Almirall SA : Good operating results in Q2 2021 but higher opex expected for H2. Upgrading the stock to Outperform on valuation grounds
>Good operating results in Q2 2021: EBITDA 12% above consensus - Net sales reached € 205m (+11% y-o-y), 7% above our estimates and 4% above consensus expectations, with the acceleration of sales explained by the better comparison base last year and favourable trend for new products (Ilumetri +122% y-o-y /+18% q-o-q and Seysara +200% y-o-y although flat q-o-q). Seysara impairments overshadowed the good EBITDA results - Reported EBITDA increased +28% to...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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