¿Puede ser Almirall el tesoro escondido en el mercado continuo?

Almirall finds itself in a precarious situation in the Spanish stock market, despite maintaining a positive outlook from analysts. The pharmaceutical group has dropped an impressive 19.1% this year, reaching its lowest levels since last year. This decline follows a stellar 2025, where the company saw a 55.6% increase in share price, marking its best year since 2018, after three consecutive years of losses.

Despite a strong start to 2026, with the stock reaching a high of 13.6 euros in February, earnings have been unable to revive the company's fortunes. The weakness in Almirall's stock price stands in stark contrast to the bullish recommendations from analysts, who have a median price target of 14 euros, a 38% upside from the share's trading price of 10.38 euros as of yesterday.

The most significant factor is that Almirall, a former index component of the IBEX 35, has one of the most favorable recommendations in the Spanish market, with 85% of analysts recommending a buy. All firms have confirmed their outlooks following impressive first-half results. Renta 4, one of the firms, has emphasized the need to overweight the company, and has set a price target of 14 euros per share.

In the first half of the year, Almirall generated 39.6 million euros, a 49.4% increase year-over-year, while revenues grew by 7.5% to 605.6 million euros. The company's dermatology business in Europe has driven much of this growth. Almirall aims to end the year with sales between 9% and 12% higher than the same period last year, with EBITDA expected to range between 270 and 290 million euros.

These figures and forecasts have earned the support of Bestinver, which increased its stake in the company during the second quarter, confident in the company's track record of solid earnings, despite the current decline in its stock price.