Half Year 2024 Almirall SA Earnings Call Transcript
Key Points
- Almirall SA (XMAD:ALM) reported a 7% increase in net sales and a 3.2% growth in EBITDA, reaching EUR104.5 million in H1 2024.
- Ilumetri, a psoriasis biologic, showed a 25% year-on-year growth, contributing significantly to the company's revenue.
- The company successfully launched Ebglyss in Germany, Norway, and the UK, with promising early sales figures.
- Almirall SA (XMAD:ALM) received FDA approval for Klisyri large field in the US, expanding its treatment area for actinic keratosis.
- The company made significant progress in its R&D pipeline, including the initiation of Phase I trials for new assets and the acquisition of promising technologies from Eloxx and Novo Nordisk.
- The gross margin declined slightly to 65.1% due to increased Ilumetri royalties, despite an improvement in Q2.
- SG&A expenses rose by 8% to EUR232 million, driven by investments in the Ebglyss launch.
- R&D expenses increased by 8%, representing 11.4% of net sales, which may impact short-term profitability.
- The US legacy business remains under pressure from ongoing generic erosion, particularly affecting Cordran and Tazorac.
- Skilarence sales declined due to increased competition, and the product is not being actively promoted.
Good morning, everyone. Thank you for joining us to review Almirall's H1 2024 financial results and business update. As usual, you can find the slides we are using today in the Investors section of our website at almirall.com.
Please move to slide number 2. Let me remind you that information presented in this call contains forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to materially differ.
With that, please advance to slide number 3. Presenting today, we have Carlos Gallardo, Chairman and Chief Executive Officer; Mike McClellan, Chief Financial Officer; and Karl Ziegelbauer, Chief Scientific Officer.
Carlos will start the H1 2024 highlights as well as the update on our biologics growth drivers that are crucial to our ambition of achieving leadership in medical dermatology. Karl will provide you with details on the progress of the pipeline. And Mike will review the financials before Carlos concludes the presentation and we will take your
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