Almirall Delivers Strong Start of 2024 – Q1 Net Sales Growth of 6.6% Overall and 18% in the European Dermatology Business, Driven by Biologics and Solid Performance of Broad Product Portfolio
May 13 2024 - 1:16AM
Business Wire
- Positive trajectory with Net Sales increase by 6.6% to a
total of €247.4 MM, EBITDA increase of 1.4% YoY to a total of €52.5
MM driven by higher overall sales
- Performance driven by biologics as key growth engines, with
Ilumetri® showing 30% increase in sales vs Q1 2023, and Ebglyss® in
Germany ranking second in intention to make future prescriptions
among first-line advanced therapies for patients with
moderate-to-severe atopic dermatitis
- Broad product portfolio growing steadily - including the
strong quarterly performance by Wynzora® and Klisyri® - further
building a strong foundation for leadership in medical dermatology
in Europe
- Achievement of significant R&D milestones including
licensing the anti-IL-21 monoclonal antibody NN-8828 from Novo
Nordisk and signing the collaboration with Eloxx on ZKN-013 for the
treatment of rare diseases based on nonsense mutations. Both,
anti-IL-1RAP mAb and IL-2muFc compounds are now in phase I
- Full year guidance confirmed based on the strong sales
performance in Q1 2024
Almirall, S.A. (ALM) a global biopharmaceutical company
based in Barcelona, today announced its financial results from the
first quarter 2024. Almirall delivered strong sales growth in the
first quarter of 2024 which continues to be driven by the
dermatology business in Europe. Net Sales increased by 6.6% to a
total of €247.4 MM, EBITDA was €52.5 MM (increase of 1.4% YoY)
driven by higher sales growth, with a gross margin of 63.5%.
Dermatology sales in Europe increased by 18.1% to a total of
€113MM. Continued strong investments in supporting the Ebglyss
launch and our R&D efforts (10.7% of Net Sales).
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Almirall R&D Center in Barcelona
(Photo: Business Wire)
Ilumetri® continues to show very strong results with sales of
€49MM in Q1, which is a 30% increase YoY. The encouraging initial
data from our launch of Ebglyss® in Germany (€3.6 MM sales in
Germany in Q1 2024) in addition to high product awareness and
strong qualitative feedback from HCPs and their patients fuel
confidence in the market potential of this potentially
game-changing product indicated for patients with moderate to
severe Atopic Dermatitis. Recently launched in Norway, preparations
in additional European markets (UK, Austria, Denmark, and Spain)
are on track for 2024. Wynzora and Klisyri continue to grow and
strongly contribute to the increase of the dermatology business
overall with 80% and 40% increases YoY respectively in Europe.
“We started the year with a strong business performance and
therefore confirm our guidance for 2024. We continue to deliver
very strong results in the European Dermatology business, driven by
the combination of the performance of Ilumetri®, our new biologic
for Atopic Dermatitis, Ebglyss®, and the consistent growth of our
other dermatology products such as Klisyri®, and Wynzora® that
build the foundation of our leadership in medical dermatology in
Europe. We continue to advance our exciting early and late-stage
pipeline through licensing deals and consistent investment in our
R&D capabilities. As we are continuing our close partnerships
with the dermatology community, and further establishing our
leadership in Medical Dermatology, we are set to deliver sustained
success and growth in the years to come.” Carlos Gallardo,
Almirall Chairman and CEO
Financial highlights (€ rounded
million)
Q1 2024
Q1 2023
Variation
Total Revenue
248.8
232.5
7.0%
Net Sales
247.4
232.0
6.6%
Other Income
1.4
0.5
180%
Gross Profit
157.2
151.7
3.6%
% of sales
63.5%
65.4%
Total EBITDA
52.5
51.8
1.4%
Net Income
7.4
7.7
(3.9%)
2024 Full Year Guidance
Guidance reiterated: Net Sales growth of high-single digit net
sales growth and EBITDA between €175 MM - €190 MM.
R&D pipeline
Almirall’s continued focus on R&D and the medical
dermatology pipeline and its consistent investment in creating
leading R&D capabilities aim to unlock further value from
product innovation in the future – in line with the company’s
long-term view on its contributions and commitment to positively
impacting patients and society. The early and late-stage pipeline
achievements in Q1 2024 include licensing of the anti-IL-21
monoclonal antibody NN-8828 which is involved in a variety of
immune-mediated diseases from Novo Nordisk. A new collaboration
with Eloxx was announced to progress the asset ZKN-013 for the
treatment of rare dermatological and other diseases associated with
nonsense mutations. Furthermore, both, anti-IL-1RAP mAb and
IL-2muFc compounds are now in phase I. The initiation of phase II
clinical trial of the Anti-IL-1RAP mAb is on preparation.
Partnership with the dermatology community
Our close collaborations with dermatologists and life-science
experts continue to be a key cornerstone for our dedication to and
success in medical dermatology. In April we held the 15th Skin
Academy in Barcelona, with over 800 international dermatologists in
attendance. With leading experts presenting updates and featuring
discussions on key topics like atopic dermatitis, psoriasis,
actinic keratosis amongst other, this forum continues to play a
central role in advancing skin science, insights on new treatment
options, and fostering collaborations amongst the international
dermatology community.
Dividend and Investor Calendar 2024
On 10th May, the General Shareholders' Meeting approved the
distribution of a dividend charged to unrestricted reserves, for
the amount of €0.19 per share. For the purposes of this dividend
distribution, it was approved to use the scrip dividend shareholder
remuneration system, which has already been applied in previous
years.
Investor calendar 2024
H1 2024 Financial Results – 22nd July 2024
Q3 2024 Financial Results – 11th November 2024
About Almirall
Almirall is a global pharmaceutical company dedicated to medical
dermatology. We closely collaborate with leading scientists,
healthcare professionals, and patients to deliver our purpose: to
transform the patients' world by helping them realize their hopes
and dreams for a healthy life. We are at the forefront of science
to deliver ground-breaking, differentiated medical dermatology
innovations that address patients’ needs.
Almirall, founded in 1944 and headquartered in Barcelona, is
publicly traded on the Spanish Stock Exchange (ticker: ALM).
Almirall (total revenue in 2023: €898.8 MM, 1900 employees
globally) has a direct presence in 21 countries and affiliates in
over 70 others.
For more information, please visit almirall.com
Legal notice
This document includes only summary information and is not
intended to be exhaustive. The facts, figures and opinions
contained in this document, in addition to the historical ones, are
"forward-looking statements". These statements are based on the
information currently available and the best estimates and
assumptions that the Company considers reasonable. These statements
involve risks and uncertainties beyond the control of the Company.
Therefore, actual results may differ materially from those declared
by such forward-looking statements. The Company expressly waives
any obligation to revise or update any forward-looking statements,
goals or estimates contained in this document to reflect any
changes in the assumptions, events or circumstances on which such
forward-looking statements are based, unless required by the
applicable law.
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