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1. Company Snapshot

1.a. Company Description

Almirall, S.A., a biopharmaceutical company, engages in the research, development, manufacture, and sale of skin-health related medicines in Europe, the United States, and internationally.The company offers its products for dermatological diseases comprising actinic keratosis, atopic dermatitis, androgenic alopecia, psoriasis, onychomycosis, oncodermatology, acne, and orphan indications, as well as for cardiovascular, musculo-skeletal, respiratory, and nervous system; alimentary tract and metabolism; antiinfectives for systemic use; genito urinary system and sex hormones; immunostimulants; and systematic hormonal preparations.Its products include Ilumetri, Solaraze, Actikerall, Ciclopoli, Skilarence, Aczone, Decoderm, Cordran Tape, Azelex, Klisyri, Tazorac, Seysara, Veltin, Almax, Ebastel, Sativex, Crestor, and Efficib/Tesavel.


Almirall, S.A. has collaboration and partnership agreements with Tyris Therapeutics, BIOMAP, the University of Dundee, Kaken Pharmaceutical Co Ltd., Ichnos Sciences Inc., the University Carlos III Madrid and MEDINA Foundation, 23andMe, Inc., HitGen Ltd., WuXi Biologics, Eli Lilly and Company, and Athenex, Inc.The company was formerly known as Laboratorios Almirall, S.A. and changed its name to Almirall, S.A. in May 2009.Almirall, S.A. was founded in 1943 and is headquartered in Barcelona, Spain.

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1.b. Last Insights on ALM

Almirall's recent performance has been driven by positive developments in its dermatology pipeline. The company's presentation of long-term results from the POSITIVE study at the European Academy of Dermatology and Venereology Congress (EADV) showcased its commitment to advancing skin science. Additionally, its collaboration with Absci Corporation to develop AI-designed therapeutics for dermatological conditions has expanded, adding a second target. The company's solid fundamentals, including steady annual revenue and net income growth, have also garnered investor attention. Former CFO Mike McClellan's departure to Recordati may have minimal impact.

1.c. Company Highlights

2. Almirall's Strong YTD Results Driven by Medical Dermatology Portfolio

Almirall's financial performance in 2025 was robust, with net sales growing nearly 13% year-on-year, driven primarily by its medical dermatology portfolio. EBITDA reached EUR 180.7 million, a 27% increase, indicating a strong operational performance. The company's EPS came in at 0.02333, slightly below estimates of 0.03. Ilumetri generated EUR 171 million in net sales, a 12% year-on-year growth, while Ebglyss nearly quadrupled year-on-year sales to EUR 75.5 million. The company's guidance for 2025 calls for net sales growth of 10% to 13% and EBITDA in the range of EUR 220 million to EUR 240 million, and it expects to land near the midpoint of this range.

Publication Date: Nov -30

📋 Highlights

Revenue Growth Drivers

The company's medical dermatology portfolio was the key driver of growth, with Ilumetri and Ebglyss being the standout products. Ilumetri remains on track to achieve peak net sales of over EUR 300 million, while Ebglyss is expected to play a significant role in treating naive patients for moderate to severe atopic dermatitis. The company is confident in its ability to achieve double-digit net sales CAGR through 2030 and reach an EBITDA margin of approximately 25% by 2028.

Pipeline Progress

Almirall's R&D pipeline made significant progress, with the anti-IL-1RAP antibody entering Phase II for Hidradenitis Suppurativa and other assets advancing. The company is running a study called ADlong to generate data on the efficacy and safety of lebrikizumab for up to 5 years. The progress in the pipeline is expected to add depth to the company's already differentiated portfolio.

Valuation and Outlook

With a P/E Ratio of 126.43 and an EV/EBITDA of 13.94, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 11.3%, which is in line with the company's guidance. The company's ROE is 1.44%, and the Net Debt / EBITDA ratio is 0.41, indicating a relatively healthy balance sheet. As the company continues to execute on its pipeline and drive growth with its biologic therapies, it is well-positioned to achieve its midterm guidance.

Guidance and Future Expectations

The company expects to provide more information on 2026 guidance in February, and it is confident in achieving its stated guidance. While it is too early to comment on the Bloomberg consensus of EUR 280 million EBITDA for 2026, the company's track record and pipeline progress suggest that it is on track to achieve its goals. With a clear ambition to shape leadership in medical dermatology in Europe, Almirall is poised for continued growth and success.

3. NewsRoom

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Exploring Almirall’s (BME:ALM) Valuation Following Recent Share Price Strength

Nov -10

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Almirall SA (FRA:E2Z) Q3 2025 Earnings Call Highlights: Strong Sales Growth and Strategic ...

