Spanish drugmaker Almirall on Monday reiterated its full-year profitability targets and said it is pursuing acquisition targets, even though its costs weighed on net profit in the first quarter.

The company said its net profit fell 4% in the quarter to €7.4 million ($7.97 million) due to higher costs, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1.4% to €52.5 million.

Almirall said it is on track to achieve its full-year 2024 target of EBITDA of between €175 million and €190 million, up from €174 million in 2023, and single-digit net sales growth. It added that it is looking for "new inorganic growth opportunities."

(US$1 = €0.9282)

(Reporting by Matteo Allievi, editing by Inti Landauro and Louise Heavens; Spanish editing by Mireia Merino)