Almirall shares rise after net profit falls less than forecast (updated)

Almirall

13/05/2024 11:34

(Adds share moves and analyst quote)
       May 13 (Reuters) - Almirall  ALM.MC  shares surged on
Monday after the Spanish pharmaceutical company's net profit
fell less than expected in the first quarter and said it was
seeking acquisition targets. 
    The company said its net profit fell 4% in the quarter to
7.4 million euros ($7.97 million) on higher costs, a result
which RBC said in a note was better than the 5.2 million euros
expected by analysts.  
    Its earnings before interest, taxes, depreciation and
amortisation rose 1.4% to 52.5 million euros, supported by sales
growth in Europe.
    "In the longer term, strong sales growth, with new launches,
will allow for strong operating leverage, EBITDA margin growth
and therefore profit growth," said Renta 4 analysts.
    Its shares jumped 8% on the Madrid stock market shortly
after opening and were last 4.9% up in late morning trading.
    Almirall said it was on track to meet its 2024 full-year
target of EBITDA of between 175 and 190 million euros, up from
174 million euros in 2023, and high-single digit net sales
growth. It added it was seeking "new inorganic growth
opportunities."
    ($1 = 0.9282 euros)

 (Reporting by Matteo Allievi, editing by Inti Landauro, Louise
Heavens and Emelia Sithole-Matarise)
 ((matteo.allievi@thomsonreuters.com;))