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    What Almirall (BME:ALM)'s €250 Million Bond Issue Means For Shareholders

    Simply Wall St·12/12/2025 08:19:13
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    • Almirall, S.A. recently completed a €250 million fixed-income offering, issuing 3.75% senior unsecured notes due 2031 at 100% of principal.
    • This successful bond placement increases Almirall’s financial flexibility, which could matter for funding its dermatology pipeline and managing upcoming investment needs.
    • Next, we’ll examine how this new €250 million senior unsecured issuance could influence Almirall’s investment narrative and future capital allocation.

    Find companies with promising cash flow potential yet trading below their fair value.

    Almirall Investment Narrative Recap

    To own Almirall, you need to believe its dermatology focus, led by drugs like Ilumetri and lebrikizumab, can support growing revenue and earnings despite concentrated product exposure and pricing pressure. The new €250,000,000 senior unsecured notes modestly improve financial flexibility, but do not materially change the key near term catalyst, which remains execution on the dermatology pipeline, or the main risk, which is revenue concentration in a few biologic assets.

    The most relevant recent announcement alongside this bond issue is Almirall’s reaffirmed 2025 guidance for high single digit to 10 percent to 13 percent net sales growth, backed by improving profitability year to date. Together, that guidance and the added funding capacity highlight how much now rests on the continued commercial and clinical traction of its core dermatology portfolio, as investors weigh upside from pipeline delivery against margin pressure and geographic weakness.

    Yet investors should be aware that if Ilumetri or Ebglyss underperform or face faster than expected competition...

    Read the full narrative on Almirall (it's free!)

    Almirall's narrative projects €1.4 billion revenue and €145.4 million earnings by 2028. This requires 10.5% yearly revenue growth and about a €124 million earnings increase from €21.3 million today.

    Uncover how Almirall's forecasts yield a €13.86 fair value, a 5% upside to its current price.

    Exploring Other Perspectives

    BME:ALM 1-Year Stock Price Chart
    BME:ALM 1-Year Stock Price Chart

    Three fair value estimates from the Simply Wall St Community span roughly €13.86 to €27.41 per share, showing how far apart individual views can be. You can set those against the concentration risk around Ilumetri and Ebglyss, which could have wider implications for Almirall’s future earnings profile and capital needs, and then explore several alternative viewpoints before forming your own view.

    Explore 3 other fair value estimates on Almirall - why the stock might be worth over 2x more than the current price!

    Build Your Own Almirall Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Almirall research is our analysis highlighting 3 key rewards that could impact your investment decision.
    • Our free Almirall research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Almirall's overall financial health at a glance.

    Ready For A Different Approach?

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.