May 11, 2020 / 12:15 PM / 22 days ago

Almirall's profit may fall in second quarter, outlook will depend on pandemic: CFO

BARCELONA (Reuters) - Spain’s Almirall (ALM.MC) does not expect to swing to a loss in the second quarter but its profit may decrease as it deals with the coronavirus pandemic’s impact, its Chief Financial Officer Mike McClellan told Reuters on Monday .

The pharmaceutical company will have to evaluate whether to maintain its 2020 outlook if the health situation has not stablised after this summer, McClellan said after Almirall reported its first-quarter net profit rose 63%.

Almirall currently forecasts net sales growing in low to mid single-digit and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) falling to between 260 million euros ($281.22 million) and 280 million euros from 304.2 million euros in 2019.

Almirall will keep its eyes open on potential M&A opportunities, likely in Europe, but will act cautiously, McClellan said.

Reporting by Joan Faus, Editing by Inti Landauro and Louise Heavens

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