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Almirall reports over 103 million euros net income in the first half year 2009

Published on July 30, 2009

Net sales have shown a growth of 4.5% to reach 488.8 million euros
Dermatology products consolidate its growth by 15.7% compared to the same period in 2008

Barcelona, 30 July 2009.- Almirall, the international pharmaceutical company headquartered in Spain, publishes today its first half yearly results for fiscal year 2009, with net income totalling 103.4 million euros, driven by the divestment of 13 products earlier this year, whereas the normalized income reached 89.1 million euros.

The company’s success throughout this first half year has also been reflected in a 3.9% rise of its EBITDA*, compared to the first six months of the previous year, standing at 143.6 million euros. Meanwhile, net sales total 488.8 million euros meaning an increase of 4.5%.

Almirall has a strong balance sheet and continues to generate recurrent cash flow.

Confirming this evaluation of the first half yearly company results, Jorge Gallardo, Chairman and Chief Executive Officer of Almirall, states: “We can affirm that the guidance is successfully being accomplished since the beginning of this year. Our results are derived from a robust and forward-looking strategy, on which we will continue to work to achieve our business objectives”.

Main financial results

Million of euros	2Q 2009	2Q 2008	% Variation
Net Sales	488.8	467.9	4.5
Other Income	54.3	78.9	(31.2)
R&D expenses	55.7	64.3	(13.4)
EBITDA*	143.6	138.2	3.9
Net income	103.4	85.5	20.9
Normalized Net Income	89.1	86.4	3.1

*^{EBITDA (earnings before interest, taxes, depreciations and amortization)}

Sales in the Spanish market remain stable, standing at 274.9 million euros while in Europe they increase by 7.4% to 149.4 million euros. By geographical regions, once again sales in America, Africa and Asia Pacific have recorded notable growth, amounting to 44.1 million euros in the first half of 2009, 33.1% more than in the same period of 2008. There has also been a significant 40.4% increase of sales through licences, basically driven by ebastine sales leading the market in Japan.

Lower Other Income is due to the fact that in this first half year of 2009 there has been no major revenue from partners.

In terms of R&D expenditure, the first six months of 2008 covered, among other concepts, two relevant phase III clinical trials for aclidinium bromide, an antimuscarinic for the treatment of Chronic Obstructive Pulmonary Disease (COPD), while studies performed during the first six months of 2009 for the same project required less resources. At present Almirall is working to meet regulatory requirements for aclidinium bromide with European and USA authorities.

Diversification strategy based on leading medicines

Almirall’s diversification strategy enables its product portfolio to incorporate successful medicines within principal medical specialities. The company’s top ten selling products exceeded 317 million euros in sales in the first six months of the year, 65% of total net sales and an increase of 9.7% compared to the same period in 2008.

The top ten selling products

Million of euros	Q2 2009	Q2 2008	Variation
Ebastel and other brands (ebastine)	77,8	59,8	30,1%
Prevencor (atorvastatin)	60,8	51,7	17,6%
Esertia (escitalopram)	32,0	27,2	17,6%
Plusvent (salmeterol and fluticasone)	30,7	31,5	(2,5%)
Almogran (almotriptan)	25,7	21,7	18,4%
Airtal and other brands (aceclofenac)	22,6

Press release

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