Almirall’s Net Profit Falls 39% in First Quarter as The Pandemic Effects Linger

Updated: May 10, 2021, 07:35 UTC•1min read

BARCELONA (Reuters) – Spanish pharmaceuticals company Almirall said on Monday its first quarter net profit fell 38.7% to 29.8 million euros ($36.21 million) while revenues decreased 10% as a result of the COVID-19 crisis and rising competition from generic drug makers.

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Barcelona, Spain - February 26, 2020: Image of various medicines arranged in shelves at pharmacy

By Joan Faus

The net profit decline was steeper than the 29.9% registered in 2020. Core earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 16% in the first quarter to 74.2 million euros while total revenue reached 222.5 million euros, more than what was expected by analysts polled by Refinitiv.

The Barcelona-based pharmaceutical was hit by the pandemic as fewer patients went to the doctor as a result of the restrictions on mobility. The company’s sales also suffered from the introduction of generic competition in the United States.

It said on Monday it predicts COVID-19 will continue impacting its operations in the first half to “progressively normalize” in the second half of the year.

($1 = 0.8229 euros)

(Reporting by Joan Faus, Editing by Inti Landauro)