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Almirall soars 5% in the stock market after suspending the search for a new CEO

Date: March 20, 2023 Time: 18:23:41

Almirall boots on the stock market. The pharmaceutical company’s titles shot up 5% on the stock market this Monday after presenting the annual results and announcing that it is freezing, for now, the search for a new CEO “after the positive evolution, performance and momentum of the company towards its priorities in the last months”. The Spanish group, which paid 5,625 million last year to Gianfranco Nazzi -CEO until November-, has taken advantage of the presentation of its annual results to announce the continuity of Carlos Gallardo.

The son of Jorge Gallardo, one of the two brothers who own Almirall, he took over as president of Almirall from his father last May and has held the interim presidency since Nazzi’s departure. In addition, a new Governance Committee will be created to check and balance the position of the president-CEO. Carlos Gallardo Piqué has been a member of the Almirall board since 2013 and has been the firm’s general manager in the United Kingdom and Ireland.

Almirall has obtained a normalized net profit of 33.5 million in 2022, a figure 55.8% lower than that of 2021. Core net sales (excluding AstraZeneca and Covis) improved by 6.6%, to 863, 2 million euros, driven by its European dermatology business.

The gross operating result (Ebitda) of the biopharmaceutical company totaled 198.3 million euros in 2022, with a decrease of 15.8% over 2021, which the company attributes to the greater investment in R&D and the increase in expenses general and administration The latter advanced 4.3% in 2022, to 409.7 million, due to the support for the recent launches of the Wynzora and Klisyri products in Europe and the change of Ilumetri in new countries.

All in all, Almirall has highlighted that in 2022 it met its growth target both in ‘core’ net sales and in Ebitda. By 2023, the goal has been set to achieve an Ebitda of between 165 and 180 million, and an increase in ‘core’ sales “from a low to medium digit”. Almirall has highlighted that in 2022 it consolidated its position in Europe, with growth of 18.4% in the dermatology business driven by new launches. The company hopes that the upcoming launch of ‘lebrikizumab’ for atopic dermatitis will place it in a good position to accelerate its growth in the medium term.

“We are pleased that Almirall has delivered strong financial results in 2022 meeting our financial estimates, thanks to the excellent performance of our core business, dermatology, which continues to post strong results, driven by products from our business in Europe” , stressed the president and CEO of Almirall, Carlos Gallardo.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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