Almirall lowers guidance

Almirall S.A. (Madrid:ALM) lowered its 2017 top-line and earnings guidance. The dermatology company now expects 2017 revenues and sales to fall in the low double digits compared to 2016, and it guided to EBITDA of €140-€170 million ($160-$194 million). Previously, Almirall expected top-line growth of low- to mid-single digits and EBITDA growth in the mid-single digits over its 2016 figure of €227.6 million.

The company attributed the change to three factors affecting its U.S. subsidiary, Aqua Pharmaceuticals. Almirall cited further inventory reductions beyond prior reductions during 1Q17, inappropriate overuse of savings cards in a patient assistance program, and generic competition for acne drug Acticlate doxycylcine hyclate. The company said its ex-U.S. business performance is “in line with expectations.” Acticlate is an oral tetracycline antibiotic...