Almirall Shares Rise on Strong H1 EBITDA Beat and Reaffirmed Guidance

Shares of Almirall (BME:ALM) rallied on Wednesday after the Spanish pharmaceutical company reported robust first-half 2026 financial results that exceeded market expectations. The stock rose 3.5% to €11.45 as investors reacted to a significant jump in earnings and strong sales growth from its core products.

Strong H1 Performance Boosts Shares

Almirall announced that its earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 23.7% year-on-year to €150.7 million for the first half of 2026. Net sales also saw a healthy increase, rising 7.5% to €602.7 million.

Management reinforced investor confidence by reiterating its full-year 2026 guidance, signaling a positive outlook for the remainder of the year. The company continues to target:

• Net sales growth of 9–12%
• Total EBITDA between €270 million and €290 million

Dermatology Portfolio Drives Growth

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The primary engine behind the strong performance was the company's European medical dermatology business, which expanded by 18.1% to €341.9 million. The biologics portfolio was a standout contributor to this growth.

Sales of Ebglyss, a treatment for atopic dermatitis, grew by an impressive 88.2% year-on-year to reach €84.5 million. Ilumetri, a biologic for psoriasis, also delivered solid results with sales of €125.2 million, a 10.5% increase from the prior year.

Market Reaction and Outlook

While the headline numbers were strong, the stock did retreat from its opening high of €11.93. This moderation was likely influenced by a slight miss on net income, which came in at €39.6 million against a consensus estimate of €40.7 million. The market may also have noted a deceleration in the growth of Ebglyss during the second quarter compared to the first.

Despite these nuances, the results align with a constructive analyst view. Before the report, Jefferies maintained a Buy rating and a €16 price target, arguing the stock was trading at a discount. The consensus 12-month analyst price target of €14.45 suggests further upside potential from current levels.