Laboratorios Farmacéuticos ROVI - Outperforming the market
Interim results highlight the momentum at Laboratorios Farmacéuticos ROVI, as both H119 operating revenue (21% y-o-y to €177.5m) and EBITDA (99% y-o-y to €26.5m) grew by double-digit percentages. The focus on new, proprietary products continues to benefit ROVI, as evidenced by the ongoing success in rolling out its enoxaparin biosimilar (Becat) in Europe. Becat sales grew fourfold y-o-y to €36.5m and continue to aid ROVI’s expansion of its low molecular weight heparin (LMWH) franchise (H119 revenues: €81.7m vs H118: €57.2m). ROVI has upgraded its revenue growth guidance for the year to high double-digit growth from low double digits. We value ROVI at €1.33bn vs €1.17bn previously.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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