Almirall Sa · BME:ALM
Almirall Sa — Q1 2025 Earnings Presentation
28 slides from Almirall Sa's earnings presentation, May 12, 2025
Slide 1: Q1 2025 Financial Results & Business Update
INTERNAL USE 12th of May 2025 Q1 2025 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 Q1 2025 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss®® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks Q1 2025 Financial Results & Business Update
Slide 4: Q1 2025 Highlights
INTERNAL USE Q1 2025 Highlights Q1 2025 Financial Results & Business Update
Slide 5: Q1 2025 highlights
INTERNAL USE Q1 2025 highlights Kicking off the year with strong biologics growth & operational performance Embarking on the first quarter Top European products power Innovation and R&D updates with a good set of results growth momentum Net Sales Ilumetri® (psoriasis) Enhanced presence €284.6 MM +15
Slide 6: Biologics Growth Drivers Update: Ilumetri & Ebglyss
INTERNAL USE Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Q1 2025 Financial Results & Business Update
Slide 7: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Product well positioned in leading anti-IL-23 class Q1 2025 sales display good double-digit Europe Net Sales of €55 MM in Q1 2025 (€ MM) growth YoY; updated mid-term outlook of >€300 MM reiterated + 13% YoY + +13% 26%YoY YoY Anti-IL-23 remains the leading class in a
Slide 8: Ebglyss highlights
INTERNAL USE Ebglyss® highlights Quarterly growth momentum gaining pace Europe Net Sales of €19 MM in Q1 2025 52% increase vs Q4 2024 Building a strong presence in the AD market: €54 MM* in cumulative sales since December 2023 launch Accelerating sales due to increasing contribution of new countries
Slide 9: Ebglyss launch map
INTERNAL USE Ebglyss® launch map Launched in all key countries in Europe Launched in 2023-2024 Launched H2 2025 DE NO UK ES DK CZ NL Launched in Q1 2025 IT AT BE SE CH Launched in April 2025 FR Projected launches in H2 2025* PT IE PL * Based on internal estimations 9 Q1 2025 Financial Results & Busi
Slide 10: Pipeline Update
INTERNAL USE Pipeline Update Q1 2025 Financial Results & Business Update
Slide 11: Cultivating early-stage programs alongside late-stage pipeline
INTERNAL USE Cultivating early-stage programs alongside late-stage pipeline Molecule name Indication Phase I Phase II Phase III Registration Geography Life-cycle management (label extension) Sarecycline Acne Tirbanibulin Actinic keratosis (LF) Tildrakizumab Psoriatic arthritis Lebrikizumab Atopic de
Slide 12: Lebrikizumab
INTERNAL USE Lebrikizumab Ongoing collaborative clinical program to grow patient access & product value Indication Title Study Objective ADlong NCT05916365 Long-term safety up to 5 years ADvantage extension NCT05990725 Long-term benefit in Cyclosporine non-responder or ineligible (completed) Atopic
Slide 13: Financial Review
INTERNAL USE Financial Review Q1 2025 Financial Results & Business Update
Slide 14: European dermatology delivers solid performance
INTERNAL USE Q1 2025 Results European dermatology delivers solid performance Highlights Net Sales €284.6 MM +15.0% year- Total EBITDA of €70.9 MM, +35.0% SG&A at €122.8 MM +9.6% vs on-year, boosted by accelerating vs Q1 2024, elevated by significant Q1 2024, reflecting continued European Dermatology
Slide 15: Net Sales Breakdown by Products
INTERNAL USE Q1 2025 Results Net Sales Breakdown by Products Million € YTD Mar 2025 YTD Mar 2024 % Chg YoY Q1 2025 Net Sales breakdown Q1 2025 Net Sales breakdown of the business by geography Europe 260.0 219.1 18.7% Dermatology 139.4 113.0 23.4% General Medicine & OTC 120.6 106.1 13.7% €260.0 MM 54
