Almirall achieves Core Net Sales growth of 5.1% to 436.6 MM Euros in H1

• Strong operational performance during the first half of the year. The business continues to perform well boosted by the growth in Core Net Sales (+5.1% year-on-year) from key products of the Medical Dermatology portfolio

• The EU Dermatology portfolio continues to lead the growth of Almirall's business. Ilumetri^® maintained an excellent sales momentum driven by new country launches, and Klisyri^® and Wynzora^® are gaining good traction in Europe

• Total EBITDA reached €107.6MM year-to-date (-21.2%), though the comparison to 2021 is impacted by product divestments in the previous year and the finalization of deferred income from AstraZeneca

• SG&A reached €210.1MM (+9.0%) driven by the support of recent launches and R&D was at €44.9MM, increasing as expected and reaching 10.3% of Core Net Sales

• Almirall and its partner Eli Lilly announced positive data from Phase III 52-week topline results of lebrikizumab (atopic dermatitis). These encouraging results reinforce Almirall's confidence that the product has the potential to be a first-line biologic and may support less frequent dosing

• Based on the solid performance of the business in H1, Almirall is reiterating its 2022 guidance

BARCELONA, Spain, July 25, 2022 /PRNewswire/ -- Almirall, S.A. (ALM), the global biopharmaceutical company based in Barcelona, today announced its H1 2022 financial results.

Summary of results

• Core Net Sales* reached €436.6 MM, a +5.1% year-on-year increase, and Core EBITDA* reached €98.3 MM, a -21.7% year-on-year decrease, tracking in line with guidance due to a strong EU Dermatology performance and positive contribution from growth drivers.

• Core Gross Margin* of 67.7% in line with expectations for the year.         

• Total EBITDA was at €107.6 MM, a -21.2% year-on-year decrease, though the comparison to 2021 is impacted by product divestments in the previous year and the finalization of historical deferred income.
• R&D expenses of €44.9 MM increased as expected reaching 10.3% of Core Net Sales. R&D investment will continue to rise in line with Almirall's expectations due to the Phase IIIb studies for lebrikizumab, the Klisyri^® large field studies, as well as increased spending on earlier stage assets such as the anti IL1-RAP.
• SG&A (Selling, General and Administrative) expenses were €210.1 MM, 9% higher than last year as Almirall continued to add investment towards the successful execution of recent product launches such as Wynzora^®, Klisyri^® in the US and EU, and Ilumetri^® rollout in key countries.
• Almirall finished the first semester with a very healthy balance sheet with a leverage of 0.9 x Net Debt to EBITDA and an optimal cash position, generating €56 MM of operating cash flow during H1, which gives the company flexibility to continue to explore inorganic growth opportunities.

^* Core results excludes AstraZeneca contribution: Deferred Income and Other Income. From 2022 onwards, there is no difference between Core Net Sales and Net Sales as no additional Deferred Income from AstraZeneca is registered, the difference related to Core EBITDA and EBITDA is explained by the other income related to AstraZeneca.

Further information from Almirall's H1 results is available at: https://www.almirall.com/media/newsroom

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