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Spanish pharmaceutical company focused on medical dermatology drugs, sold mainly in Europe and the US.
Spanish pharmaceutical company focused on medical dermatology drugs, sold mainly in Europe and the US.
Sells prescription skin drugs through its own sales teams, with Europe the larger base. Much of the range is licensed in from others, such as Ebglyss, an eczema antibody it sells in Europe under licence from Eli Lilly, so partners take a share. It refocused on dermatology after selling its respiratory business to AstraZeneca in 2014.
In one line: A smaller, dermatology-focused specialty pharma.
Moat: narrow (IP / patents, regulatory licence). Patented dermatology drugs give temporary pricing power, eroding once generics enter.
Headquarters: Barcelona, Spain · Founded: 1943 · Employees: 2,108
Size Almirall (ALM.MC) is a Spain Health Care company (Pharmaceuticals: Major) with a market value of $2.74B, the 43rd largest of 97 Spain companies the cockpit tracks. Shares closed at €11.22 on 6 Nov 2026.
Performance Over six months the shares fell 2.4%, against -3.4% for the median peer and +8.2% for the Spain market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 24.3% over the last twelve months (peer median -4.2%); the operating margin is 8.4% (peer median 11.3%).
Valuation It trades at 30.6× forward earnings against a peer median of 40.8× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (6.1% WACC).
Credit Almirall has 1 bond outstanding ($278M), rated BB+ by the agencies and trading like BBB at a weighted spread of 115 bp.
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.15B | €1.11B | €986M | €895M | €863M |
| Revenue growth | — | +12% | +10% | +4% | — |
| Gross profit | €490M | €457M | €394M | €349M | €359M |
| EBITDA | €246M | €219M | €185M | €164M | €174M |
| Net income | €59.1M | €46.2M | €10.1M | -€38.5M | €4.28M |
| Free cash flow | €209M | €134M | €127M | €54.9M | €122M |
| Capital expenditure | €153M | €137M | €161M | €159M | €116M |
| Total debt | €321M | €325M | €390M | €397M | €400M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Almirall ALM.MC | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% |
| Galderma GALD.SW | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% |
| Bausch Health Companies BHC.TO | $3.09B | +48% | +10% | 27% | 1.9× | -14.5% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Incyte INCY | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% |
| Arcutis Biotherapeutics ARQT | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% |
| Organon & OGN | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALM.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.5% | +1.2% | 5th highest of 21 |
| 6-month return | -2.4% | -3.4% | 10th highest of 21 |
| Distance from 52-week high | -19.7% | -24.7% | 10th highest of 21 |
| Revenue growth (TTM) | +24.3% | -4.2% | 6th highest of 20 |
| Operating margin | 8.4% | 11.3% | 10th lowest of 20 |
| Forward P/E | 30.6× | 40.8× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 25.7% | 6th least demanding of 14 |
| Growth delivered (Del g) | +6.5% | +14.0% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +0.8 pp | +2.0 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | -1.3 pp | +1.1 pp | 7th lowest of 16 |
| EV / EBITDA | 9.8× | 83.0× | cheapest of 4 |
| Net debt / EBITDA | -0.1× | -1.9× | most indebted of 5 |
| Bond spread | 115 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Almirall ALM.MC | Spain | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% | +6.5% |
| Acrobiosystems 301080.SZ | China | $2.72B | +95% | +29% | 17% | 64.9× | 45.0% | +27.7% |
| Kangmei Pharmaceutical 600518.SS | China | $2.77B | -22% | -6% | -7% | n/a | n/a | n/a |
| Yili Chuanning Biotechnology 301301.SZ | China | $2.70B | -20% | -14% | 16% | 26.3× | 4.6% | +4.8% |
| BioArctic BIOA-B.ST | Sweden | $2.78B | -3% | -46% | 22% | 53.4× | 25.7% | +100.1% |
| InSilico Medicine Cayman TopCo 3696.HK | Hong Kong | $2.80B | -43% | +153% | -7% | 100.0× | 42.1% | +22.9% |
| Vericel VCEL | United States | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% | +17.3% |
| Neuland Laboratories NEULANDLAB.NS | India | $2.68B | +14% | +50% | 26% | 54.3× | n/a | n/a |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Sam Chun Dang Pharm 000250.KS | South Korea | $2.91B | -59% | +21% | 7% | n/a | n/a | n/a |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
Almirall has 1 bond outstanding with $278M face value. The agencies rate it BB+; its bonds trade like BBB. Weighted yield 4.46%, a spread of 115 bp over government bonds.