Is Almirall (BME:ALM) Undervalued After Half Year Results And Guidance Reiteration?
Almirall (BME:ALM) is in focus after reporting half year 2026 results on 24 July, alongside a reiteration of full year guidance for net sales growth of 9% to 12%.
See our latest analysis for Almirall.
The reiteration of guidance comes after a mixed year for Almirall’s share price, with a 7-day share price return of 4.75% and a year-to-date share price return down 11.16%. The 3-year total shareholder return of 39.16% shows stronger longer term momentum.
If today’s update has you thinking about other healthcare opportunities, this could be a useful moment to see which dermatology and biotech peers are using AI, starting with 125 healthcare AI stocks
After Almirall’s guidance reiteration and recent share price bounce, the question is whether this is an early entry point or a brief pause in a tougher year to date. How does the current valuation stack up?
Most Popular Narrative: 21.4% Undervalued
Almirall's most followed narrative pegs fair value at €14.58, which sits above the last close at €11.46 and frames the recent guidance reiteration in a valuation context.
Robust innovation and successful partnerships (Simcere, Lilly, Sun Pharma) have deepened Almirall's late-stage and proprietary pipeline, raising the probability of high-margin new product launches addressing underserved patient populations, which supports both top-line and margin expansion.
Curious what justifies that higher fair value for Almirall. The narrative leans heavily on compounding revenue, rising margins and a future earnings multiple that needs to hold up. The exact mix of those ingredients is where the story gets interesting.
Result: Fair Value of €14.58 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Almirall’s story still carries clear risks, particularly its reliance on key dermatology products and pressure on margins if biologic costs or pricing constraints tighten.
Find out about the key risks to this Almirall narrative.
Another View On Almirall's Valuation
The analyst narrative and fair value of €14.58 suggest Almirall is undervalued. Yet the market is paying a P/E of 42.2x compared with 26x for peers and a fair ratio of 31.1x. That kind of premium raises the question of how much optimism is already in the price.
To see how this richer P/E stacks up against earnings quality and growth assumptions, it is worth looking at a fuller breakdown of the numbers, including the fair ratio and peer group, through See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
If this mix of optimism and caution around Almirall leaves you undecided, take a closer look at the numbers now and form your own view. To see what investors are finding encouraging, review the 4 key rewards
Looking for more investment ideas beyond Almirall?
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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.
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