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Investing.com - Stifel has initiated coverage on Almirall SA (BME:ALM) with a Buy rating and a price target of EUR14.50, citing the company’s strong position in the European dermatology market.
The research firm highlights Almirall’s two flagship biologics, Ilumetri and Ebglyss, which are expected to reach combined peak sales of approximately EUR880 million by 2032, representing a 3.6x increase compared to 2024 levels.
Despite a 50% year-to-date stock price increase, Stifel believes Almirall’s current valuation remains compelling, with its 2026 estimated EV/EBITDA at 9.1x, on par with the sector median.
Stifel projects Almirall will deliver EBITDA growth at a 21% compound annual growth rate from 2024 to 2027, almost double the sector median of 12%.
The firm expects Almirall’s re-rating to materialize through the ramp-up of Ebglyss, the release of phase II clinical results in 2026-27, and potential in-licensing or M&A activities.
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