PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Company Profile

Bolsas y Mercados Espanoles / ALM / ES0157097017

Business Summary Sector

Almirall SA is a Spain-based company principally engaged in the pharmaceuticals manufacture. The Company focuses on
development and marketing of drugs applied in various therapeutic areas, such as nervous system, gastrointestinal, Healthcare
dermatological, respiratory system, antiinfectives, as well as antineoplastic and immunomodulating agents. The Company's Pharmaceuticals & Medical Research
activities are divided into four business segments: Own network, which focuses on the commercialization of pharmaceuticals Pharmaceuticals
through own brand names; Licenses, which sells product rights to third parties; Research and development (R&D), which is
responsible for the creation of drug candidates, as well as Dermatology, which includes sale of dermatological medicines in Pharmaceuticals
the United States. The Company operates through numerous subsidiaries in Europe, the Americas, Africa, Asia and Australia. Other Pharmaceuticals
Number of employees : 1 786 people.
Income Statement Evolution
Financials (EUR)

Sales 2022 858 M Sales 2023 901 M Capitalization 1 597 M

Net income 2022 28,1 M Net income 2023 31,5 M EV / Sales 2022 2,04x

Net Debt 2022 154 M Net Debt 2023 119 M EV / Sales 2023 1,91x

P/E ratio 2022 44,6x P/E ratio 2023 50,2x Nbr of Employees 1 786

Yield 2022 1,76% Yield 2023 1,76% Free-Float 40,3%

Sales per Business

2020 2021 Delta

Commercialization through Own Network 534.41 66.2% 593.52 71.8% +11.06%

Commercialization through Licensees 146.64 18.2% 114.10 13.8% -22.19%

Dermatology in the United States 100.18 12.4% 92.49 11.2% -7.68% Managers

Corporate Management and Results Not Name Title

26.20 3.2% 27.09 3.3% +3.37%
Assigned to Other Segments
Chairman & Chief Executive
Carlos Gallardo Piqué
EUR in Million Officer
Michael McClellan Chief Financial Officer
Sales per region Volker Koscielny Chief Medical Officer

2020 2021 Delta Karl Ziegelbauer Chief Scientific Officer

Europe and the Middle East 394.50 48.9% 406.90 49.2% +3.14% Senior Vice President-Industrial
Eloi Crespo Cervera
Operations
Spain 237.13 29.4% 250.17 30.2% +5.5%

America, Asia and Africa 149.59 18.5% 143.04 17.3% -4.38% Members of the board
Corporate Management and Revenue Not
26.20 3.2% 27.09 3.3% +3.37% Name Title
Allocated to Other Segments
Chairman & Chief Executive
EUR in Million Carlos Gallardo Piqué
Officer
Karin Louise Dorrepaal Independent Director
Equities
Seth J. Orlow Independent Director

Quantity Free-Float Enrique de Leyva Pérez Independent Director

Stock A 181,515,368 73,186,996 40.3% Alexandra Boer Kimball Independent Director

Upcoming events on ALMIRALL, S.A. Shareholders

02/20/23 FY 2022 Earnings Release Name Equities %

02/20/23 |
FY 2022 Earnings Call Grupo Corporativo Landon SL 107,290,795 59.1%
04:00am
Wellington Management Co. LLP 9,081,957 5.00%
Past events on ALMIRALL, S.A. Caixabank Asset Management SGIIC
3,418,721 1.88%
01/10/23 | SA
JP Morgan Healthcare Conference
12:00pm Almirall, S.A. 2,682,266 1.48%
11/10/22 |
Q3 2022 Earnings Release The Vanguard Group, Inc. 2,013,881 1.11%
02:08am

Company contact info

Ronda General Mitre, 151

Barcelona, Catalonia 08022
Phone : +34.93.291.30.00
Fax : +34.93.291.31.80
web site : http://www.almirall.com

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Financials and Forecast

Bolsas y Mercados Espanoles / ALM / ES0157097017

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2022e 2023e

Capitalization 1 597 M € -
Enterprise Value (EV) 1 751 M € 1 716 M €

Valuation 2022e 2023e

P/E ratio (Price / EPS) 44,6x 50,2x

Capitalization / Revenue 1,86x 1,77x
EV / Revenue 2,04x 1,94x
EV / EBITDA 9,02x 9,55x
Yield (DPS / Price) 1,76% 1,76%
Price to book (Price / BVPS) 1,24x 1,25x

Profitability 2022e 2023e

Operating Margin (EBIT / Sales) 8,26% 6,34%

Operating Leverage (Delta EBIT / Delta Sales) - -
Net Margin (Net Profit / Revenue) 3,27% 3,49%
ROA (Net Profit / Asset) 1,56% 1,81%
ROE (Net Profit / Equities) 2,53% 2,27%
Annual Income Statement Data : Past and Forecast Rate of Dividend 78,5% 88,5%

Fiscal Period: December 2019 2020 2021 2022 2023 2024

Balance Sheet Analysis 2022e 2023e
1 853 807 810 858 901 979
Net sales CAPEX / Sales 6,50% 6,31%
Cash Flow / CA 18,2% 16,7%
EBITDA 1 304 238 236 194 183 214
Capital Intensity (Assets / Revenue) 2,09x 1,93x
Operating profit (EBIT) 1 175 115 116 70,8 57,1 82,6 Financial Leverage (Net Debt / EBITDA) 0,79x 0,65x

