Q1 2025 Almirall SA Earnings Call Transcript
Key Points
- Almirall SA (WBO:ALM) reported a strong start to 2025 with a 15% increase in net sales year-on-year, aligning with their full-year guidance.
- The company's dermatology portfolio, particularly Ilumetri and Eblys, showed robust growth, with Ilumetri's net sales up 13% year-on-year.
- Almirall successfully launched Eblys in key European markets, achieving strong brand awareness and favorable reimbursement pricing.
- The company maintained a solid gross margin of 66.9% in Q1 2025, aided by a strategic out-licensing transaction.
- Almirall's R&D investment increased by 34% year-on-year, supporting pipeline advancement and future growth strategies.
- The US business experienced a slight decline, with ongoing generic pressure affecting legacy products.
- Almirall's SG&A expenses increased by 9.6% to EUR122.8 million, driven by investments in recent and upcoming launches.
- The effective tax rate remains high, influenced by the inability to offset US tax losses against profitable European operations.
- There is anticipated gross margin pressure for the full year due to sales mix and higher royalty tiers as Ilumetri sales increase.
- The company's exposure to potential tariffs on imports and exports could pose risks, although currently deemed marginal.
Good day, and thank you for standing by. Welcome to the Almirall Q1 2025 financial results and business update conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Pablo Divasson, Head of Investor Relations.
Thank you very much, Sara. Good morning. Thank you for joining us for today's quarterly earnings update and review of Almirall's first quarter financial results of 2025. As always, we are sharing the slides we are using today in the Investors section of our website at almirall.com.
Please move to slide number two. Let me remind you that information presented in this call contains forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from what we are serving today. Please move to slide number three. Presenting today are Carlos Gallardo, Chairman and Chief Executive
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