Almirall says its first-quarter profit has been hit by generic competition
Spain-based Almirall has posted a 40 per cent fall in earnings before interest and tax to €37.9m for the first quarter of 2011, due to price erosion and generic competition.
The company's net sales fell by 12.3 per cent to €212.7m, with stable evolution of the international business in Europe, which grew by 0.1 per cent, while its domestic business fell by 14 per cent.
Eduardo Sanchiz, chief financial officer, said: "The year has started with very positive corporate development agreements like aclidinium bromide in Japan and roflumilast in Spain. Later this year we aim to partner aclidinium bromide in Europe as we continue in-licensing efforts around core therapies.
"We maintain our strategic priorities with continued focus on innovation and long-term sustainable growth."