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UPDATE 1-Almirall's 2020 net profit falls 30%, pandemic impact to continue

(Adds details, background)

BARCELONA, Feb 22 (Reuters) - Spanish pharmaceutical company Almirall’s said on Monday its 2020 net profit fell 29.9% to 74.3 million euros ($90.05 million) due to the impact of the coronavirus and the introduction of generic competition to one of its products.

The Barcelona-based group expects the pandemic’s impact to continue weighing on sales through the first half of 2021 but they will progressively normalize in the second half.

Thanks to the launching of new products and the expected easing of the coronavirus, Almirall forecasts mid single-digit growth in 2021 core sales.

Core earnings before interest, taxes, depreciation, and amortization (EBITDA) should be between 190 and 210 million euros, up from 181 million euros in 2020, it said.

As its core business, the company excludes the deferred income from a prior deal with Astrazeneca.

Almirall recently announced Gianfranco Nazzi of Israel’s Teva Pharmaceuticals Industries, as its new chief executive officer.

The Spanish company fulfilled its latest 2020 guidance with net sales falling 5.4%, to 807.4 million euros, compared with a prior forecast of low to mid single-digit growth.

Reported EBITDA fell 21.7% to 238.3 million euros, within the company’s latest guidance.

$1 = 0.8251 euros Reporting by Joan Faus; Editing by Nathan Allen and Kim Coghill

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