Laboratorios Farmacéuticos ROVI - Stunning growth in speciality pharmaceuticals
Laboratorios Farmacéuticos ROVI (ROVI) reported Q118 operating revenue of €75.8m (+12% y-o-y), driven by strong growth in the speciality pharmaceutical business (+23%). Flagship drug Hibor (bemiparin) grew 19% (y-o-y) and the majority of the portfolio of drugs posted robust growth. Biosimilar enoxaparin reported sales of €4.1m (despite only being available in Germany since September 2017 and the UK since March 2018), and ROVI has announced a distribution and marketing agreement in the MENA region with Hikma. This asset remains a key driver of near-term top-line growth and medium-term operating profit growth. Toll manufacturing sales declined 23% y-o-y, but we note that Q117 was an exceptionally buoyant year for the injectables division. We value ROVI at €956.7m.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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