olivLaw · European equity research
Almirall, S.A. ALM.MC
Spain · BME Madrid · ISIN ES0157097017 · Vertical: Listed companies from Spain
Almirall is a European pharmaceutical company focused on dermatology, with a mix of its own products and licensed assets, from psoriasis treatments to atopic dermatitis. For Romanian readers, it matters because of its reliance on a few key assets and recent investment in biotech pipeline assets, with intangible assets of 894.332 thousand EUR at 31 December 2025.
At the close of 04 Nov 2026, Almirall, S.A. (ALM.MC) stock was 11.12 EUR (+2.02% on the day), with market capitalisation 2.3 bn EUR, P/E 50.5 on diluted EPS of 0.22 EUR over the last 12 months, dividend yield 1.71%, beta 0.57, 52-week range 9.83–13.82 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.69 – 10.98
- above the upper band · %B 1.11 · band width 12.5%
- SMA 50 / 200
- 10.37 / 11.45
- mixed trend
- MACD (12, 26, 9)
- 0.14 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.1% | +0.4% | +9.7 pp | — |
| 3 months | +1.6% | −3.3% | +4.9 pp | — |
| 6 months | −9.9% | +4.0% | −13.8 pp | — |
| Year to date | −13.4% | +8.1% | −21.5 pp | — |
| 1 year | −8.7% | +10.7% | −19.4 pp | +3.3% |
| 3 years | +30.4% | +50.1% | −19.6 pp | +24.0% |
| 5 years | −10.3% | +43.6% | −53.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 58.4, median 111.5, max 164.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 894.5 m | 985.7 m | 1.1 bn |
| Revenue YoY | unavailable | +10.2% | +12.4% |
| Net income | -38.5 m | 10.1 m | 46.2 m |
| Net income YoY | unavailable | unavailable | +354.9% |
| Diluted EPS | -0.18 | 0.05 | 0.22 |
| Diluted EPS YoY | unavailable | unavailable | +340.0% |
| net % | -4.3% | 1.0% | 4.2% |
| Free cash flow | 60.0 m | 130.9 m | 139.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 337.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.5 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.04x
- ROE
- 3.1%
- ROA
- 1.9%
- FCF margin
- 12.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 894.5 m | 985.7 m | 1.1 bn | esef· 20 Oct 2026verified |
| Operating income | -5.3 m | 36.1 m | 73.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 124.3 m | 139.1 m | 151.2 m | esef· 20 Oct 2026verified |
| EBITDA | 119.1 m ≈ | 175.2 m ≈ | 224.2 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 14.6 m | 15.7 m | 16.9 m | esef· 20 Oct 2026verified |
| Pre-tax income | -17.2 m | 26.5 m | 74.4 m | esef· 20 Oct 2026verified |
| Income tax | 21.3 m | 16.4 m | 28.3 m | esef· 20 Oct 2026verified |
| Net income | -38.5 m | 10.1 m | 46.2 m | esef· 20 Oct 2026verified |
| Diluted EPS | -0.18 | 0.05 | 0.22 | esef· 20 Oct 2026verified |
| Dividend per share | 0.01 | 0.19 | 0.19 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 388.0 m | 377.1 m | 337.8 m | esef· 20 Oct 2026verified |
| Receivables | 131.5 m | 151.4 m | 158.5 m | esef· 20 Oct 2026verified |
| Inventories | 167.5 m | 171.8 m | 178.1 m | esef· 20 Oct 2026verified |
| Current assets | 718.7 m | 741.1 m | 714.0 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 141.3 m | 153.8 m | 168.9 m | esef· 20 Oct 2026verified |
| Goodwill | 316.0 m | 316.0 m | 316.0 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 951.4 m | 937.0 m | 894.3 m | esef· 20 Oct 2026verified |
| Total assets | 2.4 bn | 2.4 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Current liabilities | 351.1 m | 353.4 m | 350.6 m | esef· 20 Oct 2026verified |
| Equity | 1.5 bn | 1.5 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 213.7 m | 202.9 m | 209.8 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 93.5 m | 160.8 m | 174.5 m | esef· 20 Oct 2026verified |
| Capex | 33.5 m | 29.8 m | 34.9 m | esef· 20 Oct 2026verified |
| Free cash flow | 60.0 m ≈ | 130.9 m ≈ | 139.5 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -122.6 m | -140.0 m | -126.7 m | esef· 20 Oct 2026verified |
| Financing cash flow | 168.2 m | -31.6 m | -87.1 m | esef· 20 Oct 2026verified |
| Dividends paid | 2.6 m | 3.3 m | 26.2 m | esef· 20 Oct 2026verified |
| Share repurchases | -157.0 k | -539.0 k | -1.3 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.58 – 5.05 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E3.47 – 5.05 (Mid 4.37)19 companies used · median multiple 19.8x · quartiles 15.8x – 23.0xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)2.58 – 3.52 (Mid 2.98)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.2% | 46 (vs peers) | 12% |
| FCF conversion · Quality | 302.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 50.5x | 5 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.2% | 17 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 18.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation36/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALMIRALL S.A. (ALM.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn EUR in 2025; YoY growth 12.4%; net margin 4.2%; ROE 3.1%.
