Almirall profit quadruples in 2025 as dermatology fuels growth push

Core Insights - Almirall's profit quadrupled in 2025, reaching €46.2 million, a 357% increase from €10.1 million in 2024, driven by strong sales and operational efficiency [1][2][3] - The company surpassed €1 billion in sales for the first time, with a revenue increase of 12.5% to €1.1145 billion [1][2][3] Financial Performance - Operating profit (EBITDA) rose by 20.9% to €232.9 million, with net revenues increasing by 12.4% to €1.1081 billion [1][2][3] - The dermatology division generated €669.4 million, accounting for 60.4% of total net sales, with significant contributions from psoriasis therapy Illumetri and atopic dermatitis treatment Ebglyss [1][2][3] Geographic Sales Distribution - Europe accounted for 90.8% of total sales, generating €1.0059 billion, a 14.9% increase from 2024, while US revenue fell by 18.4% to €45.2 million [1][2][3] - Other regions saw a 3.4% increase in sales to €57 million, highlighting Almirall's reliance on the European market [1][2][3] Strategic Focus - Almirall's strategy centers on dermatology, with a focus on biologic therapies, as evidenced by the strong performance of Illumetri and Ebglyss [1][2][3] - The company invested €138.1 million in R&D, representing 12.5% of net sales, to maintain its dermatology pipeline and advance in specialized medicines [1][2][3] Future Outlook - Almirall aims for double-digit net sales growth through 2030, projecting a revenue increase of 9% to 12% in 2026 and an EBITDA between €270 million and €290 million [1][2][3] - The company plans to explore early-stage licensing agreements and pursue opportunistic acquisitions to support growth [1][2][3] Governance and Financial Health - Almirall's debt decreased to €283.7 million, with a net debt to EBITDA ratio of 0x, providing flexibility for future deals [1][2][3] - The Gallardo family controls the company, with Chairman Carlos Gallardo's compensation increasing by 4.57% to €1.78 million in 2025 [1][2][3]