Altana, the German maker of pharmaceuticals and specialty chemicals, unveiled Thursday lower-than-expected earnings in the first quarter of this year and appeared to be fractionally more cautious about the outlook for the full year.
Altana said in a statement it booked net profit of 94 million euros (122 million dollars) in the period from January to March, an increase of 4.0 percent from the year-earlier period.
Earnings before interest and tax (EBIT) were up one percent at 150 million euros on a four-percent increase in sales to 741 million euros, the statement said.
The bottom-line profit fell short of analysts' expectations for net profit of around 99 million euros.
Altana explained that high spending on research and development and launch costs of its anti-asthma drug Alvesco, as well as one-off charges related to the reorganisation of its coatings and sealants division had weighed on earnings.
Regarding the outlook for the full-year, Altana appeared to be slightly more cautious than it had been last month.
"Group earnings are expected to reach year-earlier levels," it said. Only last month, the drug maker had said it was pencilling in slightly higher profits.
Sales were expected to rise by six-to-eight percent.