Almirall reported a net profit of 33.5 million euros for 2022, a decline of 55.8% versus 2021, a figure disclosed by the biopharmaceutical company on Monday. The result reflects a year marked by strategic investments and ongoing product development as the group navigates a changing market landscape.
Group revenue rose by 5% to 878.5 million euros in 2022, while core net sales, excluding AstraZeneca and Covis, advanced 6.6% to 863.2 million euros. This growth was driven primarily by a robust European dermatology portfolio, underscoring the company’s focus on its highest-margin business area.
Gross operating profit, or EBITDA, stood at 198.3 million euros in 2022, down 15.8% from 2021. Management attributes the decrease to heightened investment in research and development and a higher level of general and administrative expenses as the company accelerates its product pipeline and expands market presence.
For the year, operating income rose 4.3% to 409.7 million euros, supported by progression in late-stage product launches. The deployment of Wynzora and Klisyri, alongside the European rollout of Ilumetri in new markets, contributed to this improvement and are expected to fuel further growth as the year progresses.
As a result, Almirall reiterated its commitment to growth targets for 2022, aiming to bolster both core net sales and EBITDA. The company set 2023 EBITDA targets in the range of 165 to 180 million euros, with a path toward higher single-digit growth in core sales and a gradual lift in overall profitability.
Almirall also emphasized strengthening its European footprint in 2022, recording 18.4% growth in its dermatology business driven by new product launches. The management team remains optimistic about the upcoming lebrikizumab initiative for atopic dermatitis, which is expected to position the firm to accelerate growth over the medium term.
“The year 2022 delivered solid financial results that meet our projections, thanks to the strong performance of our core dermatology business, the momentum from recently launched products, and the resilience of our European operations,” stated Carlos Gallardo, president and CEO of Almirall. The leadership team anticipates maintaining this momentum into 2023 as growth engines are prepared for expansion, including lebrikizumab for atopic dermatitis.
Gallardo noted that the company is well positioned to pursue medium- and long-term expansion. He highlighted the balance sheet’s health and a flexible capital structure as enablers for exploring inorganic growth opportunities aligned with the corporate strategy.
Gallardo will continue as CEO
The Almirall board confirmed that Carlos Gallardo will remain as chief executive, and the search for a new CEO has been paused. The decision follows the company’s favorable progress, performance, and momentum around its strategic priorities in recent months. Gallardo accepted the board’s request and will continue to lead the organization.
In conjunction with this leadership continuity, the board plans to establish a new Management Committee to oversee and balance the chairman-CEO role as part of the company’s governance framework. The executive team will also oversee a dividend program that aligns with prior years, with a proposed dividend of 0.19 euros per share to be approved at the upcoming annual general meeting scheduled for May 5.
These actions reflect Almirall’s broader strategy to sustain growth through product innovation, geographic expansion, and disciplined capital management, while keeping focus on the dermatology franchise that forms the core of its value proposition. The company continues to communicate with shareholders and the market about its expectations for 2023 and beyond, and to coordinate near-term plans with the regulatory and competitive landscape in its key markets. (Source: Almirall annual report and corporate communications.)