Almirall (ALM) Q4 2024 earnings summary

Executive summary

• Achieved double-digit net sales and EBITDA growth in 2024, surpassing guidance, driven by European dermatology and biologics launches, with Ilumetri and Ebglyss as key growth drivers.

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

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

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% versus 2023, exceeding guidance.

• Gross margin was 64.7%, with some pressure from increased royalties on Ebglyss and Ilumetri.

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

• Net income was €10.1 million, a turnaround from a loss of €38.5 million in FY 2023; normalized net income rose 64.1% to €25.6 million.

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 and EBITDA margin expansion to ~25%.

• R&D investment to remain around 12% of net sales.

• Gross margin expected to face 30–50 bps pressure in 2025, with similar trends mid-term.

• The Board proposes a €40.6 million dividend (€0.19 per share) for 2025, continuing the flexible dividend system.