfer of global rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma
• Solid Core results with strong EU Dermatology performance as sales increased +31% year-on-year due to the positive contribution from growth drivers. Ilumetri® continues to show strong performance with excellent momentum of the anti IL-23 class while the recent rollouts of Klisyri® and Wynzora® in Europe are gaining good traction
• The company is working hard on the late-stage pipeline to leverage its significant potential and preparing the business for important launches such as lebrikizumab following positive 16 week-data from phase 3 clinical studies reported this quarter
• Mr. Carlos Gallardo has been appointed Chairman and President of the Board of Directors of Almirall at the General Shareholders Meeting on May 6^th. His international experience in the pharmaceutical industry as well as in the digital health sector will support Almirall in its growth trajectory and help position the company as a leader in Dermatology
• Based on the good performance of the business in Q1, Almirall is reiterating its 2022 guidance

Almirall, S.A. (ALM), the global biopharmaceutical company based in Barcelona, has announced its Q1 2022 financial results.

Summary of results

• Core Net Sales* reached €218.8 MM, a +1.6% year-on-year increase with positive contribution from growth drivers. Core EBITDA* reached €50.3 MM, a -26% year-on-year decrease, in line with expected performance as Q1 2021 had the positive effect of €16MM in one-offs**.
• Total EBITDA was at €59.6 MM, a -19,7% year-on-year decrease, and it includes the net positive impact from other income related to the AstraZeneca and Covis Pharma agreement (€9MM)***. 
• Almirall finished Q1 with a very healthy balance sheet with Net Debt of €253.0MM and a 1.1 x Net Debt to EBITDA.
• SG&A (Selling, General and Administrative) expenses were €102.9 MM (47% of Core Net Sales*), higher than last year as expected to support the launch of Wynzora®, Klisyri® in the US & EU, and Ilumetri® rollout in key countries.      
• Core Gross Margin* of 66.7% was in line with expectations. Product divestments in Q1 2021 benefited the comparable period.***  

*Core business excludes AstraZeneca and Covis Pharma contribution: Deferred Income and Other Income.

^** Divestments of a small product in Spain and licensing out income from other products with a combined positive impact on Net Sales of €16 MM.

*** €9 MM booked in Q1 2022 boosting Total EBITDA following from the transfer of global rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma.

Further information from Almirall's Q1 results is available at: https://www.almirall.com/media/newsroom

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SOURCE Almirall, S.A.

FAQ

What were Almirall's core net sales for Q1 2022?

Almirall's core net sales for Q1 2022 reached €218.8 million.

How did Almirall's EBITDA perform in Q1 2022?

Almirall reported a total EBITDA of €59.6 million in Q1 2022.

What is the year-on-year growth for Almirall's European Dermatology sales?

European Dermatology sales increased by 31% year-on-year.

Who was appointed Chairman of Almirall on May 6, 2022?

Carlos Gallardo was appointed as Chairman and President on May 6, 2022.

What is Almirall's guidance for 2022?

Almirall has reiterated its guidance for the full year 2022.