Report
Isabel Carballo ...
  • Martial Descoutures

Almirall SA : Weak margins in Q3 2021 and lower margin expectations for 2022-2023e

>Q3 2021 results weaker than expected - Net sales (including deferred income) reached € 191m (+2% y-o-y in Q3 2021), 2% below our estimates, with the disappointment mainly coming from dermatology products in the US and with Seysara, Ilumetri and Skilarence maintaining sales q-o-q due to seasonality. As a result of the different mix, the gross margin stood at 67% in Q3 2021 (vs our 69% forecast and also below the 69% achieved in the previous quarter). Reported EBITDA d...
Underlying
Almirall SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Isabel Carballo

Martial Descoutures

ResearchPool Subscriptions

Get the most out of your insights

Get in touch