Almirall Sa · BME:ALM
Almirall Sa — FY2024 Earnings Presentation
41 slides from Almirall Sa's earnings presentation, Feb 24, 2025
Slide 1: FY 2024 Financial Results & Business Update
INTERNAL USE 24th of February 2025 FY 2024 Financial Results & Business Update
Slide 2: Disclaimer
INTERNAL USE Disclaimer This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This document includes only summary information and does not intend to be comprehensive. This document may not be disclosed or published or used by any person or ent
Slide 3: Agenda
INTERNAL USE Agenda Carlos Gallardo, Chairman & CEO Strategic Vision & Mid-Term Guidance FY 2024 Highlights & FY 2025 Guidance Biologics Growth Drivers Update: Ilumetri® & Ebglyss®® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Re
Slide 4: Strategic Vision & Mid-Term Guidance
INTERNAL USE Strategic Vision & Mid-Term Guidance FY 2024 Financial Results & Business Update 4
Slide 5: Medical Dermatology remains a highly attractive market
INTERNAL USE Medical Dermatology remains a highly attractive market: Almirall well positioned to capture growth Our products in these Global net sales, $ B* categories 71.1 CAGR +7.5% 63.2 67.7 6.1 Other derma** 5.4 1.8 59.2 4.6 1.8 54.8 3.8 1.7 50.6 3.1 1.6 1.7 46.2 2.5 1.6 26.6 28.8 Acne/Rosacea 2
Slide 6: Leadership in Medical Dermatology: Entering an era of accelerating growth and margin expansion
INTERNAL USE Leadership in Medical Dermatology: Entering an era of accelerating growth and margin expansion Shaping the future Attractive pipeline with disruptive innovation: 4 programs in Phase 1, Accelerating growth 1 bispecific mAb in preclinical development trajectory of sales & and multiple ass
Slide 7: Mid-term guidance: Turning point with acceleration in net sales and EBITDA
INTERNAL USE Mid-term guidance: Turning point with acceleration in net sales and EBITDA Double-digit Double-digit EBITDA EBITDA netnet sales sales Margin Marginby by2028 2028 CAGR CAGR 2023-2030 2023-2030 ~~25% 25% 7 FY 2024 Financial Results & Business Update
Slide 8: FY 2024 Highlights & FY 2025 Guidance
INTERNAL USE FY 2024 Highlights & FY 2025 Guidance FY 2024 Financial Results & Business Update
Slide 9: 2024 Results & 2025 Guidance
INTERNAL USE 2024 Results & 2025 Guidance Guidance 2024: ✓ +10.2% ✓ €192.6 Over delivered on Net Sales YoY MM 2024 guidance Total EBITDA High-single digit Between growth €175 MM & vs. previous year €190 MM (€894.5 MM) Guidance 2025: Accelerating growth Net Sales Total EBITDA & margin expansion 10% t
Slide 10: FY 2024 highlights
INTERNAL USE FY 2024 highlights Strong biologics growth and operational execution Ending 2024 performance on Key European products Key 2024 updates in our a high note propel growth innovation pipeline 2024 guidance surpassed Ilumetri® (psoriasis) Klisyri® (large field) Boosted by biologics growth, n
Slide 11: Biologics Growth Drivers Update: Ilumetri & Ebglyss
INTERNAL USE Biologics Growth Drivers Update: Ilumetri® & Ebglyss® FY 2024 Financial Results & Business Update
Slide 12: Sustained high growth
INTERNAL USE Sustained high growth Driven by Ilumetri® & Ebglyss® Key Dermatology areas outlook NEW Peak Sales in Biologics High double- digit growth in > €800MM combined biologic sales CAGR 2023-2030 Atopic dermatitis peak sales > €450MM Ebglyss® + Biologics sales Psoriasis peak sales €242MM** > €3
Slide 13: Psoriasis
INTERNAL USE Psoriasis Continuous growth driven by novel therapies and patient demographics Advanced Therapy Patients. Biologics & Advanced Systemics (Europe) 205k 365K >7x treated treated 106k treated 2020 2024 ~50k ~20k treated 2015 treated 2010 Psoriasis 2005 Years relative to launch YEA R 0 YEA
Slide 14: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Ongoing growth momentum, capturing market share Europe Net Sales of €56 MM in Q4 2024 FY 2024 growth up 26% YoY Ilumetri continues to capture market share in important regions and is Almirall’s largest selling product, with €209 MM sales in FY 2024 56 Anti-IL-23 mai
