Almirall's Q1 core earnings beat estimates on Europe dermatology operations
By Matteo Allievi and Jakub Olesiuk
(Reuters) -Spanish pharmaceutical firm Almirall SA on Monday reported first-quarter core earnings of 51.8 million euros ($57.2 million), beating analysts' estimates, helped by the growth of its European dermatology operations.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 13.1% from the year-ago period, the company said.
Analysts had expected core earnings for the period at 45 million euros, according to Refinitiv data.
High costs and increased investment in innovation and development are putting pressure on the margins of pharmaceutical companies amid fierce competition.
However, Almirall said it was on track to meet its 2023 guidance for EBITDA of between 165 and 180 million euros.
Shareholders are set to receive a dividend payout of 34.5 million euros, it added.
Investment in research and development saw a 13.3% growth year-on-year, to 23.9 million euros, as the firm is preparing the launch of its atopic dermatitis drug Lebrikizumab in Europe, expected by the end of the year.
European dermatology sales grew 11.4% in Europe, up to 95.7 million euros, representing more than 80% of the total sales in the sector.
($1 = 0.9057 euros)
(Reporting by Matteo Allievi and Jakub Olesiuk; Editing by Edmund Klamann, David Latona and Sonia Cheema)
