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The Spanish Almirall reduces profit by 39% as of March due to the pandemic and generic competition

BARCELONA, May 10 (Reuters) – Spanish pharmaceutical company Almirall said on Monday its first-quarter net profit fell 38.7% to 29.8 million euros ($ 36.21 million), after the Revenues will decline 10% due to the impact of the coronavirus and increasing competition from generic manufacturers.

The decrease in net profit was more pronounced than the 29.9% recorded in 2020. Gross profit before interest, taxes, depreciation and amortization (ebitda) fell 16% in the first quarter, to 74.2 million euros , while total revenues reached 222.5 million euros, more than expected by analysts consulted by Refinitiv.

The Spanish pharmaceutical company, based in Barcelona, ​​was affected by the pandemic, as fewer patients came to medical services as a result of mobility restrictions. The company’s sales were also affected by the impact of generic competition in the United States.

Almirall said on Monday that it expects COVID-19 to continue impacting its operations in the first half to register a “progressive normalization” in the second half of the year.

However, the group reiterated its growth targets for this year.

(1 dollar = 0.8229 euros)

(Report by Joan Faus; edition by Inti Landauro; translation by Flora Gómez and Darío Fernández)

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