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Spain's Almirall confirms 2022 target after first quarter profit drop

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Buses pass in front of Spanish pharmaceutical company Almirall's headquarters in central Barcelona
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MADRID (Reuters) - Spanish drugmaker Almirall confirmed its profitability target for the full year despite a fall in net profit in the first quarter, saying extra costs in launching drugs in the first three months would deliver benefits later.

The company said its net profit in the first quarter fell 32% to 20 million euros ($21.5 million), while its earnings before interest, taxes, depreciation and amortization (EBITDA)fell 20% to 60 million euros.

The dematology-drug maker attributed the decline of profitability to extra costs related to the launch of new drugs in the U.S. and Europe though it expects these to boost its business in the coming quarters.

The Barcelona-based company also expects drugs under development to deliver further growth soon.

"Almirall is firmly focused on materialising the value of its pipeline, which will help improve our growth outlook in the future," Chief Executive Gianfranco Nazzi said in a statement.

The company reiterated that it expected EBITDA to end this year at between 190 million euros and 210 million euros, slightly less than the 211 million euros reported in 2021.

($1 = 0.9518 euros)

(Reporting by Inti Landauro; Editing by Edmund Blair)

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