Almirall stock jumps over 6% as 2024 results beat estimates, positive 2025 outlook

Investing.com -- Shares of Almirall (BME:ALM) jumped more than 6% on Monday following the company’s full-year 2024 results and a strong outlook for 2025. 

The Spanish pharmaceutical firm’s net sales for 2024 reached €986 million, marking a 10% year-on-year increase from €894.5 million in 2023. 

The result edged past consensus estimates and prior company guidance, which had projected high-single-digit growth. 

The company’s core EBITDA came in at €193 million, up 11% from €174 million the previous year and 3% ahead of consensus estimates. Margins held strong at 19.5%, slightly improving from 19.1% in 2023.

One of the standout performers for the year was Ilumetri, Almirall’s psoriasis treatment, which delivered €209 million in sales, reflecting a 26% year-over-year growth. 

Meanwhile, Ebglyss, a key biologic product, contributed €33 million in full-year sales, with a 34% quarter-over-quarter growth in the final quarter of the year. 

However, Q4 Ebglyss sales of €13 million came in slightly below market expectations of €14.4 million.

For 2025, Almirall anticipates net sales to increase by 10% to 13%, with total EBITDA projected between €220 million and €240 million. 

This guidance closely aligns with market analyst consensus, which anticipates approximately €226 million in EBITDA. 

While the company expects some margin compression due to increased Ilumetri royalty payments, they anticipate that controlled growth in selling, general, and administrative expenses will offset these pressures.

RBC Capital Markets reiterated their positive "outperform" rating and €12.25 price target for Almirall, citing the company’s strong drug development pipeline and effective market strategies. 

Almirall’s long-term targets, specifically double-digit net sales CAGR to 2030 and a 25% EBITDA margin by 2028, were noted by analysts.

This is consistent with analyst forecasts, which project peak sales for Ebglyss exceeding €450 million and for Ilumetri surpassing €300 million.

Despite some competitive pressures in the dermatology market, particularly from newer entrants, Almirall’s ability to maintain market share and deliver on its commercial targets is seen as a key driver for continued upside.