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Almirall earnings hit by generics

Spanish pharmaceutical firm Almirall has said price erosion and generic competition is responsible for a fall in earnings in its first half financial report

Spanish pharmaceutical company Almirall has reported an 18 per cent decline in first half pre-tax earnings to €11.2m, citing price erosion and generic competition.

Its net sales fell by 9 per cent to €426.8m in the six month period to June 30. The company said that there was a stronger growth in European sales, which rose by 3.3 per cent, while sales in Africa, America and Asia increased by 3 per cent.

Eduardo Sanchiz, Almirall chief executive, said: "The first half of the year reflects a material improvement in P&L trends versus the first quarter and we maintain solid financial position and steady free cash flow generation that provides strategic flexibility."

The company said that cost discipline and savings were a continued priority for 2011, but put guidance for the rest of the year on hold.

28th July 2011

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