Almirall shares rise after net profit falls less than forecast
Adds share moves and analyst quote
May 13 (Reuters) -Almirall ALM.MC shares surged on Monday after the Spanish pharmaceutical company's net profit fell less than expected in the first quarter and said it was seeking acquisition targets.
The company said its net profit fell 4% in the quarter to 7.4 million euros ($7.97 million) on higher costs, a result which RBC said in a note was better than the 5.2 million euros expected by analysts.
Its earnings before interest, taxes, depreciation and amortisation rose 1.4% to 52.5 million euros, supported by sales growth in Europe.
"In the longer term, strong sales growth, with new launches, will allow for strong operating leverage, EBITDA margin growth and therefore profit growth," said Renta 4 analysts.
Its shares jumped 8% on the Madrid stock market shortly after opening and were last 4.9% up in late morning trading.
Almirall said it was on track to meet its 2024 full-year target of EBITDA of between 175 and 190 million euros, up from 174 million euros in 2023, and high-single digit net sales growth. It added it was seeking "new inorganic growth opportunities."
($1 = 0.9282 euros)
Reporting by Matteo Allievi, editing by Inti Landauro, Louise Heavens and Emelia Sithole-Matarise
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