Laboratorios Rovi : Q3 2021 results beat consensus expectations. Sales guidance for 2022e seems conservative
>Laboratorios Rovi released a good set of Q3 2021 results - Total revenues increased +56% y-o-y to € 174m (18% above our estimates and 9% above the consensus) thanks to the Moderna agreement on the mRNA COVID-19 vaccine (sales of toll manufacturing +207% y-o-y, 48% above expectations). Sales of Becat were flat y-o-y at € 27m (12% below estimates).Strong gross margin drives EBITDA well ahead of consensus expectations (37% above). Strong cash flow generatio...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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