Seeking Alpha: Almirall Quietly Building A Better Business

Definitely not a household name for most American readers, Spain's Almirall SA (OTC:LBTSF) (ALM.MC) is building an interesting specialty pharmaceutical business for itself in Europe. Roughly 80% of the company's sales are in Europe (half of that in Spain) and the company still depends upon in-licensed products for close to half of its sales, but aclidinium and a newly expanded dermatology business could lead to meaningful revenue growth and margin leverage in the coming years.

Almirall certainly still has challenges in front of it, including getting a combo version of aclidinium through the FDA approval process and bulking up its drug development efforts, but the forward valuation doesn't seem demanding and mid-cap drug companies are being hunted to extinction in the M&A market.

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Almirall Quietly Building A Better Business

Seeking Alpha: Xenoport's Path Is Long, But The Potential Is There

Potential is a word you hear a lot in biotech, but it's also worth remembering a quote (apocryphally attributed to former Dallas Cowboys defensive lineman Randy White) that goes "potential is a fancy French word that means you haven't done yet".

If XenoPort (XNPT) can establish '829 as a true peer to Biogen Idec's (BIIB) Tecfidera, or possibly better in some respects, the stock is going to do very, very well. Of course, if the data don't come through, this company has very little left other than a record of repeated disappointments.

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Xenoport's Path Is Long, But The Potential Is There