Almirall 2024 Full-Year Results: Entering an Era of Sustained Growth and Pipeline Advancement

Almirall, S.A. (ALM), a global biopharmaceutical company based in Barcelona, has announced its full-year 2024 financial results, surpassing guidance and entering an era of sustained growth and further advancing its medical dermatology pipeline. The company's strong performance was driven by its European dermatology business and biologics portfolio, with net sales growth of 10.6% and total EBITDA increasing by 10.6% year-on-year.

Almirall's focus on biologics has been a key growth driver, with the successful launch of Ebglyss®, a biologic treatment for moderate to severe atopic dermatitis, generating €20.4 MM in the first nine months of 2024. The product's potential as a first-line treatment, convenient dosing regime, strong commercial execution, and positive market reception have contributed to its significant gain of share in the dynamic market segment. Ebglyss® is on track to deliver against expectations for 2024 and anticipated peak sales, supported by continued significant investment behind the launch by Almirall.

Ilumetri®, another biologic treatment for psoriasis, continued to deliver very strong results, gaining market share in key countries across Europe. Total sales of tildrakizumab in the first 9 months of 2024 were €152.5 MM, representing a 24.8% growth year-on-year. With its steadily growing market share, Ilumetri® has cemented its strong position within the leading class of the Anti-IL 23 psoriasis treatments and is on track to achieve €250 MM peak sales.

Almirall's investment in R&D has contributed significantly to its pipeline progress, with major achievements in 2024 including the completion of the decentralized regulatory procedure for efinaconazole, an asset for the treatment of onychomycosis in Europe. The launch of Klisyri®'s large field indication in the USA, following FDA approval in June, increases the product's potential given the growing prevalence of actinic keratosis in an aging population. Clinical testing to expand Klisyri®'s indication to include large field in Europe is underway, and Phase I clinical testing of a readthrough inducer for rare dermatology indications has been initiated.

Almirall's continued investment in R&D, with 12.6% of net sales in 2024, has enabled the company to maintain a strong pipeline of innovative biologics and expand its portfolio. This investment has also supported lifecycle management activities, further strengthening key priority products like Ebglyss® and Ilumetri®.

In conclusion, Almirall's 2024 full-year results demonstrate the company's strong performance and commitment to entering an era of sustained growth and further advancing its medical dermatology pipeline. The company's focus on biologics, investment in R&D, and successful commercial execution have contributed to its strong financial performance and position it well for future growth.