Rovi Pharmaceutical Laboratories, SA, Spanish and pan-European pharmaceutical company, dedicated to the research, development, manufacturing under license and commercialization of small molecules and biological specialties, recorded at the end of the first half of 2022 a growth of 31% in its operating profit, reaching 380.4 million euro.euro. This growth was mainly driven by the strength of the manufacturing activity for third parties, which increased by 76%, and by the specialty pharmaceuticals activity, whose sales increased by 9%. Total revenue increased by 31% to 381.3 million euros in the first half of 2022, the company informed.
Rovi increased its EBITDA by 56% to €115.8 million in the first half of 2022, reflecting an increase in EBITDA margin of 4.9 percentage points to 30.4%.
For its part, the net benefit increased at least 80.6 million euros in the first half of 2022, where it assumes a reduction of 58% with respect to the registration in the first half of 2021, which is situated in los 51.0 millions of euros.
Sales of the heparin division (Low Molecular Weight Heparins and other heparins) increased by 8% compared to the same period of the previous year, reaching 141.6 million euros in the first half of 2022. heparin represented 37% of operating income in the first half of 2022, compared to 45% in the first half of 2021. Rovi expects the heparin division’s sales to increase in the lower second decade (i.e. the ten between 10% and 20%) in 2022. Sales of low molecular weight heparins (LMWHs) increased by 8% in the first half of 2022, compared to the same period of the previous year, to reach 137, 9 million euros.
Sales of biosimilar enoxaparin increased by 31% in the first half of 2022 compared to the same period of fiscal 2021, to €82.1 million, mainly due to (i) the launch of the product in five new countries ; and (ii) increased demand for the product in countries where it is already present. In 2017, Rovi began marketing its biosimilar enoxaparin in Germany; in 2018, in the United Kingdom, Italy, Spain, France, Austria, Latvia and Estonia; in 2019, in Portugal, Poland, Costa Rica, Sweden and Finland; in 2020, in South Africa, Israel, Peru, the Netherlands, Panama and the Dominican Republic; in 2021, in Canada, Belgium, Malaysia, Albania, North Macedonia, Guatemala, El Salvador, Honduras, Georgia, Bahamas, Jamaica, Gabon, Democratic Republic of Congo and Trinidad and Tobago; and in Brazil, Luxembourg, Colombia, Bosnia and Herzegovina and Kosovo in the first half of 2022.
ROVI predicts that in 2022, third-party manufacturing activity will increase between 30% and 40% compared to 2021, including production of the COVID-19 vaccine
Manufacturing sales to third parties increased by 76% compared to the same period of the previous year, reaching 166.4 million euros in the first half of 2022, mainly due to (i) recording of revenues related to the production of the vaccine against Covid-19, (ii) the recording of revenues related to the activities developed to prepare the plant for the production of the vaccine under the agreement with Moderna; and (iii) the reorientation of the strategy of manufacturing activities on behalf of third parties towards products with higher added value.
Rovi expects third-party manufacturing activity in 2022 to increase between 30% and 40% compared to 2021, including the production of the Covid-19 vaccine.
Research and development (R&D) expenses decreased by 12% compared to the same period of the previous year, reaching 10.4 million euros in the first half of 2022. These R&D expenses are mainly related to (i) preparing for the development of the next phase of Letrozole ISM®; and (ii) the development of the new Risperidone ISM® formulation for quarterly injection.
Sales of prescription pharmaceutical products increased by 9% to reach 193.3 million euros in the first half of 2022. According to the consulting firm IQVIA, the market for innovative products in Spain increased by 5% in the first half of 2022 compared to the first half of 2021. The 9% increase in sales of ROVI’s prescription pharmaceuticals therefore means a market outperformance of 4 percentage points
The general meeting of shareholders of ROVI, during its meeting of June 14, 2022, decided to pay shareholders a dividend of 0.9556 euros gross per share with the right to receive it, charged to the results of the 2021 financial year, which represents an increase of 151% compared to the dividend paid on the results of the 2020 financial year (0.3812 euros/share) and involves the distribution of an amount of approximately 35% of the consolidated net income for the 2021 financial year This dividend was distributed on July 7, 2022.