Spain's Almirall third-quarter revenues boosted by milestone payments
Spain’s largest drugmaker Almirall yesterday announced results for third quarter of 2012 in line with guidance, as total revenues rose 5.7% to 706.7 million euros ($899.4 million), driven by “other income of 175.6 million euros which grew nearly 130% versus the same period last year due to the booking of milestones mainly associated with aclidinium’s monotherapy approval in the USA and the European Union.
Net sales reached 531.1 million euros (-10.3% versus 2011), with the sales attrition being mainly due to Spanish reforms and generic competition but in line with guidance. International sales improved significantly, now accounting for about 60% of total sales and increasing by 8% over the like 2011 quarter.
Gross profit came in at 319.5 million euros (60.2% of sales), mainly due to the carry over effect of price adjustments implemented in 2011 and generic competition. EBITDA increased 1.4% ti 150 million euros, while net income dropped 2.5% to 91.4 million euros.
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