Spain's Almirall lowers 2020 net sales expectations on coronavirus

Spain's Almirall lowered on Monday its 2020 outlook, expecting a decrease in net sales and core earnings after the coronavirus pandemic hit its dermatology business, bringing net profit down 31.5% in the first semester.

BARCELONA, July 27 (Reuters) - Spain's Almirall ALM.MC lowered on Monday its 2020 outlook, expecting a decrease in net sales and core earnings after the coronavirus pandemic hit its dermatology business, bringing net profit down 31.5% in the first semester.

The Barcelona-based pharmaceutical company reported a 42.4 million euros ($49.59 million) net profit in the first half of the year down from 61.9 million euros a year ago.

Almirall now forecasts 2020 net sales to fall in low to mid single-digit compared with a prior forecast of low to mid single-digit growth.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) would fall to between 230 million euros and 250 million euros down from 304.2 million euros in 2019. The company previous expectation was 260-280 million euros.

($1 = 0.8550 euros)

(Reporting by Joan Faus, editing by Inti Landauro)

((joan.faus@thomsonreuters.com;))

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