The Spanish drug company Almirall confirmed its profit target for the whole year, despite the decline in net profits in the first quarter, saying that the additional costs for the release of drugs in the first quarter will bring benefits later.
The company stressed that net profit in the first quarter fell 32% to 20 million euros, while EBITDA fell 20% to 60 million euros.
The drug company attributed the drop in profitability to the additional costs associated with launching new drugs in the US and Europe, although it expects them to boost their operations in the coming quarters.
The Spanish company also expects that the drugs that are in the process of development, will bring growth soon.
“Almirall is firmly committed to realizing the value of its drug pipeline, which will help it improve our future growth prospects,” said CEO Gianfranco Nazzi.
The company reiterated that it expects EBITDA to reach 190-210 million euros this year, slightly lower than the 211 million euros in 2021.
Source: Capital
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