Almirall delivers good business performance in Q1 and reiterates full year 2022 guidance

BARCELONA, Spain, May 9, 2022 /PRNewswire/ --

• Good start to the year with Core Net Sales* at €218.8 MM (+1.6% year-on-year) driven by recently launched products and good performance of European Dermatology portfolio
• Total EBITDA reached €59.6MM which includes a net positive impact of €9MM from the transfer of global rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma
• Solid Core results with strong EU Dermatology performance as sales increased +31% year-on-year due to the positive contribution from growth drivers. Ilumetri® continues to show strong performance with excellent momentum of the anti IL-23 class while the recent rollouts of Klisyri® and Wynzora® in Europe are gaining good traction
• The company is working hard on the late-stage pipeline to leverage its significant potential and preparing the business for important launches such as lebrikizumab following positive 16 week-data from phase 3 clinical studies reported this quarter
• Mr. Carlos Gallardo has been appointed Chairman and President of the Board of Directors of Almirall at the General Shareholders Meeting on May 6^th. His international experience in the pharmaceutical industry as well as in the digital health sector will support Almirall in its growth trajectory and help position the company as a leader in Dermatology
• Based on the good performance of the business in Q1, Almirall is reiterating its 2022 guidance

Almirall, S.A. (ALM), the global biopharmaceutical company based in Barcelona, has announced its Q1 2022 financial results.

Summary of results

• Core Net Sales* reached €218.8 MM, a +1.6% year-on-year increase with positive contribution from growth drivers. Core EBITDA* reached €50.3 MM, a -26% year-on-year decrease, in line with expected performance as Q1 2021 had the positive effect of €16MM in one-offs**.
• Total EBITDA was at €59.6 MM, a -19,7% year-on-year decrease, and it includes the net positive impact from other income related to the AstraZeneca and Covis Pharma agreement (€9MM)***. 
• Almirall finished Q1 with a very healthy balance sheet with Net Debt of €253.0MM and a 1.1 x Net Debt to EBITDA.
• SG&A (Selling, General and Administrative) expenses were €102.9 MM (47% of Core Net Sales*), higher than last year as expected to support the launch of Wynzora®, Klisyri® in the US & EU, and Ilumetri® rollout in key countries.      
• Core Gross Margin* of 66.7% was in line with expectations. Product divestments in Q1 2021 benefited the comparable period.***  

*Core business excludes AstraZeneca and Covis Pharma contribution: Deferred Income and Other Income.

^** Divestments of a small product in Spain and licensing out income from other products with a combined positive impact on Net Sales of €16 MM.

*** €9 MM booked in Q1 2022 boosting Total EBITDA following from the transfer of global rights for Eklira® and Duaklir® from AstraZeneca to Covis Pharma.

Further information from Almirall's Q1 results is available at: https://www.almirall.com/media/newsroom

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