Almirall, S.A./€ALM

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About Almirall, S.A.

Almirall, S.A. is a pharmaceutical company headquartered in Barcelona, Spain. It specializes in the development and commercialization of proprietary medicines, with a focus on dermatology and other specialist-driven therapeutic areas. Almirall's notable products target conditions such as psoriasis, atopic dermatitis, and actinic keratosis. Founded in 1943, the company has expanded its geographical footprint across Europe and North America through strategic acquisitions and partnerships. Almirall emphasizes research and development, maintaining a pipeline of innovative treatments aimed at unmet medical needs. Its strategic positioning is reinforced by collaborations with healthcare professionals and institutions to enhance patient care.
Ticker
€ALM
Sector
Health
Primary listing
BME
Employees
2,097
Headquarters
Barcelona, Spain
Website
www.almirall.com

Almirall, S.A. Metrics

BasicAdvanced
€2.3B
38.62
€0.28
0.18
€0.15
1.42%

Bulls say / Bears say

Almirall’s first-half performance shows improving operating leverage: net sales rose 7.5%, EBITDA increased 23.7% and net income climbed 49.4%. Management also reaffirmed 2026 guidance of 9–12% sales growth and €270m–€290m EBITDA. (BioSpace, The Pharmaletter)
Ebglyss is becoming a powerful growth driver, with first-half sales up 88.2% to €84.5m, while Ilumetri sales rose 10.5% to €125.2m. The EMA’s acceptance of a filing for Ebglyss in children as young as six months could expand its eligible patient base if approved. (BioSpace, PMLiVE)
Almirall is building a broader future pipeline rather than relying only on its current brands. Four proof-of-concept or Phase II studies are under way, two more are planned for 2026, and a new Phase I bispecific antibody programme and Huaota collaboration add further options. (BioSpace, City A.M.)
Higher royalty payments linked to Ilumetri sales are already pressuring gross margins, while management expects R&D and SG&A spending to increase in the second half. Germany’s planned 2027 pricing reform could add further pressure to future prices and profitability. (Investing.com, Yahoo Finance)
The United States legacy portfolio remains weak because of generic competition, and the dollar–euro exchange rate has been a material headwind. This leaves the business more dependent on the European launches to offset mature and declining products elsewhere. (Investing.com, ROIC AI)
Several future growth projects are still early-stage and will need successful clinical development before they can generate revenue. Almirall also decided not to pursue European commercialisation of tildrakizumab in psoriatic arthritis, showing that pipeline progress does not guarantee a viable commercial opportunity. (ROIC AI, Exa)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.

Funds containing Almirall, S.A.

AllEURGBPUSD
Funds
Fund name
Fund size
€ALM weighting
Xtrackers Spain€XESD
€269M0.09%
Xtrackers MSCI Europe Small Cap€DX2J
€3.2B0.06%
Xtrackers MSCI Europe Small Cap£XXSC
£2.8B0.06%
iShares MSCI World Small Cap$WSML
$9B0.01%
iShares MSCI World Small Cap€IUSN
€7.8B0.01%
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Market data provided by CBOE Europe and Deutsche Börse.