Almirall Ord Share Price (0O9B)

Credit Suisse has updated its coverage of Spanish pharmaceutical company Almirall, reiterating an 'outperform' rating and a stock price target of eight euros. Analysts at the Swiss bank said that Almirall's nine-month sales were broadly in line but EBIT (earnings before income tax) were 25% above their forecasts. They highlighted that the company reiterated its own sales and earnings forecast for 2012. However, Credit Suisse cut its 2013 EPS (earnings per share) forecast by 28%, saying that it expects considerable SG&A (Selling, General and Administrative) spending ahead of two imminent drug launches. "Given the necessary launch investments in the face of sustained domestic austerity, 2013 was always likely to be the trough year for Almirall. Execution is now key. With Eklira and linaclotide de-risked from a regulatory perspective, we continue to believe growth can return from 2014," the broker said. As positive catalysts, Credit Suisse identifies "the EU and US launch progress of aclidinium following recent approvals and EU launch of linaclotide." Shares of Almirall were up 0.44% to €6.87 in early afternoon trading in Madrid