Announces the acquisition of the license of a monoclonal antibody from Novo Nordisk

Almirall recorded net losses of 38.5 million euros in 2023 in contrast to profits of 4.3 million euros in 2022, as reported this Monday by the company, which explained that this result was a consequence of the associated impairment charges. to the book value of the oral acne antibiotic Seysara.

The biopharmaceutical company obtained net sales of 895 million euros in 2023, 3.6% more than in 2022, thanks to the good performance of the European dermatology business, which registered growth of 17% in the year.

"Almirall has met its financial estimates and has consolidated the excellent results of its European dermatology business. The strategic focus on medical dermatology has placed the company in a good position for sustained growth and leadership in the medium and long term," he said. highlighted the company.

Almirall's gross operating result (Ebitda) decreased by 12.2% in 2023, to 174.1 million euros, due to investments in the launch of new products and the expansion of others already launched, as well as due to the lower contribution from other income compared to fiscal 2022, specifically from the AstraZeneca and Covis milestones, in addition to a "slightly lower" gross margin and higher operating expenses.

Almirall's normalized net result stood at 15.6 million euros, 53.4% ​​less than in 2022, while the gross margin advanced 1.5%, to 581.4 million euros, representing 65 % of sales, compared to 66.4% the previous year.

The company has explained that the gross margin was affected by the increase in energy costs and inflation, which impacted the purchase costs of certain materials.

"2023 has been an important year for Almirall, during which we have continued to consolidate our leadership position in dermatology in Europe and have made progress in the development of innovative products with a tangible impact on the lives of patients," highlighted the president and CEO of the biopharmaceutical, Carlos Gallardo.

FORECASTS FOR 2024 AND LICENSE AGREEMENT WITH NOVO NORDISK

Regarding 2024, the company foresees high single-digit net sales growth and total Ebitda of between 175 and 190 million euros.

"We are confident in our ability to continue increasing our income and consolidate our position in the dermatology sector," Gallardo stressed.

In addition to its results, Almirall announced this Monday an exclusive licensing agreement with Novo Nordisk for the rights to the monoclonal antibody NN-8828, which blocks the cytokine IL-21.

Under the agreement, Almirall obtains global rights to develop and commercialize this monoclonal antibody in certain indications, including immune-mediated inflammatory dermatological diseases.

The Spanish company will assume the global development of the asset to address key dermatological diseases and the future commercialization in these indications.

Novo Nordisk will receive an upfront payment, as well as additional commercial and development milestone payments and tiered royalties based on future global sales.