Almirall’s Q1 results 2016: on track to achieve yearly guidance
– Net Sales +2.7%, benefiting from contribution of new businesses
– Growth driven by Dermatology +13.3%, which now accounts for 43% of sales vs. 39% in Q1 15
– Product mix drove Gross Margin improvement of +40bps
– Integration of new businesses on track
– R&D pipeline continues to progress: 3 Phase III programs
– Healthy balance sheet: Cash Position of €488.5 million
– Dividend payment was approved in the Annual General Meeting at €0.19 per share
Growth driven by Dermatology
The Dermatology franchise showed a strong sales growth of 13 % in Q1 2016. This therapeutic area now accounts for 43% of total Net Sales (vs 39 % in Q1 2016). This was due to a strong performance of Dermatology in Europe, where sales increased by +23 % vs the same period of last year (driven by the actinic keratosis franchise, Solaraze® and Actikerall®).
Despite a tougher operating environment for Dermatology in US, sales there increased by 1 %. The US Dermatology franchise will be boosted by the planned launches of Veltin® and Altabax® in July.
R&D and pipeline
Our R&D pipeline continues to progress. We are currently initiating 3 phase III programs in EU and US: P3058 for Onychomycosis, P3073 for Nail Psoriasis and P0374 for Alopecia. Each product has potential peak sales between €60 – €100 million.
In addition, we have recently advanced a New Chemical Entity (NCE) for the treatment of pemphigus vulgaris to the clinical development stage.
Three additional projects are currently in the registration phase: LAS41008 for psoriasis, ADP18998 for the treatment of actinic keratosis and LAS41010 for atopic dermatitis.