In This Article:
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Net Sales Growth: 10.2% increase in 2024.
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EBITDA: EUR192.6 million, surpassing the anticipated range of EUR175 million to EUR190 million.
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Gross Margin: 64.7% of sales.
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SG&A Expenses: EUR464.6 million, up 10% due to investments in EBGLYSS launch.
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R&D Investment: 12.6% of net sales, up 11.9% year-on-year.
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Net Debt to EBITDA Ratio: 0.2 times.
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European Dermatology Growth: 22.5% year-on-year increase.
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Ilumetri Sales: Over EUR200 million, with a new peak sales target of more than EUR300 million.
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EBGLYSS Sales: EUR33.2 million in its first year on the market.
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Operating Cash Flow: EUR160.8 million in 2024.
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2025 Guidance: Net sales growth expected to accelerate to 10%-13%, with EBITDA projected between EUR220 million and EUR240 million.
Release Date: February 24, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Almirall SA (LBTSF) surpassed its 2024 guidance, achieving double-digit net sales growth and an EBITDA of EUR192.6 million, exceeding the anticipated range.
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The company has positioned itself well in the growing medical dermatology market, with key products like Ilumetri and EBGLYSS driving significant growth.
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Almirall SA (LBTSF) has a strong R&D pipeline, with plans to initiate four proof of concept clinical studies in the next 15 months.
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The European dermatology segment showed robust performance with a 22.5% year-on-year growth, driven by biologics and other derm products.
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The company maintains a favorable net debt to EBITDA ratio of 0.2 times, allowing for potential licensing or bolt-on M&A opportunities.
Negative Points
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Almirall SA (LBTSF) faces gross margin pressure due to increased royalty tiers, particularly from Ilumetri, as sales increase.
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The US legacy business remains under pressure from ongoing generic competition, impacting products like Cordran and Tazorac.
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R&D investments are consuming a substantial portion of resources, maintaining a high level of 12.6% of net sales.
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The company anticipates continued gross margin pressure in the coming years due to the sales mix and higher royalty tiers.
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There is uncertainty regarding the impact of biosimilars entering the psoriasis market, which could affect the growth of Ilumetri.
Q & A Highlights
Q: What is the penetration of EBGLYSS in Europe, and how is Almirall addressing potential generic pressure in the psoriasis market with Ilumetri? A: Carlos Gallardo Pique, CEO, stated that EBGLYSS is capturing double-digit penetration in the naive patient segment, focusing on first-line treatments. For Ilumetri, Paolo Cionini, Chief Commercial Officer, noted that despite the entry of biosimilars like STELARA, Ilumetri remains strong due to its position in the leading IL-23 class in Europe, which is preferred by doctors and patients for its effectiveness.