Almirall's 2020 Full-Year Results

Almirall's 2020 Full-Year Results

PR Newswire

BARCELONA, Spain, Feb. 22, 2021

Almirall delivers on latest 2020 guidance and sets growth targets for 2021

BARCELONA, Spain, Feb. 22, 2021 /PRNewswire/ --

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Financial highlights (€ rounded million)






2020

2019

Variation

Variation
(CER1)

Total Revenues

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 Income

95.1

136.1

(30.1%)

(29.9%)

[1] CER (Constant Exchange Rates): Excluding the effects of exchange rate fluctuations.


 

"2020 has been a challenging year given the impact of COVID-19 and the genericization of Aczone®, however, we have delivered the latest guidance with an EBITDA of €238.3 MM and Net Sales of €807.4 MM.

The pandemic has created an unprecedented situation and I am proud of our employees who have worked hard and continued to put the patient at the heart of everything we do. We maintained our unwavering commitment to patients and we ensured an uninterrupted supply of our medicines for patients in need throughout the pandemic.

To highlight our key products performance, Ilumetri® continued to perform strongly with increasing market share within the anti-IL23 class in Germany. Skilarence® performed within expectations having been impacted by COVID-19 related restrictions. Seysara® has seen a modest recovery from May 2020 having also been adversely impacted by COVID-19. We rely on growth in our key products to continue to improve our core EBITDA in 2021 and we expect Core Net sales to be boosted by new launches, like Klisyri® for actinic keratosis. Klisyri® was recently launched in the US and is expected to be launched in Europe in H2 2021, with global peak sales expected to reach €250 million in the future.

We have begun 2021 with the appointment of Gianfranco Nazzi as the new CEO of Almirall, effective May 1, 2021. We are sure that his wealth of international experience in the pharmaceutical sector will help Almirall achieve its objectives of sustained growth in its core business going forward.

We have also announced two important collaborations during the first weeks of 2021 with Tyris Therapeutics and MC2 Therapeutics that will reinforce our pipeline potential and will allow Almirall to expand its innovative options in Medical Dermatology. We will continue to make significant efforts to build and develop our pipeline of future products by maintaining an investment of around 10% to 12% of our annual Net Sales in R&D. Almirall is very well positioned and has all of the ingredients to grow our core business in the coming years."

Mike McClellan, CFO and Interim CEO.

Almirall, S.A. (ALM) the global biopharmaceutical company based in Barcelona, has announced its full-year 2020 financial results today.  

Summary results

Conclusions and 2021 Outlook

We delivered the latest Guidance despite a challenging year with impact from COVID-19 and the generic competition of Aczone®. Our key products and new launches will continue to grow our Core Net Sales and Core EBITDA in 2021. With the arrival of Gianfranco Nazzi as the new CEO, we will continue to drive our strategy as the business prepares for important launches to support future growth prospects. At Almirall, we are committed to developing our pipeline to unlock the significant potential to grow our core Medical Dermatology business with exciting milestones coming in 2021. We are also focused on leveraging our strong balance sheet for external opportunities to generate sustainable value for shareholders.

2021 Full Year Guidance vs. 2020

Core Net Sales: mid-single-digit growth (versus €755 MM in 2020).

Core EBITDA: between €190 - €210 MM (versus €181 MM in 2020) which equates to approximately €215 - €235 MM of total EBITDA.

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

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