(Reuters) – Spanish pharmaceutical group PharmaMar posted a 32% drop in annual net profit on Monday after the company recorded its best ever results in 2020 thanks to unprecedented growth in its oncology drugs division.
PharmaMar, which develops marine-inspired oncology drugs, said its 2021 net profit was 92.9 million euros ($104.31 million) compared with 137.3 million euros a year earlier.
Recurring revenue, which includes net sales plus royalties from sales by partners, rose 27% to 164.8 million euros over the same period, boosted by demand for its cancer treatments.
($1 = 0.8906 euros)
(Reporting by Aida Pelaez-Fernandez; Editing by Nathan Allen)
