Almirall (ALM) Q4 2024 earnings summary

Executive summary

• Achieved double-digit net sales and EBITDA growth in 2024, surpassing guidance, driven by strong performance in European dermatology and biologics launches, especially Ilumetri and Ebglyss.

• Net profit for 2024 reached €10.1 million, a turnaround from a €38.5 million loss in 2023, reflecting higher revenues and improved operating performance.

• Strategic focus on medical dermatology, pipeline innovation, and margin expansion positions for accelerated growth through 2030.

• Continued investment in R&D and commercial capabilities, with a focus on organic growth and selective in-licensing or acquisitions.

Financial highlights

• Net sales reached €985.7 million, up 10.2% year-over-year, with European dermatology sales up 22.5%.

• EBITDA was €192.6 million, up 10.6% from 2023, exceeding guidance.

• Gross margin at 64.7% of sales, slightly impacted by higher royalties.

• SG&A rose 10% to €464.6 million, mainly due to Ebglyss launch investments.

• R&D investment at €124.2 million (12.6% of net sales), supporting pipeline innovation.

• Net debt at €28.9 million, leverage at 0.2x EBITDA, maintaining strong financial flexibility.

• Net profit per share was €0.05, compared to a loss of €0.18 per share in 2023.

Outlook and guidance

• FY 2025 guidance targets 10–13% net sales growth and EBITDA between €220 million and €240 million.

• Mid-term guidance: double-digit net sales CAGR through 2028/2030 and EBITDA margin expansion to around 25% by 2028.

• R&D investment expected to remain at ~12% of net sales.

• Gross margin expected to face 30-50 basis points of pressure in 2025, with further slight declines mid-term due to royalty tiers.

• SG&A growth to slow after 2025 as Ebglyss launches complete.

• Board proposes a €40.6 million dividend (€0.19 per share) for 2025.