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Almirall posts positive results

International pharmaceutical company, Almirall has announced results for the first quarter to March 31, 2010

International pharmaceutical company based in Spain, Almirall, has announced positive results for the first quarter to March 31, 2010.

According to the company report, net sales were eroded by 1 per cent to €242.6m, with sustained growth for the international affiliates of 5.3 per cent. There was a steady domestic performance and lower sales from partners (-14.3 per cent). R&D expenses were up by 9.3 per cent versus the same period last year as the company moves forward with its significant last stage pipeline. The trend is expected to endure as a result of the progression of the respiratory franchise.

Net income and normalised net income totalled €51.0m. The former represents -20.1 per cent versus last year, whereas the latter is 3.0 per cent ahead of guidance. The net debt was lowered to €22.9m and net cash position is expected to be achieved during 2010.

Almirall's 2010 corporate development priorities focus on partnering key pipeline products, pursuing new in-licensing opportunities and evaluating selected acquisitions. Potential key growth drivers ahead include the Eklira franchise, linaclotide, which offers a pan-European first-in-class opportunity in late stage development, Sativex for which approval is expected in Q2, and the roll out of the derma franchise.

According to Eduardo Sanchiz, chief executive financial officer at Almirall, the company has made a good start to the year. "We keep our strategic priorities with continued focus on innovation and long-term growth. Our potentially transformational pipeline is moving forward and will deliver significant phase III catalysts in a near future," he explained. 

Speaking of corporate development he added: "Our efforts continue to partner key pipeline products, pursuing new licensing opportunities and evaluation selected acquisitions."

13th May 2010

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