€1620.4m market cap
€28.9 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 filings can be expected in H220.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 304.8 | 29.5 | 19.2 | 38.45 | 75.2 | 170.2 |
| 2019A | 382.5 | 60.9 | 45.6 | 76.64 | 37.7 | N/A |
| 2020E | 394.5 | 70.9 | 54.3 | 88.10 | 32.8 | N/A |
| 2021E | 449.2 | 78.2 | 60.8 | 98.02 | 29.5 | 36.8 |
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 22/09/2020
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 59.5 |
| Forecast gearing ratio (%) | 17 |
Price performance
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Key management |
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|---|---|
| Javier Lopez-Belmonte Encina | CFO |
| Marta Campos Martinez | Investor Relations |
Content on Laboratorios Farmacéuticos ROVI
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