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
Alphavalue / Divacons | The pharmaceutical company launched the new sustainability strategy ‘Act4Impact 2030’ to transform its approach to sustainability, focusing on five main pillars: ‘Planet’, ‘People’, ‘Patients’, ‘Partners’ and ‘Principles’. The ‘Act4Impact’ strategy consists of 20 strategic lines of action that will be monitored over time to assess progress. These include the deployment of its roadmap towards Zero Net Emissions through energy decarbonisation plans, sustainable mobility or supplier engagement…
Morgan Stanley: Analyst Thibault Boutherin expects the stock to be flat or slightly down post-results following the lowering of guidance for FY24, but reiterates that all medium-term drivers remain intact. Almirall posted EBITDA 3-4% below consensus and guidance for H1 2024 sales 2% below consensus and EBITDA 4% below consensus. However, Thibault expects investors to focus on the Lebrikizumab Pipeline, where sales could peak at €450 million.
Bankinter: Ebglyss (lebrikizumab) receives positive opinion from the European Medical Agency’s advisory committee. The Target Price is raised from €9.50/share to €10/share . The positive opinion of the committee has to be reviewed by the European Commission, which issues the marketing authorisation. This step could take 2-3 months and, if ratified, the commercial launch of Ebglyss will be almost immediate. The drug is a treatment for moderate to severe atopic…
Renta 4| The price has violently broken the downward trend line from the highs of July 2021, while confirming important bullish divergences in its slow indicators. Moreover, the monthly indicators have started a bullish process, which is often accompanied by additional upward pressure in the medium/long term. The price presents a key reversal support level, between the lows of last June at €7.15 and the crossing of the main bullish…
Bankinter| Laboratorios Almirall (ALM) has acquired the rights to distribute a product to treat Alzheimer’s disease in Spain. The agreement gives Almirall exclusive rights to a transdermal patch containing Rivastigmine to treat Alzheimer’s disease. The transaction has been closed for an upfront payment of €45 million and provides for additional potential compliance payments of up to €15 million. Assessment: Positive news, the company has been looking for acquisitions to strengthen…
Bankinter | Lebrikizumab is a new treatment being developed for atopical dermatitis licensed by Eli Lilly to Almirall (ALM). In the third study in Phase III, it has shown to have had a significant improvement on the skin, relieving itching for people with this ailment when combined with topical corticosteroids. The study has met all the primary valuation criteria and the principal secondary ones, and has a security profile consistent…
I. Isardo (Link Securities) | Almirall (ALM) is a vertically integrated international pharmaceutical group which focuses on the purchase, production, storage, commercialisation and mediation in the sale of specialities and pharmaceutical products and of all types of raw materials used in the production of specialities and pharmaceutical products.
Bankinter | Almirall Q1’18 results were better than expected, with sales of 189.3 million euros (-0.1%); Ebitda of 58 million (+5.4%); Net Attributable Profit of 30.9 million (+57.1%) and net debt of 150 million euros. Finally, the DN/PN ratio has reached 7.4%.
This week Spanish pharmaceutical firm Almirall issued a profit-warning, citing the negative impact of its US business. The stock price has dropped 30% in two days.