Almirall (ALM) Q4 2024 earnings summary

Executive summary

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

• Ilumetri® became the top-selling product, Ebglyss® showed strong uptake in its first year, and both contributed significantly to overall performance.

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

• Continued investment in R&D at 12.6% of net sales, advancing the medical dermatology pipeline and securing new approvals and partnerships.

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% year-over-year, 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 2023; normalized net income rose 64.1% to €25.6 million.

Outlook and guidance

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

• Mid-term guidance targets 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.

• SG&A projected to grow at a lower rate than net sales.