Laboratorios Farmacéuticos ROVI (MC:ROVI) reported Q118 operating revenue of €75.8m (+12% y-o-y), driven by strong growth in the specialty pharmaceutical business (+23%). Flagship drug Hibor (bemiparin) grew 19% (y-o-y) and the majority of the portfolio of drugs posted robust growth. Biosimilar enoxaparin reported sales of €4.1m (despite only being available in Germany since September 2017 and the UK since March 2018), and ROVI has announced a distribution and marketing agreement in the MENA region with Hikma. This asset remains a key driver of near-term top-line growth and medium-term operating profit growth. Toll manufacturing sales declined 23% y-o-y, but we note that Q117 was an exceptionally buoyant year for the injectables division. We value ROVI at €956.7m.
Enoxaparin Becat launched in Germany and the UK
ROVI’s internally developed biosimilar enoxaparin (Enoxaparin Becat, EB) is now available in Germany and the UK. The majority of the €4.1msales booked in Q118 relate to Germany; this initial ramp-up is impressive and EB is well on track to hit FY18 guidance of €20-30m in sales. ROVI has signed a licensing agreement with Hikma for the distribution and marketing of its enoxaparin biosimilar across 17 countries in the MENA region. Hikma has a strong and long-established presence in these countries and this partnership bodes well for enoxaparin in these regions.
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