Spain's Almirall posts Q1 net profit hike, ties outlook to coronavirus impact

Spain's Almirall reported on Monday its first-quarter net profit rose 63% and kept its 2020 outlook though it added the novel coronavirus pandemic evolution in the second quarter may prompt an outlook revision. The Barcelona-based pharmaceutical company reported a net profit of 48.6 million euros ($52.67 million) between January and March versus 29.9 million euros in the same period in 2019 as revenue rose 7% and sales 8%.

Almirall said it kept its 2020 outlook of net sales growth in low to mid-single-digit and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) falling to between 260 million euros ($281.87 million) and 280 million euros from 304.2 million euros in 2019. The company said the forecast was "subject to a normalization of the health systems" at the end of the second quarter and the magnitude of the "impact" of the pandemic in the period, especially in the United States.

($1 = 0.9228 euros)

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