ALMIRALL (=) : Q1 26: No surprises, Guidance reiterated

研报英文原文证据摘录

ALMIRALL (=) : Q1 26: No surprises, Guidance reiterated

EQUITIES

PHARMACEUTICALS

ALMIRALL NEUTRALPRICE* EUR12.0  TARGET PRICE EUR14 (UPSIDE 17%)

FLASH NOTE

Q1 26: No surprises, Guidance reiterated

11 MAY 2026 Securities Research Report Production time: 07:15* (London time)

Research Analyst & Publishing Entities

Francisco Ruiz BNP Paribas SA (+34) 91 114 83 06 francisco.ruizmartin@bnpparibas.com

What happened?

Almirall’s Q1 results came with no surprises. Sales grew 2%, partially offset by the Q1 disposal made last year. EBITDA

was 1% above consensus, and the company has reiterated its FY26 guidance.

Sales were driven by the strong performance of European derma, which expanded 19% versus Q1. Ebglyss reached

EUR41.9 m, slightly above our expectation (EUR40 m), while Ilumetri continued to grow at double-digit (+12%). These

two products are the workhorses of the company. Excluding both, sales would have declined 3% (including the impact

of EUR12 m of disposals in Q1 25).

Gross margin came marginally below our expectation (4.7 pp lower than Q1 25) but was more than offset by slightly

lower R&D spend and a solid performance in SG&A costs (-1% vs Q1 25).

There is a miss in net profit due to the negative impact of the equity-swap on financial costs, while the tax rate continues

its downward trend.

Net Debt is close to zero. In Q1, the company made a large Ilumetri milestone payment (c.EUR50 m), driving free cash

flow negative. Additionally, Capex— which includes part of the capitalised R&D—was c.EUR10 m higher than last year.

Outlook is reiterated: sales growth 9%-12% and EBITDA between EUR270 m-EUR290 m.

BNPP View:

Results were very much in line with expectations.

The two main products remain a good fit, providing the primary support for the share price at current levels.