The estimated value range is 3.03–4.29 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 3.67 EUR, the price of 11.12 EUR leaves a potential of -67.0% (value / price − 1) and a margin of safety of -202.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 302.4%
- Current ratio: 2.0x
- FCF yield: 6.0%
- Payout ratio (FCF): 18.8%
What contradicts it
- P/E (TTM): 50.5x
- Shareholder yield (distributions): 1.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for ALM.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.10 Total return -35% · Per year -35% | 12.50 Total return 14% · Per year 14% | 18.77 Total return 71% · Per year 71% |
| 3 years | 8.03 Total return -23% · Per year -8% | 15.80 Total return 49% · Per year 14% | 25.87 Total return 141% · Per year 34% |
| 5 years | 9.08 Total return -10% · Per year -2% | 19.96 Total return 92% · Per year 14% | 35.67 Total return 237% · Per year 28% |
- Exit P/E± 3.95
- Net margin± 2.76
- Annual revenue growth± 2.11
- Annual dilution± 0.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Almirall is a European pharmaceutical company focused on dermatology, with a mix of its own products and licensed assets, from psoriasis treatments to atopic dermatitis. For Romanian readers, it matters because of its reliance on a few key assets and recent investment in biotech pipeline assets, with intangible assets of 894.332 thousand EUR at 31 December 2025 1.
SWOT
Strengths
- A diversified dermatology portfolio with marketing rights in several major markets.
- A biotech pipeline with several assets in development, supported by agreements with major partners.
- Experience in integrating acquisitions and managing long-term licence rights.
Weaknesses
- Dependence on a few key products, with significant intangible assets that may be subject to impairment.
- Exposure to the value of acquired assets denominated in dollars, with exchange-rate effects on the balance sheet.
- Payment obligations conditional on milestones, which may arise during periods of financial pressure.
Opportunities
- Launches of new indications and pipeline products could expand the revenue base.
- New distribution agreements with licensees can open markets without large direct investment.
- If pipeline programmes advance, they could generate milestone payments from partners.
Threats
- Clinical failures or regulatory delays could reduce the value of assets in development.
- Supply interruptions or manufacturer changes can affect sales, as in the case of Cordran Tape.
- Generic competition and pricing pressure may limit revenues from mature products.
Risks
- Impairment of intangible assetshigh
Business plans for products could decline, and impairments could affect net income and the balance sheet.
- Currency riskmedium
Assets linked to the dollar may be affected by exchange-rate movements, changing the value reported in euros.
- Conditional payment obligationsmedium
Agreements with sales or development milestones could generate large payments if the stages are reached.
- Clinical development riskhigh
Many pipeline assets are at early stages, and the failure of a study could reduce the value of the investment.
- Supply riskmedium
Changes of manufacturer can cause temporary interruptions, affecting sales over the medium term.
Investment thesis
What would need to be true (bull case)
- If new indications and pipeline products prove commercially successful, the group could recover the value of its acquisition investments.
- A diversified portfolio and rights across several markets could reduce dependence on a single product.
- New licensing agreements, such as those for Seysara, could extend revenues without large own costs.
What would break the thesis
- Recent impairments on Cordran Tape and Seysara show that business plans can be revised downwards.
- Milestone-conditional obligations could weigh on cash flow if revenues do not grow sufficiently.
- Dollar exposure and clinical risk in the pipeline could make results more volatile than the current portfolio suggests.
