Almirall’s H1 2024 Results: Almirall Delivers Strong Performance in the First Half of 2024, Achieving Net Sales Growth of 6.7% Driven by Its European Dermatology Business and Accelerating Biologics Sales
22 Julio 2024 - 12:10AM
Business Wire
- Strong growth trajectory maintained with Net Sales increase
of 6.7% to a total of €497.2 MM, EBITDA of €104.5 MM (+3.2% YoY)
driven by increased overall sales and strong performance of
biologics portfolio
- Biologics continue to be key growth engines for Almirall:
Ebglyss® launch gaining traction in Germany (€11 MM Net Sales YTD)
with increasing dynamic market share as well as recent launches in
Norway and the UK. Ilumetri® showing 25% increase in sales vs H1
2023 (total of €100.5 MM in H1)
- Solid performance of Almirall´s broad product portfolio
continues to build the foundation for leadership in medical
dermatology in Europe – spearheaded by growth of Wynzora® (€12.9
MM, +67.5%) and Klisyri® (€8.2 MM, 28.1%). FDA approval of Klisyri
large field application creates further opportunities for
growth
- Sustained progress of R&D pipeline development with
ZKN-013 entering clinical testing (treatment of rare diseases based
on nonsense mutations), and anti-IL-1RAP mAb and IL-2muFc compounds
further progressing in phase I
- Full year guidance (sales and EBITDA) confirmed based on the
strong overall performance in H1 2024
Almirall, S.A. (ALM) a global biopharmaceutical company
based in Barcelona, today announced its financial results from the
first half of 2024. Almirall continued to deliver strong sales
growth in the second quarter of 2024 which was mainly driven by the
dermatology business in Europe. Total Net Sales increased by 6.7%
to a total of €497.2 MM, EBITDA was €104.5 MM (increase of 3.2%
YoY) driven by higher sales growth, with a gross margin of 65,1%.
Dermatology sales in Europe increased by 19.9% to a total of €233.0
MM. Almirall re-iterates its guidance for 2024 delivering high
single digit net sales growth and an EBITDA between €175 MM and
€190 MM.
The launch of Ebglyss® is on track to deliver in line with
expectations for 2024. Just over 6 months after the launch in
Germany, it has generated €11 MM Net Sales in H1 2024 (€7 MM in
Q2). Its share of the dynamic market has increased further, aligned
with high product awareness and strong qualitative feedback from
HCPs and their patients. Almirall continues to invest significantly
in supporting the Ebglyss launch, focusing on the recent launches
in Norway and the UK where the strong recommendation from NICE
highlighted the cost-effectiveness of the treatment. The planned
launches of Ebglyss in other European markets (Austria, Denmark,
and Spain) before the end of 2024 are on track.
Ilumetri®, for the treatment of psoriasis, continued to show
very strong results, with sales reaching €100.5 MM in H1, which
represents a 25% increase YoY. Ilumetri® has cemented its solid
position within the leading class of the Anti-IL 23 psoriasis
treatments and is on track to achieve €250 MM peak sales.
The recent FDA approval of Klisyri for use on larger surface
areas of the scalp and face (from 25cm2 to 100cm”) increases the
potential of this product given the dermatologists’ treatment needs
and the growing prevalence of Actinic Keratosis in an ageing
population.
“We are pleased to confirm our guidance for 2024 based on our
continued strong business performance in 2024 which fuels our
confidence in achieving our ambition as global leader in medical
dermatology - reaching more patients with relevant and impactful
treatments. The growth or our European dermatology business is
driven by our biologics with strong performance of Ilumetri®, and
encouraging initial sales of Ebglyss®. In addition to the
continuous growth of Klisyri®, and Wynzora® we have a broad
foundation in medical dermatology to further build our leadership.
We continue to invest significantly in R&D to advance our
exciting early and late-stage pipeline. Our business performance,
science leadership, pipeline, and close partnerships with the
dermatology community are the cornerstones for delivering sustained
growth also in the future.” Carlos Gallardo, Almirall Chairman
and CEO
Financial highlights (€ rounded million)
H1 2024
H1 2023
Variation
Total Revenue
500.1
467.3
7.0%
Net Sales
497.2
466.1
6.7%
Other Income
2.9
1.2
141.7%
Gross Profit
323.7
304.6
6.3%
% of sales
65.1%
65.4%
Total EBITDA
104.5
101.3
3.2%
Net Income
15.4
12
28.3%
2024 Full Year Guidance
Full year guidance reiterated: Net Sales growth of high-single
digit net sales growth and EBITDA between €175 MM - €190 MM.
R&D pipeline
Almirall’s continued investment in its leading R&D
capabilities, and the medical dermatology pipeline are closely
aligned with the company’s long-term view on its contributions and
commitment to positively impacting patients and society. In H1 2024
Almirall invested 11.4% of Net Sales in R&D (€56.8 MM).
The early and late-stage pipeline achievements in H1 2024 are
aimed at generating further value from innovative products for
Almirall in the future. These include initiating the phase 1
clinical trial of the asset ZKN-013 for the treatment of rare
dermatological and other diseases associated with nonsense
mutations (licensed from Eloxx). In-licensing of the anti-IL-21
monoclonal antibody NN-8828 from NovoNordisk was announced in Q1
2024. The regulatory reviews for Efinaconazole and for Seysara in
China are expected to be completed in the second half of 2024. The
assets anti-IL-1RAP mAb and IL-2muFc continue to progress through
phase I, and the initiation of the phase II clinical trial of the
Anti-IL-1RAP mAb is expected in H2 2024. Lifecycle management
activities continue to strengthen Almirall´s key priority products
with several clinical studies supporting Ebglyss® and
Ilumetri®.
Partnership with the dermatology community
Almirall´s close collaborations with dermatologists and
life-science experts continue to be a key cornerstone for the
company´s dedication to and success in medical dermatology. In
addition to hosting the 15th Skin Academy in Barcelona in April,
Almirall had significant presence at the BAD conference in the UK,
the FoBi conference in Germany, IFPA meeting in Sweden, and other
local dermatology conferences and patient association meetings. The
continued partnership with the dermatology community expands
Almirall´s focus on fostering scientific exchange and to advance
the understanding of skin diseases, treatment options, and their
impact on patients.
Investor Calendar 2024
Q3 2024 Financial Results – 11th November 2024
About Almirall
Almirall is a global pharmaceutical company dedicated to medical
dermatology. We closely collaborate with leading scientists,
healthcare professionals, and patients to deliver our purpose: to
transform the patients' world by helping them realize their hopes
and dreams for a healthy life. We are at the forefront of science
to deliver ground-breaking, differentiated medical dermatology
innovations that address patients´ needs.
Almirall, founded in 1944 and headquartered in Barcelona, is
publicly traded on the Spanish Stock Exchange (ticker: ALM).
Almirall (total revenue in 2023: €898.8 MM, 1900 employees
globally) has direct presence in 21 countries and marketed products
in over 100.
For more information, please visit almirall.com.
Legal notice
This document includes only summary information and is not
intended to be exhaustive. The facts, figures and opinions
contained in this document, in addition to the historical ones, are
"forward-looking statements". These statements are based on the
information currently available and the best estimates and
assumptions that the Company considers reasonable. These statements
involve risks and uncertainties beyond the control of the Company.
Therefore, actual results may differ materially from those declared
by such forward-looking statements. The Company expressly waives
any obligation to revise or update any forward-looking statements,
goals or estimates contained in this document to reflect any
changes in the assumptions, events or circumstances on which such
forward-looking statements are based, unless required by the
applicable law.
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