BARCELONA (Reuters) - Spain's Almirall (MC:ALM) on Monday said its first-quarter net profit rose 63% and it kept 2020 outlook steady, but said it may need to change it depending on how the novel coronavirus pandemic evolves.
Almirall's shares gained 5.8% by 7.06 GMT, outperforming Madrid's general index (SMSI), which was up 0.82%.
"In terms of the business, it is too early to estimate the long-term impact (of the coronavirus) on the health sector in general, and on Almirall in particular," the company's CEO Peter Guenter said in a statement.
"Nevertheless, we are satisfied with this first quarter, which has met the objectives set before the crisis."
The Barcelona-based pharmaceutical company reported net profit of 48.6 million euros ($52.67 million) between January and March versus 29.9 million euros in the same period in 2019 as revenue rose 7% and sales 8%, partly prompted by an increase in stockpiles related to the health crisis.
Almirall said it was maintaining for now its 2020 outlook of net sales growing in low to mid single-digit and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) falling to between 260 million euros ($281.87 million) and 280 million euros from 304.2 million euros in 2019.
The dermatology specialist said the forecast was "subject to a normalisation of the health systems" at the end of the second quarter and the extent of the pandemic impact in the period, especially in the United States, given that prescriptions of its drugs declined after the virus outbreak there.
Almirall said its plants have continued to operate at full capacity despite lockdowns to control the coronavirus.
It said it had increased the production of paracetamol after verifying the drug could help ease the effects of COVID-19, the disease caused by the novel coronavirus.