Almirall’s 2020 results | 02/23/21

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Almirall meets the latest forecast for 2020 and sets growth targets for 2021

BARCELONA, Spain, February 23, 2021 / PRNewswire / –

  •  The  company meets its latest forecast despite a challenging year influenced by COVID-19 and the introduction of generics for Aczone®: net sales € 807.4 million (-5.4%, excluding the effects of generic competition for Aczone®) , Total sales € 814.5 (-10.3%), EBITDA € 238.3 (-21.7%), both year-on-year and due to expected generic competition for Aczone and a reduction in milestone payments from AstraZeneca
  • Almirall has appointed Gianfranco Nazzi as its new CEO, effective May 1, 2021. Mr. Nazzi will continue the strategy as the company prepares for key launches to support future growth prospects.
  • © www.de24.news The  ongoing positive outlook for the main growth drivers will be enhanced by the recent launch of tirbanibulin in the USA reinforced. © www.de24.news

     The  market launch of Tirbanibulin in Europe is planned for the second half of 2021.

  • Almirall is advancing its strong pipeline of late-stage products that are expected to bring significant revenue expectations in the medium term. Key milestones in 2021 include phase III data on lebrikizumab and the expected approval of a psoriasis cream (calcipotriol and betamethasone dipropionate) in Europe, which will be in the USA is already being distributed.
  • Expectations for the core business for 2021: growth in net sales in the mid-single-digit range and core EBITDA of € 190–210 million (versus core EBITDA of € 181 million in 2020), which translates into a total EBITDA of around € 215–235 million . € corresponds to.
  • © www.de24.news

     The  proposal for a dividend of € 0.19 per share will be submitted at the annual general meeting on May 7th.

Key financial indicators (in € million)

2020

2019

Variation

Variation
(CER1)

Total sales

814,5

908,4

(10,3 %)

(10,3 %)

· Net sales

807,4

853,1

(5,4%)

(5,3 %)

· Other income

7,1

55,3

(87,2 %)

(87,5 %)

Gross profit

560,1

603,9

(7,3 %)

(7,1 %)

· % of sales

69.4%

70,8 %

EBITDA

238,3

304,2

(21,7 %)

(21,6 %)

Normalized net profit

95,1

136,1

(30,1 %)

(29,9 %)

[1] CER (constant exchange rate): excluding the effects of exchange rate fluctuations.

“2020 was due to the impact of COVID-19 and new generic competition for Aczone® a challenging year. Nevertheless, with an EBITDA of € 238.3 million and net sales of 807,4 € reached the last expected results.

© www.de24.news

 The  pandemic has created an unprecedented situation and I am proud of our staff, who have been very dedicated and have continued to put the patient at the center of our activities. We have maintained our commitment to patients and ensured the continued supply of our drugs to patients during the pandemic.

An example for the development of our main products is Ilumetri®, which continued to grow and increased its market share for IL-23 antibodies in Germany. © www.de24.news

 The  evolution of Skilarence® went as expected and was impacted by the limitations related to COVID-19. At Seysara®, which was also affected by COVID-19, saw a slight recovery from May 2020. We trust the growth of our core products to improve our core EBITDA in 2021. We expect core business net sales to be driven by new launches, how tirbanibulin for actinic keratoses is boosted. Tirbanibulin was recently introduced into the USA and will also be launched in Europe in the second half of 2021. © www.de24.news

 The  global peak sales forecast for the future is € 250 million.

It is 2021 with the appointment of Gianfranco Nazzi as the new CEO von Almirall started with effect from May 1, 2021. We are sure that his extensive international experience in the pharmaceutical industry will help Almirall achieve the goals of sustainable growth in our core business.

We also announced two important collaborations in the first few weeks of 2021: Tyris © www.de24.news

 The rapeutics and MC2 © www.de24.news

 The rapeutics will strengthen our pipeline potential and enable Almirall to expand it with innovative solutions in dermatology. We will continue to make significant efforts to expand and develop our pipeline with future-oriented products by maintaining investments of approximately 10–12% of our annual net sales in R&D. Almirall is very well positioned and meets all the requirements to expand its core business in the coming years. ”
Mike McClellan, CFO and interim CEO.

Almirall, SA (ALM), an international pharmaceutical company based in Barcelona, today announced the 2020 results.

summary of results

  • Of the Net sales of € 807.4 represents a decrease of 5.4% compared to the previous year, caused by COVID-19 and the new generic competition for Aczone® . Net sales compared to the previous year 2019 were the same after deducting the impact from the generics business for Aczone®.
  • Of the Total sales amounted to € 814.5 million, a decrease of 10.3% compared to the previous year, and were additionally depressed by the expected significant decrease in other income (-87.2%), which was due to the reduction in the milestone – Is due to payments from AstraZeneca.
  • Of the Gross profit of € 560.1 million corresponds to a decrease of -7.3%, due to the generic competition with Aczone® in the USA was expected.
  • Of the Cashflow reached € 165 million (+95% growth compared to 9M 2020), while financial debts totaled € 392.5 million and the year ended with a ratio of net debt to EBITDA of 1.6.
  • © www.de24.news

     The  expenses for Research and Development amounted to € 78.9 million (-14.4%).

  • Distribution, administration and general expenses amounted to € 370.2 million, with sales & marketing expenses decreasing by 6.1% mainly due to COVID-19.
  • EBITDA for 2020 was € 238.3 million, a decrease of 21.7%, reflecting the generic competition for Aczone® as well as the significant decrease in other income.
  • Of the normalized net profit amounted to € 95.1 million.
  • Of the Equity share was 56.8% of total assets

Conclusion and prospects for 2021
Despite a challenging year with the effects of COVID-19 and generic competition from Aczone® we have achieved the forecast we expected last. Thanks to the main products and new launches, the core business and core EBITDA will continue to grow in 2021. With the arrival of Gianfranco Nazzi as the new CEO, we will continue to advance our strategy as the company prepares for key launches in support of future growth prospects. Bei Almirall we are committed to the further development of our pipeline in order to develop the significant growth potential of our core dermatology business with promising milestones for 2021. Additionally, we are focused on leveraging our strong balance sheet for external opportunities to create sustainable value for our shareholders.

Expectations for 2021 versus 2020
Net sales: mid-single-digit growth (compared to € 755 million in 2020).

Core EBITDA: € 190–210 million (versus € 181 million in 2020), which corresponds to a total EBITDA of around € 215–235 million.

For more information on the full year 2020 results, please visit https://www.almirall.com/newsroom/news/2020_financial_results

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https://www.finanzen.at/nachrichten/aktien/almiralls-geschaeftsergebnis-2020-1030112699

Almiralls results

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