What to watch
- Impairment testing results for the Allergan portfolio2026
- Progress of clinical studies for pipeline assets2026
- Effect of the dollar exchange rate on dollar-denominated assetsnext 10-K
- Possible new licensing or distribution agreements2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Almirall, S.A. and its subsidiaries form the Almirall group, a pharmaceutical player specialised in dermatology, according to the annual report for the year ended 31 December 2025 1. The business relies on products sold under its own brands and on marketing rights acquired from other companies, including for Europe, Spain and the United States. The group's intangible assets, 894.332 thousand EUR at end-2025, largely reflect these acquisitions 1.
The asset base shows a growth strategy built on acquiring rights. Among others, rights were acquired for Ebglyss in Europe, for Wynzora and for development assets such as anti-IL-1RAP mAb or ZKN-013 1. Many of these agreements include additional payments tied to development or sales milestones, so future obligations depend on commercial success and clinical progress.
The group has also recorded significant asset value adjustments. In fiscal 2025 an impairment was recognised for Cordran Tape, linked to a temporary supply shortage after a change of manufacturer, while in 2024 the impairment on Seysara was partly reversed 1. These developments show how sensitive the business plans for the Allergan portfolio products are.
Segments
Allergan portfolio (United States)
Five dermatology products acquired from Allergan in 2018, for acne, psoriasis and other dermatoses, cost 471.2 million EUR 1. Seysara and Cordran Tape remain at the centre of impairment testing, with accumulated impairment of 123.1 million EUR at 2025 1.
Marketing rights in Europe and Spain
The group holds rights for products such as Ilumetri, Ebglyss, Wynzora, Klisyri, Prometax or Physiorelax, through agreements with partners such as Sun Pharma, Lilly, MC2 Therapeutics, Novartis or DFT El Globo 1. These assets are amortised over useful lives of 5 to 15 years, depending on the type of right 1.
Biotech pipeline
The group has expanded its pipeline through agreements with Ichnos, Simcere, Etherna, Novo Nordisk and Eloxx, some with maximum payments in the hundreds of millions of dollars or euros, conditional on milestones 1. The impact of these programmes on results depends on clinical progress and market conditions.
Market context
The market Almirall operates in is dermatological treatments, with a focus on chronic conditions such as psoriasis and atopic dermatitis, where biological innovation and specialty products matter a great deal. The annual report does not provide global market figures, so the size of the segment cannot be estimated from this source 1. Competition and pricing pressure may influence future revenues.
Market dynamics depend on regulatory approvals, product market shares and the group's ability to maintain licences and rights in Europe and the United States. Currency movements, especially of the dollar, affect the valuation of assets linked to the Allergan portfolio 1.
Trends
- Currency pressure on dollar-denominated assetsheadwind
Conversion differences in 2025 and 2024 are mainly linked to the dollar exchange rate, for assets associated with the Allergan portfolio 1. The balance-sheet effect could be significant if the dollar weakens against the euro.
- Investment in biotech developmentmixed
The group has concluded licensing and acquisition agreements for early and mid-stage molecules, with payments conditional on milestones 1. Success in these programmes could open new revenue sources, but also carries development risk.
- Periodic testing of asset valueheadwind
Management reassesses the business plans of its products, and in the past both impairments and partial reversals have occurred 1. If commercial performance weakens, impairments could reappear.
- Wider distribution through licenseestailwind
New agreements for Seysara in Canada and Mexico supported business plans in 2024 1. Geographic expansion through partners can increase revenues without large direct investment.
Competitive position
The annual report provided does not explicitly name Almirall's competitors. Competition in dermatology includes generalist and specialist pharmaceutical companies, but these names cannot be confirmed from the source analysed.
Competitive position depends on the ability to keep exclusivity on key products and to launch new molecules from the pipeline. Licensing agreements with other companies can both extend and limit the group's market power 1.
- Competitors not named in the source
The annual report does not name direct competitors; the analysis could be supplemented with other sources.
- Licensing partners (Sun Pharma, Lilly, Novartis)
These partners appear as holders of ceded rights, not as direct competitors in the source analysed.
- Other developers of monoclonal antibodies for dermatology
A general category of companies, identified only from the pipeline activity, not named in the source.
- Generic manufacturers for mature products
They can affect mature products after protection expires, a general industry risk.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Almirall, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.