Almirall (BME:ALM) Stock Faces Rich P/E As 177% Earnings Growth Fuels Bullish Narratives

Almirall (BME:ALM) has put fresh numbers on the table for Q2 2026, reporting revenue of €313.2 million and net income of €24.3 million, alongside trailing twelve month EPS of €0.28 on revenue of €1.16 billion and net income of €59.1 million. The company has seen revenue move from €262.2 million in Q3 2025 to €288.9 million in Q4 2025, €292.4 million in Q1 2026 and now €313.2 million in Q2 2026, with quarterly net income shifting from €12.5 million to €7.1 million, €15.3 million and €24.3 million over the same stretch. This sets up a results season where investors can focus squarely on earnings trends and how these feed into profitability. With net profit margins running at 5.1% over the trailing year versus 2% the prior year, this latest release gives investors a clearer look at how Almirall is converting its top line into bottom line.

See our full analysis for Almirall.

With the headline figures in place, the next step is to see how these results line up against the widely followed narratives around Almirall's growth, risks and long term earnings power.

See what the community is saying about Almirall

Almirall’s 5.1% margin puts earnings in focus

• Over the last 12 months, Almirall converted €1.16b of revenue into €59.1 million of net income, which works out to a 5.1% net margin compared with 2% the prior year mentioned earlier.
• Consensus narrative points to dermatology expansion and partnerships as key margin drivers, and the current 5.1% margin gives mixed evidence for that view:
  • On one hand, trailing net income of €59.1 million on €1.16b of sales supports the idea that more skin health products are reaching scale and covering fixed costs.
  • On the other hand, a 5.1% margin is still modest for a specialist pharma group, so it does not yet fully match the consensus expectation of sustained, higher profitability over the coming years.

177.1% earnings growth vs richer P/E

• Earnings grew 177.1% over the past year, while the stock trades on a P/E of 41.3x compared with 25.7x for peers and 21.3x for the wider European Pharmaceuticals industry.
• Bulls argue that strong growth justifies paying up for Almirall, but the current valuation creates a clear tension:
  • Forecasts in this dataset call for earnings growth of 25.6% a year and revenue growth of 8.3% a year, which lines up with the bullish idea that dermatology launches can keep driving profit.
  • At the same time, a 41.3x P/E means any slowdown from that 25.6% earnings path could matter more for Almirall than for lower rated peers on 21.3x to 25.7x.

On these numbers, bulls see momentum in Almirall that might justify a higher multiple, while the premium P/E leaves less room for disappointment, so it is worth checking the full bullish case in detail 🐂 Almirall Bull Case

DCF fair value €35.91 vs €11.20 price

• The stock trades at €11.20 against a DCF fair value of €35.91 in this dataset and an analyst price target of €14.51, so both the model and targets sit above the current share price.
• Critics highlight that Almirall’s high P/E could still be exposed to earnings risk, and the bearish narrative would stress a few pressure points:
  • Heavy reliance on key dermatology drugs and comments about higher R&D spend and royalty costs in the consensus and bullish texts show why some investors might question how robust that DCF fair value of €35.91 really is.
  • At the same time, trailing revenue of €1.16b and net income of €59.1 million provide a concrete earnings base today, which the €11.20 price is weighing against those future pipeline and pricing risks.

If you are weighing that gap between €11.20 and the higher fair value and target figures, it is worth seeing how the more cautious narrative frames the same earnings and margin data 🐻 Almirall Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Almirall on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of optimism and caution around Almirall has you thinking, take a moment to review the numbers yourself and decide how they stack up for your portfolio. Then round out your view by checking the company’s 4 key rewards

See What Else Is Out There

Almirall combines a modest 5.1% net margin with a relatively rich 41.3x P/E, so the stock carries meaningful pressure to live up to growth expectations.

If that mix of thin margins and a premium valuation makes you cautious, compare it with companies that look cheaper on the numbers by starting with the 246 high quality undervalued stocks.

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.

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