Nov -10

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Almirall’s 2025 9M Results

Nov -10

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United States Chronic Obstructive Pulmonary Disease Market Report 2025-2033, Profiles of AstraZeneca, Pfizer, GSK, Novartis, Astellas Pharma, Abbott Laboratories, Boehringer Ingelheim, Almirall

Oct -23

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RECORDATI APPOINTS MIKE MCCLELLAN AS NEW CHIEF FINANCIAL OFFICER

Oct -23

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Almirall (BME:ALM): Is the Recent Share Price Momentum Justified by Its Current Valuation?

Oct -13

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Can Almirall’s Strong 2025 Rally Continue After Positive Dermatology Pipeline Developments?

Oct -13

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Absci Corporation (ABSI) Secures $64M Financing to Drive AI Drug Discovery Through 2028

Sep -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.94%)

6. Segments

Commercialization through Own Network

Expected Growth: 8%

Strong commercialization through Almirall's own network drives 8% growth, fueled by increased sales force effectiveness, expanded product portfolio, and strategic partnerships. Additionally, targeted marketing campaigns and enhanced customer engagement strategies contribute to accelerated revenue growth.

Commercialization through Licensees

Expected Growth: 7%

Strong demand for dermatology products, increasing prevalence of skin diseases, and successful commercialization strategies by Almirall, S.A. through licensing agreements, resulting in 7% growth. Partnerships with key licensees have expanded product reach, while investments in R&D have improved product offerings, driving revenue growth.

Dermatology in the United States

Expected Growth: 10%

Almirall's 10% growth in the US dermatology segment is driven by increasing prevalence of skin conditions, an aging population, and rising demand for aesthetic treatments. Additionally, the company's strong product portfolio, including Sebeliuum and Aktify, and strategic partnerships with dermatology clinics and research institutions contribute to its growth.

Corporate Management and Results Not Assigned to Other Segments

Expected Growth: 6%

Almirall's Corporate Management and Results Not Assigned to Other Segments growth of 6% is driven by effective cost management, strategic investments in R&D, and successful partnerships. Additionally, the company's focus on dermatology and its diversified product portfolio have contributed to its growth. Furthermore, Almirall's strong cash flow generation and efficient capital allocation have enabled the company to invest in growth initiatives and return value to shareholders.

7. Detailed Products

Actikerall

A topical cream used to treat actinic keratoses, a skin condition that can lead to skin cancer.

Ilumetri

A topical cream used to treat mild to moderate psoriasis.

Sativex

An oral spray used to treat spasticity in multiple sclerosis patients.

Skilarence

An oral medication used to treat moderate to severe psoriasis.

Monovo

A topical cream used to treat acne.

8. Almirall, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Almirall, S.A. operates in a highly competitive industry, and there are many substitutes available in the market. However, the company's strong brand presence and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Almirall, S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often prescribed by doctors, which further reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Almirall, S.A. relies on a few large suppliers for raw materials, which gives them some bargaining power. However, the company's strong relationships with suppliers and its ability to negotiate prices help to mitigate this threat.

Threat Of New Entrants

The pharmaceutical industry is highly regulated, and new entrants face significant barriers to entry. However, the threat of new entrants is still high due to the potential for new companies to disrupt the market with innovative products and business models.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, and Almirall, S.A. faces intense rivalry from established players. The company must continually innovate and invest in R&D to stay ahead of the competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.60%
Debt Cost 3.95%
Equity Weight 78.40%
Equity Cost 5.54%
WACC 5.20%
Leverage 27.56%

11. Quality Control: Almirall, S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ipsen

A-Score: 5.5/10

Value: 5.0

Growth: 6.0

Quality: 7.7

Yield: 1.2

Momentum: 6.0

Volatility: 7.3

1-Year Total Return ->

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Hikma Pharmaceuticals

A-Score: 5.3/10

Value: 4.9

Growth: 4.4

Quality: 6.1

Yield: 5.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Almirall

A-Score: 5.0/10

Value: 4.3

Growth: 2.2

Quality: 4.3

Yield: 2.5

Momentum: 9.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Sobi

A-Score: 4.8/10

Value: 3.1

Growth: 7.3

Quality: 7.4

Yield: 0.0

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Siegfried Holding

A-Score: 4.4/10

Value: 4.4

Growth: 7.4

Quality: 5.5

Yield: 0.6

Momentum: 1.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Alvotech

A-Score: 2.9/10

Value: 5.1

Growth: 5.8

Quality: 5.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.96$

Current Price

12.96$

Potential

-0.00%

Expected Cash-Flows