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Laboratorios Farmacéuticos ROVI


€1626m market cap

€29 last close

Laboratorios Farmacéuticos ROVI is a fully integrated Spanish speciality pharmaceutical company that is developing, manufacturing and marketing small molecule and speciality biologic drugs, with expertise in low molecular weight heparin (LMWH). Its drugs pipeline is focused on its proprietary ISM technology.

Investment summary

ROVI is a profitable speciality healthcare company that markets ~40 proprietary and in-licensed products across nine core franchises, mainly in its domestic Spanish market. Since obtaining market authorisation for its internally developed enoxaparin biosimilar (Becat) in multiple countries, ROVI has commenced marketing in several European countries and has signed out-licensing agreements that cover 91 countries globally – key drivers for sales and operating growth in the medium term. In September 2019, ROVI announced that it plans to build a new LMWH manufacturing facility over the next three years, doubling its current capacity. R&D progress continues with its proprietary ISM technology. Following positive PRISMA-3 data on DORIA (risperidone ISM), a long-acting injectable for schizophrenia, regulatory fillings can be expected during 2020.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 304.8 29.5 19.2 38.45 75.4 170.8
2019A 382.5 60.9 45.6 76.64 37.8 N/A
2020E 402.7 53.6 37.0 62.11 46.7 36.2
2021E 438.4 57.7 40.8 68.10 42.6 34.6
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 13/07/2020
Share price graph
Balance sheet
Forecast net debt (€m) 11.3
Forecast gearing ratio (%) 3
Price performance
Actual 25.5 23.4 45.4
Relative* 23.3 17.5 81.9
52-week high/low €29.0/€19.9
*% relative to local index
Key management
Javier Lopez-Belmonte Encina CFO
Marta Campos Martinez Investor Relations

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