Spain’s Almirall posts Q2 core earnings miss, reaffirms FY goals

BARCELONA (Reuters) -Almirall’s core earnings fell 23% in the second quarter after a tough start to 2022 for its U.S. business, the Spanish pharmaceuticals firm said on Monday as it reaffirmed full-year targets.

EBITDA dropped to 48 million euros, well below Refinitiv’s estimate of 61.5 million euros.

It said core earnings in the first half also fell, dropping 21.2% year-to-year to 107.6 million euros as income contributions from its respiratory drug business ceased after its sale to AstraZeneca.

First half core sales rose 5.1%, though they fell 25.5% in the United States where it is facing increased generic competition.

The Barcelona-based company retained guidance for 2022 EBITDA to reach a range of 190-210 million euros and for net core sales to grow by a mid-single-digit percentage.

“We close the first semester with solid operative results, showing that the business continues to evolve well and in line with our expectations,” Chief Executive Gianfranco Nazzi said in a statement.

($1 = 0.9808 euros)

(Reporting by Joan Faus; Editing by Kim Coghill and John Stonestreet)