Almirall, S.A. (ALM), a global biopharmaceutical company based in Barcelona, today reported its financial results for the first nine months of 2024. The company posted strong sales growth, primarily driven by its dermatology business, particularly the biologics portfolio in Europe.
Financial Highlights:
- Net Sales: €727.6 million, up 7.9% year-on-year (YoY)
- EBITDA: €142.2 million, an increase of 2.9% YoY
- Gross Margin: 64.8%
- Dermatology Sales in Europe: €355.2 million, growing 21.9% YoY
The successful launch of Ebglyss®, the biologic treatment for moderate to severe atopic dermatitis, generated €20.4 million in sales during its first nine months in 2024. The drug is seeing strong demand in Germany, with steadily increasing prescriptions and high product awareness. Ebglyss® has also expanded into new markets, including Norway, the UK, Spain, Denmark, and the Czech Republic. Almirall expects the product to meet its 2024 targets and reach peak sales as the launch progresses.
Ilumetri®, used to treat psoriasis, also performed well, with sales reaching €152.5 million, marking a 24.8% YoY increase. The product has gained market share across key European countries and is on track to achieve €250 million in peak sales.
The broader dermatology portfolio saw strong performance, with total sales of €404.9 million, up 17.3% YoY. Key products like Wynzora® and Klisyri® also showed impressive growth, with Wynzora® sales increasing by 62.7% YoY to €19.2 million, and Klisyri® growing by 14.0% YoY to €16.4 million.
Carlos Gallardo, Almirall’s Chairman and CEO, commented, “Our strong performance in Q3 2024 is fueled by the success of our biologics portfolio, including the sustained growth of Ilumetri® and the positive trajectory of Ebglyss®. These results, along with the continued success of our broad dermatology portfolio, reflect the strength of our commercial capabilities and position us as a leader in medical dermatology. As we celebrate Almirall’s 80th anniversary, we are pleased to reaffirm our guidance for 2024, based on this solid business performance.”
R&D and Pipeline Update:
Almirall continues to invest heavily in research and development, with 12.4% of net sales allocated to R&D in 2024, a 14.9% increase YoY. Key R&D highlights in Q3 2024 included:
- Completion of the decentralized regulatory procedure for efinaconazole for onychomycosis treatment in Europe.
- Launch of Klisyri® for large-field treatment in the USA, following FDA approval in June.
- Ongoing clinical trials, including a Phase I study for an oral therapy targeting rare dermatology conditions caused by nonsense mutations.
Almirall’s lifecycle management activities continue to support its key products, with several ongoing clinical studies for Ebglyss® and Ilumetri®.
Financial Overview (9M 2024):
- Total Revenue: €731.2 million, up 8.1% YoY
- Net Income: €7.2 million, down 47.1% YoY, impacted by increased investments and regulatory costs
2024 Full-Year Guidance:
Almirall reaffirms its guidance for 2024, expecting high single-digit net sales growth and EBITDA in the range of €175 million to €190 million.
Partnerships and Scientific Engagement:
Almirall’s close collaboration with the dermatology community continues to be a cornerstone of its success. In October 2024, the company hosted the 3rd ImmunoSkin Conference in Barcelona, which brought together leading experts to discuss immune-mediated skin diseases. Almirall also had a significant presence at the 33rd European Academy of Dermatology and Venerology (EADV) Congress in September, where new data was presented for Ebglyss® and Ilumetri®.
At the Fall Clinical Conference in October, Almirall’s partner Lilly presented data highlighting the strong performance of Ebglyss® in diverse patient populations, including those with skin of color and those who had discontinued previous treatments like dupilumab.
About Almirall:
Almirall is a global leader in medical dermatology, dedicated to transforming patients’ lives by delivering innovative treatments for skin diseases. Founded in 1944 and headquartered in Barcelona, the company operates in 21 countries and markets products in over 100. In 2023, Almirall generated €898.8 million in total revenue and employs approximately 1,900 people globally. Almirall is listed on the Spanish Stock Exchange (ticker: ALM).
