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)