Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Almirall Quietly Building A Better Business

Definitely not a household name for most American readers, Spain's Almirall SA (OTC:LBTSF) (ALM.MC) is building an interesting specialty pharmaceutical business for itself in Europe. Roughly 80% of the company's sales are in Europe (half of that in Spain) and the company still depends upon in-licensed products for close to half of its sales, but aclidinium and a newly expanded dermatology business could lead to meaningful revenue growth and margin leverage in the coming years.

Almirall certainly still has challenges in front of it, including getting a combo version of aclidinium through the FDA approval process and bulking up its drug development efforts, but the forward valuation doesn't seem demanding and mid-cap drug companies are being hunted to...

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