In This Article:
-
Net Sales Growth: 15% increase year on year, with a 10% growth excluding out-licensing impact.
-
Ilumetri Sales: EUR 55 million in Q1 2025, up 13% year on year.
-
EMIs Sales: EUR 19.4 million in Q1 2025, a 52% increase quarter on quarter.
-
Gross Margin: 66.9%, slightly up from 2024.
-
EBITDA: EUR 70.9 million in Q1 2025, up 35% versus Q1 2024.
-
SG&A Expenses: EUR 122.8 million, up 9.6% year on year.
-
R&D Investment: Up 34% year on year, representing 12.5% of net sales.
-
Net Debt-to-EBITDA Ratio: 0.1x, indicating strong financial positioning.
-
Operating Cash Flow: EUR 26.4 million in Q1 2025.
Release Date: May 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Almirall SA (WBO:ALM) reported a strong start to 2025 with a 15% increase in net sales year-on-year, aligning with their full-year guidance.
-
The company's dermatology portfolio, particularly Ilumetri and Eblys, showed robust growth, with Ilumetri's net sales up 13% year-on-year.
-
Almirall successfully launched Eblys in key European markets, achieving strong brand awareness and favorable reimbursement pricing.
-
The company maintained a solid gross margin of 66.9% in Q1 2025, aided by a strategic out-licensing transaction.
-
Almirall's R&D investment increased by 34% year-on-year, supporting pipeline advancement and future growth strategies.
Negative Points
-
The US business experienced a slight decline, with ongoing generic pressure affecting legacy products.
-
Almirall's SG&A expenses increased by 9.6% to EUR122.8 million, driven by investments in recent and upcoming launches.
-
The effective tax rate remains high, influenced by the inability to offset US tax losses against profitable European operations.
-
There is anticipated gross margin pressure for the full year due to sales mix and higher royalty tiers as Ilumetri sales increase.
-
The company's exposure to potential tariffs on imports and exports could pose risks, although currently deemed marginal.
Q & A Highlights
Q: Could you provide insight into physician and patient feedback on Elis, especially in comparison to Dupixent? Also, should we expect more divestments to streamline the business and enhance R&D? A: Feedback on Elis has been extremely positive, with physicians appreciating its use in various patient types, including difficult-to-treat cases. It shows a fast onset of symptom relief, positioning it as a first-line treatment for atopic dermatitis. Regarding divestments, we do not anticipate significant transactions. We expect minor non-derma value maximization activities, with projected income of EUR20 million to EUR25 million this year.