Laboratorios Farmacéuticos ROVI - Strength in heparins; next up DORIA
Laboratorios Farmacéuticos ROVI has reported strong revenue growth in FY18, with total revenues up 10% (€304.8m) beating guidance for the year. Its low molecular weight heparin (LMWH) franchise consisting of Becat (enoxaparin biosimilar) and flagship drug Hibor (bemiparin) reported sales of €121.5m (+42%). Hibor sales in Spain rose 14.7%, outperforming our 4% expectation. Becat (enoxaparin biosimilar) reported sales of €30.2m; its performance benefitted in 2018 from the ongoing roll-out in several European countries. Gross proceeds of the €88m capital raise will be used partly to fund the acquisition or in-licensing of additional products and sustain R&D efforts; of importance is Phase III DORIA (LA risperidone for schizophrenia) and data are anticipated in Q219. We value ROVI at €1.23bn.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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