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Edison Investment Research Limited
London, UK, 11 December 2020 Laboratorios Farmacéuticos ROVI (ROVI): All good things come in threes Laboratorios Farmacéuticos ROVI's (ROVI's) recent capital markets day (CMD) highlighted the strong positioning of its three key franchises. Combined unit sales of Becat and Hibor have now overtaken incumbent Clexane sales, establishing ROVI as a leader in low molecular weight heparins (LMWHs). The US DORIA (risperidone ISM) NDA has been filed for schizophrenia. Near-term inflection points include DORIA EU approval and launch (2021e). The COVID-19 opportunity has led to a significant rally in the shares, since Moderna reported primary efficacy data on its COVID-19 vaccine (mRNA-1273). ROVI has signed a deal to provide finished mRNA-1273 vaccine for supply ex US; this is a strong validation of its prefilled syringe fill and finish capabilities. We value ROVI at €1.86bn.
Our revised valuation is €1.86bn or €33.2 per share (€1.57bn previously). We include Letrozole ISM in breast cancer for the first time and bring forward our Becat peak sales timeframe by two years to 2024. ISM products (DORIA and Letrozole) contribute 31% to our valuation. Our valuation does not include the specific impact of the Moderna deal, but we have increased our near-term growth rates for the toll manufacturing business to reflect the higher value strategy for this business.
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