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Investing.com -- Almirall (BME:ALM) reported first-quarter earnings ahead of expectations, supported by growth in its dermatology portfolio, and reaffirmed its full-year guidance, sending shares up by over 6% on Monday.
Net sales rose 15% from a year earlier to €285 million, slightly above company-compiled consensus. Total (EPA:TTEF) revenues reached €286.1 million.
EBITDA came in at €71 million, 3% above consensus and well ahead of analyst forecasts. Net income totaled €21.6 million, also ahead of expectations despite a higher tax rate.
Operating income reached €34.2 million. Growth was driven by dermatology sales, which rose 20% to €154.5 million.
Sales of Ebglyss, used to treat atopic dermatitis, reached €19 million in the quarter, up 50% from the previous quarter and above analyst expectations.
The company said the growth reflected ongoing uptake in Germany and other recent European launches.
Almirall continues to target peak Ebglyss sales of more than €450 million by 2030, in line with consensus estimates.
Ilumetri, used for plaque psoriasis, posted €55 million in sales, up 13% year-over-year.
While market competition remains a factor, the result was above some analyst projections. Wynzora generated €7.7 million, while Klisyri lagged at €6.9 million.
The company maintained its full-year forecast for net sales growth of 10% to 13% and EBITDA between €220 million and €240 million.
Analyst models from Jefferies and RBC are both near the upper end of that range, citing confidence in the ramp of newer dermatology treatments.
Physician feedback, according to Jefferies, suggests Ebglyss may have first-line potential due to a favorable administration profile compared to Dupixent.
A pediatric trial by U.S. partner Eli Lilly (NYSE:LLY) is expected to produce top-line data in the second quarter of 2025, which could support label expansion in Europe.
Jefferies values Almirall at €17 per share, underpinned by its dermatology franchise. RBC maintained an “outperform” rating and a €12.50 price target, citing solid execution and guidance consistency.