Slide 15: Ebglyss: Significant opportunity in moderate-to-severe AD
INTERNAL USE Ebglyss® Significant opportunity in moderate-to-severe AD Patient numbers treated with advanced therapies predicted to grow 4-5x by 2031 2018-2023 patients under advanced therapy treatment in EU5* 2031 Atopic dermatitis market in EU5** 81,922 CAGR +85% 400 K 5.1 MM Moderate to Moderate
Slide 16: Ebglyss highlights since launch
INTERNAL USE Ebglyss® highlights since launch Strong quarter-on-quarter uptake, solid first year results Gaining strong foothold Europe Net Sales of €13 MM in Q4 2024 in AD market: €33 million in Increase of 34% quarter-on-quarter sales in FY 2024 Best launch in Atopic Dermatitis market in Germany i
Slide 17: Ebglyss: On track for multiple new country roll outs in 25
INTERNAL USE Ebglyss® On track for multiple new country roll outs in 2025 Progressing market rollout across Europe Dec’23 DE ✓ 2024 NO ✓ ✓ ✓ ✓ ✓ ✓ UK ES DK CZ NL 2025 IT ✓ ✓ ✓ ✓ ✓ AT BE SE CH IE FL FR SK PT PL HU 17 FY 2024 Financial Results & Business Update
Slide 18: Pipeline Update
INTERNAL USE Pipeline Update FY 2024 Financial Results & Business Update
Slide 19: Developing early-stage portfolio in parallel with late-stage pipeline
INTERNAL USE Developing early-stage portfolio in parallel with late-stage pipeline 4 programs in Phase I with 4 PoC studies planned to start in the next 15 months Under Molecule name Indication Phase I Phase II Phase III registration Geography ✓ Recent approvals Efinaconazole Onychomycosis Life-cycl
Slide 20: NMEs
INTERNAL USE Building an exciting preclinical pipeline by addressing highly relevant disease targets with the most suitable modality Discovery Preclinical • Bispecific antibody in preclinical development (Advanced) Development PROTAC oral • NMEs Multiple discovery programs covering a broad Atopic de
Slide 21: Lebrikizumab ADTrust study
INTERNAL USE Lebrikizumab ADTrust study Real-world evidence focused on patients’ well-being ADTrust, a 1200 patient PanEuropean, Evaluating how atopic dermatitis can Complementing traditional AD endpoints such prospective observational 2-year study. The truly impact patients' daily lives and how as
Slide 22: Financial Review
INTERNAL USE Financial Review FY 2024 Financial Results & Business Update
Slide 23: European dermatology achieves strong performance
INTERNAL USE FY 2024 Results European dermatology achieves strong performance Highlights SG&A at €464.6 MM +10.0% vs Net Sales €985.7 MM +10.2% year- Total EBITDA of €192.6 MM, FY 2023, rising primarily due to on-year, driven by accelerating +10.6% vs FY 2023 boosted by recent and planned investment
Slide 24: Net Sales Breakdown by Products
INTERNAL USE FY 2024 Results Net Sales Breakdown by Products Million € FY 2024 FY 2023 % Chg YoY FY 2024 Net Sales breakdown FY 2024 Net Sales breakdown of the business by geography Europe 877.1 783.8 11.9% Dermatology 484.1 395.2 22.5% 55% General Medicine & OTC 393.0 388.6 1.1% €877.1 MM Ebastel f
Slide 25: Dermatology Sales Breakdown
INTERNAL USE FY 2024 Results Dermatology Sales Breakdown Million € FY 2024 FY 2023 % Chg YoY Europe 484.1 395.2 22.5% Ilumetri 208.8 166.4 25.5% Ciclopoli franchise 48.3 47.6 1.5% RoW; 2% US; 10% Decoderm franchise 37.2 32.4 14.8% Ebglyss 33.2 1.2 n.m. Wynzora 25.9 16.9 53.3% Solaraze 23.9 21.8 9.6%
Slide 26: Total Income Statement
INTERNAL USE FY 2024 Results Total Income Statement Million € FY 2024 FY 2023 % Chg YoY % var CER FY 2024 Net Sales driven by solid Dermatology Total Revenues 990.6 898.8 10.2% 10.2% sales in Europe, with Ilumetri® and Ebglyss® Net Sales 985.7 894.5 10.2% 10.2% performance playing a major role, amon
Slide 27: Balance Sheet
