Almirall's 2020 Full-Year Results
BARCELONA, Spain, Feb. 22, 2021 /PRNewswire/ --
-- The company delivered on its latest guidance despite a challenging year
impacted by COVID-19 and the genericization of Aczone(®): Net Sales
EUR807.4 MM (-5.4%, flat excluding the Aczone(®) generic impact), Total
Revenues EUR814.5 MM (-10.3%), EBITDA EUR238.3MM (-21.7%), all
year-on-year and due to the expected generic competition to Aczone in
the US and a reduction in milestones from AstraZeneca
-- Almirall appointed Gianfranco Nazzi as the new CEO, effective May 1,
2021. Mr. Nazzi will bring continuity to the strategy as the business
prepares for important launches to support future growth prospects
-- A continued positive outlook for key growth drivers will be boosted in
2021 by the recent launch of Klisyri(®) (tirbanibulin) in the US, with
the launch in Europe expected in the second half of 2021
-- Almirall is advancing our strong late-stage pipeline aiming to unlock
significant mid-term value. Key 2021 milestones are expected to include
topline phase 3 lebrikizumab data and the anticipated approval in Europe
for a psoriasis cream (calcipotriene and betamethasone dipropionate)
commercialised under the tradename Wynzora(® )in US
-- Introducing Core Guidance for 2021: Core Net Sales growth of
mid-single-digit and Core EBITDA of EUR190-EUR210 MM (versus 2020 Core
EBITDA of EUR181 MM) which equates to total EBITDA of approximately
EUR215-EUR235 MM
-- Dividend proposal of EUR0.19 per share will be submitted at the next
Annual General Meeting May 7(th)
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Financial highlights (EUR rounded
million)
2020 2019 Variation Variation
(CER(1))
---
Total Revenues 814.5 908.4 (10.3%) (10.3%)
--- ---
· Net Sales 807.4 853.1 (5.4%) (5.3%)
--- ---
· Other Income 7.1 55.3 (87.2%) (87.5%)
--- ---
Gross Profit 560.1 603.9 (7.3%) (7.1%)
--- ---
· % of sales 69.4% 70.8%
---
EBITDA 238.3 304.2 (21.7%) (21.6%)
--- ---
Normalized Net
Income 95.1 136.1 (30.1%) (29.9%)
--- ---
[1] CER (Constant Exchange Rates): Excluding the effects of exchange rate
fluctuations.
"2020 has been a challenging year given the impact of COVID-19 and the genericization of Aczone(®), however, we have delivered the latest guidance with an EBITDA of EUR238.3 MM and Net Sales of EUR807.4 MM.
The pandemic has created an unprecedented situation and I am proud of our employees who have worked hard and continued to put the patient at the heart of everything we do. We maintained our unwavering commitment to patients and we ensured an uninterrupted supply of our medicines for patients in need throughout the pandemic.
To highlight our key products performance, Ilumetri(®) continued to perform strongly with increasing market share within the anti-IL23 class in Germany. Skilarence(®) performed within expectations having been impacted by COVID-19 related restrictions. Seysara(® )has seen a modest recovery from May 2020 having also been adversely impacted by COVID-19. We rely on growth in our key products to continue to improve our core EBITDA in 2021 and we expect Core Net sales to be boosted by new launches, like Klisyri(®) for actinic keratosis. Klisyri(®) was recently launched in the US and is expected to be launched in Europe in H2 2021, with global peak sales expected to reach EUR250 million in the future.
We have begun 2021 with the appointment of Gianfranco Nazzi as the new CEO of Almirall, effective May 1, 2021. We are sure that his wealth of international experience in the pharmaceutical sector will help Almirall achieve its objectives of sustained growth in its core business going forward.
We have also announced two important collaborations during the first weeks of 2021 with Tyris Therapeutics and MC2 Therapeutics that will reinforce our pipeline potential and will allow Almirall to expand its innovative options in Medical Dermatology. We will continue to make significant efforts to build and develop our pipeline of future products by maintaining an investment of around 10% to 12% of our annual Net Sales in R&D. Almirall is very well positioned and has all of the ingredients to grow our core business in the coming years."
Mike McClellan, CFO and Interim CEO.
Almirall, S.A. (ALM) the global biopharmaceutical company based in Barcelona, has announced its full-year 2020 financial results today.
Summary results
-- Net Sales of EUR807.4 MM represents a decline of 5.4% year-on-year,
impacted both by COVID-19 and the generic competition to Aczone(®). Net
sales excluding the impact of the Aczone(®) generic competition in the
US were flat versus 2019.
-- Total Revenues reached EUR814.5 MM, a 10.3% year-on-year decrease, and
were additionally impacted by the expected significant decline in Other
Income (-87.2%) due to the reduction in milestones from AstraZeneca.
-- Gross Profit of EUR560.1 MM reflected a decline of -7.3% as expected
relating to the generic competition to Aczone(®) in the US.
-- Operating Cash Flow reached EUR165 MM (+95% growth vs. 9M 2020) and
Financial Debt totalled EUR392.5 MM, ending with a net debt to EBITDA
ratio of 1.6x.
-- Research & Development expenses were EUR78.9 MM (-14.4%).
-- Selling, General & Administrative expenses were EUR370.2 MM, with a 6.1%
lower spend on sales & marketing largely due to COVID-19.
-- EBITDA for 2020 was EUR238.3 MM, down 21.7% driven by the generic
competition to Aczone(®) as well as the significant decline in Other
Income.
-- Normalised Net Income was EUR95.1 MM.
-- Shareholders Equity represented 56.8% of Total Assets.
Conclusions and 2021 Outlook
We delivered the latest Guidance despite a challenging year with impact from COVID-19 and the generic competition of Aczone®. Our key products and new launches will continue to grow our Core Net Sales and Core EBITDA in 2021. With the arrival of Gianfranco Nazzi as the new CEO, we will continue to drive our strategy as the business prepares for important launches to support future growth prospects. At Almirall, we are committed to developing our pipeline to unlock the significant potential to grow our core Medical Dermatology business with exciting milestones coming in 2021. We are also focused on leveraging our strong balance sheet for external opportunities to generate sustainable value for shareholders.
2021 Full Year Guidance vs. 2020
Core Net Sales: mid-single-digit growth (versus EUR755 MM in 2020).
Core EBITDA: between EUR190 - EUR210 MM (versus EUR181 MM in 2020) which equates to approximately EUR215 - EUR235 MM of total EBITDA.
For more information on 2020 Full year results, please visit https://www.almirall.com/newsroom/news/2020_financial_results
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SOURCE Almirall, S.A.
