Almirall: Cancels another development in Phase III, we reduce our TP to €10.60
Almirall: Cancels another development in Phase III, we reduce our TP to €10.60
- P3073 gets the chop, this time in Europe
- We expected peak sales in Europe of €25mn
- Cutting our target price to €10.60
- A poor market performer
- Our recommendation is only a weak Hold
We believe that earnings the cancellation of the P3073 programme will disappoint and casts doubts about the potential of the companies acquired in Almirall’s paradigm shift towards derma. Our Hold recommendation is weak and our advice is to stay in the side lines.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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