INTERNAL USE FY 2024 Results Balance Sheet Million € Dec 2024 Dec 2023 Variation €MM Goodwill & Intangible assets declined primarily due to depreciation, which exceeds recent R&D Goodwill & Intangible assets 1,296.5 1,310.4 (13.9) deal investments, Ebglyss® R&D capitalization and Property, plant and
Slide 28: Cash Flow
INTERNAL USE FY 2024 Results Cash Flow Million € FY 2024 FY 2023 Working Capital improving significantly due to Profit Before Tax 26.5 (17.2) stabilizing inventory levels vs FY 2023. Depreciation and amortization 139.1 124.3 Impairment (reversals) / losses 10.0 47.3 Other adjustments mainly from net
Slide 29: Accelerating growth & margin expansion
INTERNAL USE 2025 Guidance Accelerating growth & margin expansion Net Sales 10% to 13% Total EBITDA Between growth vs. previous year €220 MM & €240 MM (€985.7 MM) Gross Margin SG&A R&D Projected to Slight pressure c.12% of grow at a lower from higher Net Sales rate compared to Ilumetri royalties net
Slide 30: Closing Remarks
INTERNAL USE Closing Remarks FY 2024 Financial Results & Business Update
Slide 31: Conclusion: Leading in dermatology in the next decade & beyond
INTERNAL USE Conclusion: Leading in dermatology in the next decade & beyond Significant market We built a robust Entering an era of opportunity in platform to accelerating growth dermatology capture growth 31 FY 2024 Financial Results & Business Update
Slide 32: Appendices
INTERNAL USE Appendices FY 2024 Financial Results & Business Update
Slide 33: Lebrikizumab
INTERNAL USE Lebrikizumab Ongoing Collaborative Clinical Development Programme Collaborative clinical programme to give more patients access and grow product value Indication Name Objective ADlong Long-term safety up to 5 years ADvantage extension Long-term benefit in Cyclosporine non-responder or i
Slide 34: Core Results
INTERNAL USE FY 2024 Results Core Results* Million € FY 2024 FY 2023 % Chg YoY % var CER Reconciliation Core Total Revenues 990.6 895.8 10.6% 10.6% from Core EBITDA* Core Net Sales 985.7 894.5 10.2% 10.2% Core Other Income 4.9 1.3 n.m. n.m. to Total EBITDA Cost of Goods (348.3) (313.1) 11.2% 11.3% G
Slide 35: Total Income Statement CER
INTERNAL USE FY 2024 Results Total Income Statement CER Million € FY 2024 CER FY 2024 var FY 2023 % var CER % Chg YoY EURO CER Dec 2024 Total Revenues 990.8 990.6 (0.2) 898.8 10.2% 10.2% CZK 24.00 25.12 Net Sales 985.7 985.7 - 894.5 10.2% 10.2% DKK 7.45 7.46 Other Income 5.1 4.9 (0.2) 4.3 18.6% 14.0
Slide 36: Ilumetri
INTERNAL USE Ilumetri® Net Sales in € Million 56 49 52 52 42 42 44 36 38 31 31 25 27 17 20 20 9 9 12 14 4 5 5 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2
Slide 37: Net Sales by Geography
INTERNAL USE FY 2024 Results Net Sales by Geography Million € FY 2024 FY 2023 % Chg YoY Europe 877.1 783.8 11.9% US 57.5 58.8 (2.2%) Rest of World 51.1 51.9 (1.5%) Net Sales 985.7 894.5 10.2% 37 FY 2024 Financial Results & Business Update
Slide 38: Leading Product Net Sales
INTERNAL USE FY 2024 Results Leading Product Net Sales Million € FY 2024 FY 2023 % Chg YoY Ilumetri 208.8 166.4 25.5% Ebastel franchise 69.8 62.9 11.0% Ciclopoli franchise 51.3 51.6 (0.6%) Almax 44.8 36.3 23.4% Crestor 43.4 44.0 (1.4%) Decoderm franchise 37.7 32.7 15.3% Sativex franchise 36.9 36.4 1
Slide 39: Reconciliations with financial statements
INTERNAL USE Reconciliations with financial statements Gross Margin & EBITDA Million € FY 2024 FY 2023 (1) Net Sales 985.7 894.5 Procurements(1) (238.4) (221.5) Other manufacturing costs(2) Staff costs (39.7) (35.4) Amortization & Depreciation (11.3) (10.6) Other operating costs (24.7) (22.8) Royalt
Slide 40: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) Million € FY 2024 FY 2023 EBITDA 192.6 174.1 Amortization & Depreciation (139.1) (124.3) EBIT 53.5 49.8 Financial income 7.7 5.6 Financial cost (15.7) (14.7) Financial derivative (0.5) (1.5) Net Fin
Slide 41: www.almirall.com
INTERNAL USE For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com