Stifel starts Almirall at 'buy' as it enters 'its most compelling phase yet'

Almirall

14/10/2025 10:57

** Stifel initiates coverage on Spanish pharma Almirall ALM.MC with a "buy" rating and a 14.50 euro target price, citing its successful transformation into a leading European specialist in medical dermatology

** Despite a strong rebound, the brokerage sees its valuation as compelling, stating "we believe Almirall is entering its most compelling phase yet" as it does not reflect the company's superior growth profile

** The broker notes that flagship biologics Ebglyss, for atopic dermatitis, and Ilumetri, for psoriasis, are expected to drive a group sales compound annual growth rate (CAGR) of 10% from 2024 to 2030

** It expects a company re-rating driven by the ramp-up of Ebglyss, the release of phase II clinical results in 2026-27, and potential in-licensing or M&A

** Out of 11 analysts that cover Almirall, nine rate the stock "strong buy" or "buy," and two rate "hold" - LSEG data

 (Reporting by Marta Serafinko in Gdansk)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))