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Almirall forecasts a return to US profits by 2025

Almirall forecasts a return to US profits by 2025
credit: reuters

Washington, D.C (Washington Insider Magazine)—Carlos Gallardo, president and CEO of Almirall, stated at a news conference following the company’s general meeting of shareholders that the company expects to return to profits in the US by 2025 owing to increased turnover from the Klisiry expansion, which will treat a greater region of injury that may develop to cancer.

Product Expansion and Revenue Projection

Gallardo announced plans for Klisiry’s expansion launch in the latter half of the year, with revenue growth expected to commence in 2025. While emphasizing Europe as the primary source of growth, driven by the sales of Ilumetri and Ebglys, Gallardo projected a peak turnover of 700 million euros from these products by 2030.

Divestments and Strategic Focus

Responding to inquiries about potential divestments, Gallardo clarified that core products, particularly dermatological and growth drivers, remain strategically significant and are not up for sale. However, he acknowledged the presence of drugs in the company’s portfolio that are no longer actively promoted, leaving room for other companies to express interest.

Commitment to Research and Development

Gallardo assured Almirall’s commitment to meeting  its objective of investing 400 million euros in R&D between 2023 and 2025. With an allocation of around 110 million euros for the current year, the company is committed to furthering its R&D efforts.

Financial Outlook and Shareholder Decisions\

According to Bolsamania, addressing the fiscal year 2023 losses of 38.5 million euros, Gallardo attributed them to an accounting entry without cash implications. He reassured stakeholders that there is no immediate risk of similar occurrences. The General Meeting of Shareholders approved various agenda items, including a long-term incentive plan for senior managers, a dividend payment of 39.78 million euros from freely available reserves, and an increase in share capital.

Board Restructuring and Remunerations

The shareholders sanctioned the expansion of the board of directors to ten members and accepted the resignation of Sir Tom McKillop while welcoming independent directors Ugo Di Francesco and Eva Abans Iglesias. Additionally, the approval was granted for remunerating board members through the allocation of company shares, capped at 50% of individual annual remuneration.

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