Laboratorios Farmacéuticos ROVI - Top-line strength as R&D costs rise
Laboratorios Farmacéuticos ROVI (ROVI) has reported H118 operating revenue of €146.3m (+5.4% y-o-y), driven by substantial growth in the speciality pharmaceutical business (H118: €123.2m, +14% y-o-y). Flagship product Hibor (bemiparin) sales grew to €48.3m (H117: €42.6m) as ROVI takes advantage of changing market dynamics, notably in Spain (+16% y-o-y). Enoxaparin biosimilar (EB) has now launched in Germany, UK and Italy, with further rollout across Europe ongoing. ROVI continues to expect FY18 sales of between €20m and €30m (H118: €8.9m). Net profit for H118 was down to €7.6m (H117: €15.8m) mainly due to significantly increased R&D costs from the ongoing Risperidone-ISM Phase III trial and Letrozole-ISM Phase I trial. We value ROVI at €1.21bn or €24.1 per share.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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