Laboratorios Farmacéuticos ROVI

SP: ROVI

€1031.7m market cap

€18.4 last close

Laboratorios Farmacéuticos ROVI is a fully integrated Spanish speciality pharmaceutical company involved in the development, in-licensing, manufacture and marketing of small molecule and speciality biologic drugs with a particular expertise in low molecular weight heparin (LMWH).

Investment summary

ROVI, a profitable, speciality healthcare company, markets ~40 proprietary and in-licensed products across nine core franchises, mainly in its domestic Spanish market. ROVI is at a major inflection point since obtaining market authorisation for its internally developed enoxaparin biosimilar in 21 European countries (ahead of any competition). During 2018, ROVI commenced marketing in several European countries and has signed out-licensing agreements that cover 63 countries globally – key drivers for sales and operating growth in the medium term. R&D progress continues with its proprietary ISM technology, notably with Risperidone ISM or DORIA, a long-acting injectable for schizophrenia, is expected to complete a Phase III study (PRISMA-3) in Q219.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 265.2 39.3 30.3 58.11 31.7 39.2
2017A 275.6 30.5 20.3 39.99 46.0 31.7
2018E 299.3 27.5 17.5 31.75 58.0 21.1
2019E 322.0 35.8 26.2 47.37 38.8 54.0
Last updated on 18/02/2019
Industry outlook

ROVI has a strong presence in the Spanish heparin market (and select international markets through partners), where it has been manufacturing and marketing its flagship product, Hibor (second-generation LMWH), since 1998.

Last updated on 18/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 88.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.2 2.2 13.6
Relative* 1.3 1.1 22.0
52-week high/low €19.4/€14.8
*% relative to local index
Key management
Javier Lopez-Belmonte Encina CFO
Marta Campos Martinez Investor Relations