Barcelona, 5th of December 2013.- Almirall announced today a reorganization at European level in order to optimise the potential of its portfolio of existing and new products. Pharmaceutical markets in Europe and particularly in Spain have been impacted over the last years by economic driven decisions, made by country's health authorities that have negatively affected the growth of those markets and the introduction and uptake of new products.
Eduardo Sanchiz, CEO of Almirall indicates that "We have been investing heavily over the last few years to maximize the potential of our portfolio of new products. However these efforts are happening at a time of unprecedented challenges in our industry and in key markets for our company. We have growth opportunities ahead of us and we will only manage to achieve them if we rebalance our resources and focus our efforts there where we are in a better position to realize long term success".
In Spain for example, as a result of key decisions taken by health authorities, the pharmaceutical market has been contracting during four consecutive years and growth is not expected in the short term. Almirall's performance, despite the introduction of new products, has followed this trend.
The reorganization program that the company now starts will impact, among other European countries, the structure in Spain where it may affect 250 positions. The measures implemented up to now in this country to contain costs, realize synergies and improve competitiveness, while effective, have not been enough to reach the desired objectives.
Almirall is committed to providing an open dialogue and the determination to achieve satisfactory agreements. The process is intended to be conducted with the upmost respect for our employees and the company will propose an appropriate social plan to minimize the effects of this measure.
Almirall is reluctantly taking this course of action with the conviction that with the right balance and allocation of resources it can be better positioned to reach the potential of its portfolio.
Almirall is a pharmaceutical company committed to provide valuable medicines through our own R&D efforts, which exceeded 23% on sales in 2012, together with external partnerships, licenses and collaborations. Through seeking innovative medicines we aim to become a relevant player in respiratory and dermatology diseases with also a strong interest in gastroenterology and pain. With more than 3000 employees in 22 countries, Almirall generated total revenues of 900 million in 2012.
The company was founded in 1943 and is headquartered in Barcelona, Spain. The stock is traded in the Spanish stock exchange (ticker: ALM).
For more information please visit www.almirall.com
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