Link Securities | Laboratorios Almirall (ALM) presented its results for the 2025 financial year on Monday, along with a year-on-year comparison, from which we highlight the following aspects:
ALM achieved total revenue of €1,114.5 million in 2025, representing a year-on-year improvement of 12.5%. Of this amount, €1,108.1 million corresponded to net sales, up 12.4% year-on-year, driven by the performance of Dermatology in Europe, led by Illumetri® and Ebglyss®.
Gross margin, meanwhile, increased by 11.9% in 2025 to €713.3 million. In terms of net sales, gross margin closed 2025 at 64.4%, compared to 64.7% in 2024.
ALM’s R&D expenditure rose by 11.2% year-on-year to €138.1 million, mainly due to mid-stage clinical trials of drugs. In addition, general and administrative expenses grew by 7.9% year-on-year to €501.1 million.
As a result, ALM’s operating cash flow (EBITDA) rose by 20.9% in 2025 compared to 2024, reaching €232.9 million. In terms of sales, the EBITDA margin rose to 21%, from 19.5% in 2024.
Likewise, following an 8.7% increase in depreciation and amortisation, net operating profit (EBIT) improved by 52.7% in 2025, reaching €81.7 million. In terms of sales, the EBIT margin improved by 2 p.p. to 7.4%.
The financial result reached €1.5 million, compared to a loss of €8.5 million in 2024, due to the improvement in the valuation of the equity swap, which, together with impairment expenses of €11.7 million applied in 2024 and restructuring costs of €7.2 million (against €2.6 million; 2024) resulted in a profit before tax (BAI) of €74.5 million, almost tripling the €26.5 million recorded in 2024.
As a result, ALM’s net attributable profit reached €46.1 million in 2025, compared to €10.1 million in 2024. In normalised terms, excluding non-recurring items, net profit reached €52.6 million, 105.5% more than in 2024.
ALM targets for 2026:
- Net sales growth: between 9% and 12% against 2025
- General and administrative expenses: increase below that of net sales
- R&D expenses: around 12.5% of net sales
- Tax rate: close to 25%
