May 11, 2020 / 6:21 AM / 18 days ago

Spain's Almirall posts Q1 net profit hike, ties outlook to coronavirus impact

BARCELONA, May 11 (Reuters) - Spain’s Almirall reported on Monday its first quarter net profit rose 63% and kept its 2020 outlook though it added the novel coronavirus pandemic evolution in the second quarter may prompt an outlook revision.

The Barcelona-based pharmaceutical company reported a net profit of 48.6 million euros ($52.67 million) between January and March versus 29.9 million euros in the same period in 2019 as revenue rose 7% and sales 8%.

Almirall said it kept its 2020 outlook of net sales growing in low to mid single-digit and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) falling to between 260 million euros ($281.87 million) and 280 million euros from 304.2 million euros in 2019.

The company said the forecast was “subject to a normalization of the health systems” at the end of the second quarter and the magnitude of the “impact” of the pandemic in the in the period, especially in the United States.

$1 = 0.9228 euros Reporting by Joan Faus, Editing by Inti Landauro

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