Laboratorios Farmacéuticos ROVI - Momentum continues across key franchises
Reported 9M20 numbers highlight continual strength in sales across key franchises and ongoing margin expansion. ROVI reported operating revenue of €302.1m (+12%). Within the low molecular weight heparin (LMWH) franchise (+26% to €157.7m), biosimilar enoxaparin (Becat) performed strongly, while the toll manufacturing division (+38% to €62.7m) benefited from the redirection of strategy to high value-added products. EBITDA increased 47% to €69.7m in 9M20, reflecting lower R&D costs and increasing operational leverage. ROVI has given guidance for FY21 of mid-single-digit growth in total operating revenues (excluding the manufacture of Moderna’s COVID-19 vaccine candidate). The US NDA filing for DORIA is expected in Q420, and in Europe we expect approval and launch in 2021. We value ROVI at €1.57bn.Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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