Slide 16: Dermatology Sales Breakdown
INTERNAL USE Q1 2025 Results Dermatology Sales Breakdown Million € YTD Mar 2025 YTD Mar 2024 % Chg YoY Europe 139.4 113.0 23.4% Ilumetri 55.1 48.9 12.7% Ebglyss 19.4 3.6 n.m. RoW; 1% US; 9% Ciclopoli franchise 13.3 12.7 4.7% Decoderm franchise 9.1 8.7 4.6% Wynzora 7.7 6.3 22.2% Solaraze 5.4 5.2 3.8%
Slide 17: Total Income Statement
INTERNAL USE Q1 2025 Results Total Income Statement Million € YTD Mar 2025 YTD Mar 2024 % Chg YoY Q1 2025 Net Sales fueled by strong Dermatology Total Revenues 286.1 248.8 15.0% sales in Europe, with Ilumetri® and Ebglyss® being Net Sales 284.6 247.4 15.0% key contributors, elevated significantly by
Slide 18: Balance Sheet
INTERNAL USE Q1 2025 Results Balance Sheet Million € Mar 2025 Dec 2024 Var €MM Goodwill & Intangible assets declined primarily due to high depreciation, which exceeded the Goodwill & Intangible assets 1,269.4 1,296.5 (27.1) recent Anti-IL1-RAP milestone upon a successful Property, plant & equipment
Slide 19: Cash Flow
INTERNAL USE Q1 2025 Results Cash Flow Million € YTD Mar 2025 YTD Mar 2024 Profit Before Tax experienced a notable increase Profit Before Tax 35.7 15.2 relative to Q1 2024 Depreciation and amortization 36.7 34.0 Change in working capital (33.3) (18.7) Working Capital surged due to higher accounts Ot
Slide 20: Closing Remarks
INTERNAL USE Closing Remarks Q1 2025 Financial Results & Business Update
Slide 21: Conclusion: Positioned to excel in dermatology in the next decade & beyond
INTERNAL USE Conclusion: Positioned to excel in dermatology in the next decade & beyond Seizing a significant Dedicated to continue Accelerating growth as market opportunity enhancing the robust we execute upon our in dermatology platform we have built ambition to capture growth 21 Q1 2025 Financial
Slide 22: Appendices
INTERNAL USE Appendices Q1 2025 Financial Results & Business Update
Slide 23: Total Income Statement CER
INTERNAL USE Q1 2025 Results Total Income Statement CER Million € YTD Mar 2025 CER YTD Mar 2025 Var YTD Mar 2024 % Chg CER YoY % Chg YoY EURO CER Mar 2025 Total Revenues 285.3 286.1 0.8 248.8 14.7% 15.0% CZK 25.07 25.08 Net Sales 283.8 284.6 0.8 247.4 14.7% 15.0% DKK 7.46 7.46 Other Income 1.5 1.5 -
Slide 24: Leading Product Net Sales
INTERNAL USE Q1 2025 Results Leading Product Net Sales Million € YTD Mar 2025 YTD Mar 2024 % Chg YoY Ilumetri 55.1 48.9 12.7% Ebastel franchise 23.4 25.3 (7.5%) Ebglyss 19.4 3.6 n.m. Ciclopoli franchise 13.8 13.8 - Almax 11.7 10.3 13.6% Crestor 10.8 11.0 (1.8%) Decoderm franchise 9.2 8.9 3.4% Sative
Slide 25: Reconciliations with financial statements
INTERNAL USE Reconciliations with financial statements Gross Margin & EBITDA Million € YTD Mar 2025 YTD Mar 2024 (1) Net Sales 284.6 247.4 Procurements(1) (62.6) (64.0) Other manufacturing costs(2) Staff costs (10.5) (9.6) Amortization & Depreciation (3.0) (2.7) Other operating costs (6.2) (5.9) (8.
Slide 26: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) Million € YTD Mar 2025 YTD Mar 2024 EBITDA 70.9 52.5 Amortization & Depreciation (36.7) (34.0) EBIT 34.2 18.5 Financial income 2.0 1.3 Financial cost (3.8) (3.7) Financial derivative 3.9 (0.4) Net F
Slide 27: AAD 2025: Anti-IL1RAP mAb
INTERNAL USE AAD 2025: Anti-IL1RAP mAb Anti-IL1RAP mAb (Hidradentitis suppurativa) Phase I published at 2025 AAD Annual Meeting (link in image) 27 Q1 2025 Financial Results & Business Update
Slide 28: 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