• Net Sales +2.7%, benefiting from contribution of new businesses
  • Growth driven by Dermatology +13.3%, which now accounts for 43% of sales vs. 39% in Q1 15
  • Product mix drove gross margin improvement of +40bps
  • Integration of new businesses on track
  • R&D pipeline continues to progress: 3 Phase III programs
  • Healthy balance sheet: cash position of €488.5 million
  • Dividend payment was approved in the Annual General Meeting at €0.19 per share

Financial highlights (€ rounded million)

Q1 2016

Q1 2015

Variation

Total Revenues

201.0

217.2

(7.5%)

Net Sales

184.9

180.0

2.7%

Other Income

16.1

37.2

(56.7%)

Gross Profit

% of sales

130.3

70.6%

126.2

70.1%

3.2%

EBITDA

Net income

54.8

21.7

73.1

42.9

(25%)

(49.4%)

Eduardo Sanchiz, Chief Executive Officer, commented:

'Performance this quarter has been in line with our expectations, supported by the Derma business, and we are on track to achieving yearly guidance. Group net sales have grown by nearly 3% benefiting from the contribution of the new businesses. Dermatology sales have grown by 13%, and now represent 43% of group Net Sales. The integration of Poli Group and expansion of ThermiGen are on track and are performing in line with expectations. We continue to implement our strategy to become a leading specialty pharmaceutical company with a strong focus on improving the lives of Dermatology and Aesthetics patients. We are making progress with our pipeline and we continue to look for M&A opportunities in the Derma and Aesthetics arena to complement our in-house efforts'

Barcelona, 9 May, 2016.- Almirall, the global pharmaceutical company based in Barcelona, has announced its first quarter 2016 results.

Performance is on track to achieve yearly guidance

In the first quarter of the year, Total Revenues reached €200.7 MM vs. €217.2 MM. Net Sales were €184.9 MM vs €180 MM (+2.7%) driven by Dermatology and new businesses.

Gross Profit came in at €130.3 MM (70.6% of Net Sales) vs €126.2 MM in the first quarter of 2015 (70.1% of Net Sales) due to the strong improvement in the product mix in the first part of the year.

The company's Cash Position was €488.5 MM. Financial Debt came to a total of €316.1 MM, representing 12% of total assets. The Net Cash position was €101.6 MM.

As anticipated, Almirall has returned to more normal levels of R&D vs. Sales with Research & Development expenses of €19.2 MM, or 10.4% of sales in the first quarter of 2016.

Selling, General & Administrative expenses came in at €94.7 MM.

EBIT and EBITDA were €32.4 MM and €54.8 MM respectively. Other Income of €16.1 MM was significantly lower than 2015 due to the AZ milestone linked to AB combo launch in EU in Q1 2015.

Net Income was €42.9 MM and Shareholders Equity represented 55.0% of Total Assets.

Growth driven by Dermatology

The Dermatology franchise showed a strong sales growth of 13% in Q1 2016. This therapeutic area now accounts for 43% of total Net Sales (vs 39% in Q1 2016). This was due to a strong performance of Dermatology in Europe, where sales increased by +23% vs the same period of last year (driven by the actinic keratosis franchise, Solaraze and Actikerall).

Despite a tougher operating environment for Dermatology in US, sales there increased by 1%. The US Dermatology franchise will be boosted by the planned launches of Veltin® and Altabax® in July.

R&D and pipeline

Our R&D pipeline continues to progress. We are currently initiating 3 phase III programs in EU and US: P3058 for Onychomycosis, P3073 for Nail Psoriasis and P0374 for Alopecia. Each product has potential peak sales between €60 - €100 million.

In addition, we have recently advanced a New Chemical Entity (NCE) for the treatment of pemphigus vulgaris to the clinical development stage.

Three additional projects are currently in the registration phase: LAS41008 for psoriasis, ADP18998 for the treatment of actinic keratosis and LAS41010 for atopic dermatitis.

Divestment of Mexican affiliate

In March 2016, Almirall announced the divestment of its Mexican affiliate to Grünenthal Group for strategic reasons. This is expected to be completed in May 2016.

Dividend approval

At the recent General Shareholders Meeting, a dividend payment of €33 million euros or €0.19 per share was approved.

Vision for the future

Capitalizing on new growth opportunities and further developing our pipeline are the number one priority for Almirall in order to become a leading specialty pharmaceutical company with a strong focus on improving the lives of Dermatology and Aesthetic patients.

The company will use its strong cash position to fund growth opportunities in this direction.

Guidance for 2016

Guidance is reiterated: Almirall expects Total Revenues, Net Sales and EBITDA all to grow at high single digit level (CER) in 2016.

Investor Calendar 2016

· H1/Q2 2016 Financial Results - 26 July

· Q3 2016 Financial Results - 7 November

About Almirall

Almirall is a global company based in Barcelona dedicated to providing valuable medicines and medical devices through its R&D, agreements and alliances. Our work covers the whole of the drug value chain. A consolidated growth allows us to devote our talent and efforts towards specialty areas and particularly to further grow as a leading Dermatology player. We are a specialist company, enabling us to accomplish the purpose of taking our innovative products wherever they are needed.

Founded in 1943, Almirall is listed on the Spanish Stock Exchange (ticker: ALM) and it has become a source of value creation for society due to its vision and the commitment of its long-standing major shareholders. In 2015, its revenues totalled 769 million euros and, with 1.800 employees, it has gradually built up a trusted presence across Europe, as well as in the USA.

For more information, please visit www.almirall.com.

Media contact: Investors Relations contact:

Cohn & Wolfe Almirall

Adriana Ibargüen Pablo Divasson del Fraile

adriana.ibarguen@cohnwolfe.com Tel.: + (34) 93 291 30 87

Tel.: (+34) 91 531 57 23

Disclaimer

This document includes only summary information and does not intend to be comprehensive. Facts, figures and opinions contained herein, other than historical, are 'forward-looking statements'. These statements are based on currently available information and on best estimates and assumptions believed to be reasonable by the Company. These statements involve risks and uncertainties beyond the Company's control. Therefore, actual results may differ materially from those stated by such forward-looking statements. The Company expressly disclaims any obligation to review or update any forward-looking statements, targets or estimates contained in this document to reflect any change in the assumptions, events or circumstances on which such forward-looking statements are based unless so required by applicable law.

Almirall SA published this content on 09 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 May 2016 08:29:06 UTC.

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