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.
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)
Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: