Laboratorios Farmaceuticos ROVI (MC:ROVI) has reported H118 operating revenue of €146.3m (+5.4% y-o-y), driven by substantial growth in the speciality pharmaceutical business (H118: €123.2m, +14% y-o-y). Flagship product Hibor (bemiparin) sales grew to €48.3m (H117: €42.6m) as ROVI takes advantage of changing market dynamics, notably in Spain (+16% y-o-y). Enoxaparin biosimilar (EB) has now launched in Germany, UK and Italy, with further rollout across Europe ongoing. ROVI continues to expect FY18 sales of between €20m and €30m (H118: €8.9m). Net profit for H118 was down to €7.6m (H117: €15.8m) mainly due to significantly increased R&D costs from the ongoing Risperidone-ISM Phase III trial and Letrozole-ISM Phase I trial. We value ROVI at €1.21bn or €24.1 per share.
LMWH franchise continues to lead product growth
ROVI’s low molecular weight heparin (LMWH) products Hibor (H118: +13% y-o-y to €48.3m) and newly launched EB Becat (H118: €8.9m) continue to be core growth drivers. Becat Q2 sales of €4.8m only slightly increased on Q1 (€4.1m), as Q1 was boosted in Germany from initial inventory stocking. Internationally, ROVI has out-licensing agreements with Sandoz and Hikma.
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