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Investing.com -- Almirall (BME:ALM) shares rose on Friday after the company reported a 72.1% increase in net income for the first half of 2025, with revenue gains driven by strong dermatology sales in Europe and continued biologics momentum. The company reiterated its full-year guidance.
Net income rose to €26.5 million from €15.4 million a year earlier. Total (EPA:TTEF) revenues reached €563.4 million, up 12.7% year-on-year and 1% ahead of consensus.
Net sales totaled €560.5 million. EBITDA increased 16.6% to €121.8 million, slightly below expectations.
The company maintained guidance for full-year net sales growth of 10–13% and EBITDA between €220 million and €240 million.
Ebglyss, used to treat atopic dermatitis, posted €44.9 million in first-half sales, more than quadrupling from a year earlier and coming in 7% ahead of consensus.
Since its launch in December 2023, cumulative revenue reached €79 million. Second-quarter European sales were €25.5 million, supported by uptake in Germany and recent launches in additional European markets.
Ilumetri, for psoriasis, recorded €113.3 million in sales for the half, up 12.7% year-on-year and in line with consensus.
European sales in the second quarter totaled €58 million, a 13% annual increase. The company reaffirmed its mid-term sales target for Ilumetri of more than €300 million.
Dermatology accounted for €318.3 million, or 56.8% of total sales. Other key products included Wynzora, which rose 32.6% to €17.1 million, and Klisyri, which increased 25.7% to €13.7 million.
Total European dermatology revenue climbed 24.2% to €289.5 million. U.S. and rest-of-world dermatology revenue declined by 14.1% and 40.0%, respectively.
Gross margin improved slightly to 65.5% from 65.1% a year ago. Research and development expenses rose 26.6% to €71.9 million, or 12.8% of net sales, mainly due to early-stage clinical trials.
SG&A expenses increased 8.2% to €250.7 million, reflecting continued investment in the Ebglyss rollout.
Almirall reported a net debt position of €76.6 million at the end of June, up from €28.9 million in December 2024.
The increase was tied to milestone payments for Ilumetri, Ebglyss, and Wynzora, and settlement of earlier R&D obligations. Net debt to EBITDA stood at 0.4x. Free cash flow was negative €20.3 million.
A Phase III trial for Klisyri’s large-field application in Europe met primary and secondary endpoints.
Four Phase 2 dermatology studies are expected to begin within 12 months. The company also expanded its partnership with Simcere to develop bispecific antibodies for immuno-dermatology use.
Almirall appointed Jon U. Garay Alonso as its new chief financial officer. He joined in July from Camurus, ahead of current CFO Mike McClellan’s departure in September.