Laboratorios Farmacéuticos ROVI - Robust growth across key franchises
Laboratorios Farmacéuticos ROVI (ROVI) has reported operating revenue of €270.8m (+24% y-o-y) for the first nine months of FY19 (9M19), driven by substantial growth in the prescription-based pharmaceutical business (9M19: €199.2m, +27% y-o-y). The focus on new, proprietary products continues to benefit ROVI, as evidenced by ongoing success in the European roll-out of Becat (enoxaparin biosimilar), sales of which grew threefold y-o-y to €52.9m. Total LMWH franchise sales were reported at €122.6m (9M19, +44%), aided by Hibor sales growth in Spain. Management has guided to mid-single digit growth in operating revenues in 2020. We believe this is slightly cautious given the potential for growth across multiple areas of the business, despite the loss of some mature product sales. We value ROVI at €1.35bn.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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