Q1 2026 results are broadly in line with our forecast and the consensus for net sales and EBITDA, whilst falling short on net profit. Net sales show growth of 2.2% (compared to 3.7% in our fourth-quarter estimate and 3.1% in the consensus), influenced by a one-off item last year and confirming a start to the year that has gone from strength to strength. By key products, Ilumetri recorded €61.6 million…

Banc Sabadell | The outlook for Almirall (ALM) is positive at an operational level due to the favourable performance of Ebglyss (monoclonal antibody for atopic dermatitis), where we maintain our peak sales estimate of ~€450 million in 2029e, excluding potential additional indications under investigation (chronic rhinosinusitis, allergic rhinitis and the quarterly dosage for atopic dermatitis). Ilumetri also looks promising, where we continue to expect growth, albeit at a slower pace…

Renta 4 | Almirall (ALM) has reported positive preliminary results from the pivotal Phase 3 trial, ADorable-1, for lebrikizumab. This trial assesses the efficacy and safety of the drug in children aged between 6 months and under 18 years with moderate to severe atopic dermatitis. The study met its key primary and secondary endpoints at week 16, demonstrating significant skin clearance, a reduction in disease severity, relief from itching and…

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,…

Alphavalua/ Divacons | The Spanish biopharmaceutical company received a €16.8 million injection in aid from CDTI Innovación, an agency under the Ministry of Science and Innovation, to boost its R&D projects. The company will allocate most of these funds (€12.5 million) to a phase II clinical trial of a monoclonal antibody designed to treat hidradenitis suppurativa, after successfully completing phase I studies in healthy volunteers during 2025. The rest of…

CdM | Almirall (ALM) has announced the extension of the indication for Physiorelax, which can now be used from the age of 12 (compared to 18 previously). With this, the company reinforces the availability of safe and effective solutions for muscle care. Physiorelax is a range of topical creams formulated with natural ingredients, developed for everyday muscle care. Its unique formula is based on Helenalin2, a complex that combines arnica,…

Banc Sabadell: According to press reports, Moody’s has upgraded Almirall’s (ALM) rating to Ba2 from Ba3, while maintaining a stable outlook. This change would respond to the expectation of strong revenue growth in the coming years supported by the launch of Ebglyss and other products in its current dermatology portfolio. Assessment: Positive news with limited impact