Almirall: The 1H17 results reflect the difficulties in the US
As we had expected, Almirall 1H17 results were marred by strong headwinds encountered in the US that the company had forewarned in a recent profit warning a week ago.
We are concerned about the business in the US, where Almirall is focusing its drive into derma. We are unsure as to whether the company will achieve this year’s guidance. We prefer to wait in the sidelines until the company demonstrates its ability to correct the problems encountered in the US. Last week, we downgraded Almirall to Sell and put our price target under revision.
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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