Almirall: shares advance after trading update.
(CercleFinance.com) - Spanish pharmaceutical company Almirall has told investors to expect full-year results in the lower part of the range it has given after earnings collapsed in the first nine months of 2017.
At 30 September, the firm's total revenues reached 561.6 million euros, compared with 635.4 million euros at 30 September 2016, with EBITDA coming in at 100.1 million euros, down from 183.8 million euros a year ago.
"Clearly, 2017 has not evolved in the way that was initially expected," said CEO Peter Guenter, adding that the US Aqua situation has proven to be "very tough."
This summer Almirall has substantially lowered its 2017 earnings guidance to take into account the adverse impact of recent market developments in its strategic US dermatology unit, prompting the shares to collapse.
Regarding its dermatology business in the US, the company said the measures taken earlier this year have begun to take effect and profit has picked up.
The unit has been restructured and resized and a strong cost control implemented, Almirall said.
The shares, which are listed in Madrid, were up 1.6% at 8.3 euros after these comments. However, year-to-date they are still down 44%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
At 30 September, the firm's total revenues reached 561.6 million euros, compared with 635.4 million euros at 30 September 2016, with EBITDA coming in at 100.1 million euros, down from 183.8 million euros a year ago.
"Clearly, 2017 has not evolved in the way that was initially expected," said CEO Peter Guenter, adding that the US Aqua situation has proven to be "very tough."
This summer Almirall has substantially lowered its 2017 earnings guidance to take into account the adverse impact of recent market developments in its strategic US dermatology unit, prompting the shares to collapse.
Regarding its dermatology business in the US, the company said the measures taken earlier this year have begun to take effect and profit has picked up.
The unit has been restructured and resized and a strong cost control implemented, Almirall said.
The shares, which are listed in Madrid, were up 1.6% at 8.3 euros after these comments. However, year-to-date they are still down 44%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.