Operating Margin 20,5% 14,3% 14,3% 8,26% 6,34% 8,43%

Price Earning Ratio
Pre-Tax Profit (EBT) 1 128 79,2 -9,09 43,0 38,2 65,3

Net income 1 106 74,3 -40,9 28,1 31,5 52,2

Net margin 12,4% 9,20% -5,05% 3,27% 3,49% 5,33%

EPS 2 0,60 0,44 -0,23 0,20 0,18 0,29

Free Cash Flow 1 141 139 163 82,6 93,2 109

FCF margin 16,5% 17,3% 20,1% 9,63% 10,4% 11,2%

FCF Conversion 46,4% 58,5% 69,1% 42,5% 50,9% 51,2%

Dividend per Share 2 0,20 0,19 0,19 0,16 0,16 0,16

Announcement Date 02/24/2020 02/22/2021 02/21/2022 - - -

1 2 Estimates
EUR in Million EUR
EPS - Rate of surprise
Finances - Leverage : Past and Forecast

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Analysts' Consensus

Bolsas y Mercados Espanoles / ALM / ES0157097017

Evolution of the average Target Price Consensus

Sell Buy

Mean consensus OUTPERFORM

Number of Analysts 12

Last Close Price 8,80 €

Average target price 11,69 €

Spread / Average Target 32,8%

High Price Target 16,00 €

Spread / Highest target 81,8%

Low Price Target 10,00 €

Spread / Lowest Target 13,6%

Consensus detail

Target Price consensus revisions : last 18 months

Consensus revision (last 18 months)

Revenue Revisions & EPS Revisions

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Sector and Competitors

Bolsas y Mercados Espanoles / ALM / ES0157097017

Chart Sector

Subsector Other Pharmaceuticals Ratings

1st Jan Capi.
Investor Rating ESG
change (M$)

ALMIRALL, S.A. -2.65% 1 705 B

JOHNSON & JOHNSON -9.78% 413 716 C+
NOVO NORDISK A/S 3.36% 313 417 B+
ELI LILLY AND COMPANY -8.43% 309 825 C+
MERCK & CO., INC. -4.00% 270 045 B
ABBVIE INC. -7.47% 264 351 B-
PFIZER, INC. -15.46% 241 092 C+
ROCHE HOLDING AG -5.23% 240 039 A
ASTRAZENECA PLC 1.28% 211 535 C+
NOVARTIS AG -5.06% 181 908 B-
BRISTOL-MYERS SQUIBB COMPANY -0.67% 148 698 A-
AMGEN INC. -8.60% 125 068 A-
SANOFI -2.22% 116 978 B
GILEAD SCIENCES, INC. -2.87% 103 987 A
GSK PLC 1.21% 70 528 B
BAYER AG 23.02% 62 345 C+
DAIICHI SANKYO CO., LTD. -0.07% 60 745 A-
TAKEDA PHARMACEUTICAL COMPANY LIMITED 1.82% 48 548 A-
CHUGAI PHARMACEUTICAL CO., LTD 6.06% 43 838 B+
JIANGSU HENGRUI MEDICINE CO., LTD. 14.64% 40 716 B-
ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL., LTD 7.47% 27 468 C

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Technical Analysis

Bolsas y Mercados Espanoles / ALM / ES0157097017

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Bearish Bearish Bearish

Resistance 8,98 9,42 10,4

Spread/Res. -2,8% -7,4% -16%

Spread/Supp. 1,5% 6,7% 14%

Support 8,60 8,18 7,64

Basic data

Number of securities 181 515 368

Capitalization EUR 1 583 721 586
Capitalization USD 1 705 097 393
Free-Float 40.3%

Performance

1 day 0.03%

5 days -4.81%

1 week -3.59%

Current month -5.73%

1 month -5.62%

3 months -0.17%

6 months -10.33%

Current year -3.48%

1 year -18.00%

3 years -34.40%

5 years -2.57%

10 years -9.49%

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 17/02/2023

ALMIRALL, S.A. Summary

Bolsas y Mercados Espanoles / ALM / ES0157097017

Summary Ratings
• Overall, the company has poor fundamentals for a medium to long-term investment strategy.
Investment
• From a short-term investment perspective, the company presents a deteriorated fundamental configuration.
Trading
Strengths
ESG Refinitiv B
• The difference between current prices and the average target price is rather important and implies a significant appreciation
potential for the stock.
Financials
Sales Growth
Weaknesses
Earnings Growth
• The company does not generate enough profits, which is an alarming weak point.
EBITDA / Sales
• The company's valuation in terms of earnings multiples is rather high. Indeed, the firm is getting paid 44.59 times its estimated
earnings per share for the ongoing year. Profitability
• For the past year, analysts have significantly revised downwards their profit estimates. Finances
• For the last four months, earnings estimated by analysts have been revised downwards with respect to the next two years.
Valuation
• Over the past four months, analysts' average price target has been revised downwards significantly.
P/E ratio
• The overall consensus opinion of analysts has deteriorated sharply over the past four months.
EV / Sales
• Sales estimates for the next fiscal years vary from one analyst to another. This clearly highlights a lack of visibility into the
company's future activity. Price to Book
• Financial statements have repeatedly disappointed market stakeholders. Most often, they were below expectations. Price to Free Cash Flow
Yield

Momentum
Turnover review 12m
Turnover review 4m
Turnover review 7 days
Earnings revision 12m
Earnings revision 4m

Consensus
Analyst Opinion
Potential Price Target
Price target revision 4m
4m Revision of opinion
12m Revision of opinion

Business Predictability
Analyst Coverage
Divergence of Estimates
Divergence of analysts' opinions
Divergence of Target Price
Earnings quality

Environment
Emissions
Innovation
Use of resources

Social
Social commitment
Human Rights
Product liability
Human Resources

Governance
CSR Strategy
Management
Shareholders

Controversy
Controversies

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and https://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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