Spain's Almirall Q3 core earnings fall 13%; keeps outlook

BARCELONA (Reuters) - Spanish pharmaceutical firm Almirall's third-quarter core earnings fell 13% to 38.8 million euros ($38.8 million) despite revenues growing 4%, but the company kept its 2022 outlook, it said on Thursday.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) in January-September fell 19.2% from the same period of last year to 146.4 million euros, with Almirall attributing that to higher investments and product divestments.

The company, which unexpectedly announced last week its CEO Gianfranco Nazzi had stepped, maintained its 2022 outlook for EBITDA of between 190 million euros and 210 million euros.

Almirall reported a nine-month net profit of 10.9 million euros, bouncing back from a 39.4 million euros loss in the same period of last year, but below the 27.3 million euro first-half net profit it reported in July.

Almirall did not release net profit figures for the third quarter.

Its nine-month net core sales, which excludes deferred revenues and some royalties, grew by 5.3% to 633.8 million euros.

They decreased, however, by 19.8% in the United States where Almirall has been hit by the impact of generic drugs in recent years.

"We are happy with the good business momentum we have seen in the third quarter, with our growth engines showing strong growth," said Almirall's chairman and interim CEO Carlos Gallardo in a statement.

"Our main business continues to perform well, in line with our expectations, putting us on target to achieve our 2022 financial estimates".

($1 = 0.9990 euros)

(Reporting by Joan Faus; Editing by John Stonestreet and Mark Potter)