Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — 9M 2017 Earnings Presentation
23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, 2017
Slide 1: Nine-month period ending 30th September 2017 Financial Results
Rovi Nine-month period ending 30th September 2017 Financial Results
Slide 2: Disclaimer
Disclaimer This document has been prepared by Laboratorios Farmacéuticos Rovi, S.A. (“ROVI” or the “Company”), solely for its use during the attached presentation. The information and each of the opinions and statements contained in this document have not been verified by independent experts and, th
Slide 3: Operating results
Operating results
Slide 4: 9M 2017 financial results - Highlights
9M 2017 financial results - Highlights ➢ Operating revenue increased by 6% to 203.4 million euros in 9M 2017, driven by the strength of the toll manufacturing business, where sales rose 20%, and by the specialty pharmaceutical business, which grew by 3%, slightly outperforming the market. Total reve
Slide 5: Growth driven by injectable toll manufacturing business, recent launches and bemiparin
Growth driven by injectable toll manufacturing business, recent launches and bemiparin… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 203,4 210 210 200 191,5 0,1 200 +6% 190 0,1 190 180 180 46,1 170 170 38,4 +20% 160 160 150 150 140 140 130 130 120 120 110 110 100 203,4 10
Slide 6: …with high profitability
…with high profitability Recurrent EBITDA (€Mn) and recurrent Recurrent net profit (€Mn) EBITDA margin (%) 20% 40 20 19 36 18 14,2% 13,4% 32 17 15% 16 - 4% 28 15 14 24 13 +0.4% 12 10% 20 11 10 16 9 17,7 17,0 27,1 27,2 8 12 7 5% 8 6 5 4 4 3 0% 0 2 9M 2016 9M 2017 1 0 9M 2016 9M 2017 Recurrent EBITDA
Slide 7: Bemiparin, stable growth in specialty pharmaceutical business
Bemiparin, stable growth in specialty pharmaceutical business Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 150 70 59,2 +4% 61,7 140 65 130 60 120 55 110 20,9 50 19,3 +8% 100 45 90 +3% 40 80 70 35 129,8 133,8 30 60 50 25 40 20 39,9 +2% 40,8 30 15 20 10 10 5 0 0 9M 2016 9M 2017
Slide 8: Good performance of the product portfolio (1/2)
Good performance of the product portfolio (1/2) Absorcol, Vytorin and Orvatez sales (€Mn) Hirobriz and Ulunar sales (€Mn) 30 11,0 28 10,0 26 +21% 9,0 +19% 24 22 8,0 20 7,0 18 16 6,0 14 28,9 5,0 10,4 12 24,0 4,0 8,8 10 8 3,0 6 2,0 4 2 1,0 0 0,0 9M 2016 9M 2017 9M 2016 9M 2017 ➢ Sales of Absorcol, Vyt
Slide 9: Good performance of the product portfolio (2/2)
Good performance of the product portfolio (2/2) Volutsa sales (€Mn) Neparvis sales (€Mn) 7,0 3,0 6,5 6,0 +33% 2,5 5,5 5,0 4,5 2,0 4,0 3,5 1,5 6,5 2,8 3,0 2,5 4,9 1,0 2,0 1,5 0,5 1,0 0,5 0,0 0,0 0,0 9M 2016 9M 2017 9M 2016 9M 2017 Contrast imaging agents (€Mn) ➢ Sales of Volutsa, launched in Spain in
Slide 10: High growth in toll manufacturing services
High growth in toll manufacturing services Toll manufacturing sales (€Mn) ➢ Toll manufacturing sales increased by 20% to €46.1Mn in 9M 2017, compared to the same 48 20% 46,1 period of the previous year, mainly because of the 44 good performance of the injectable business, 38,4 where revenue increase
Slide 11: Focus on Drug Release Platform & Glycomics
Focus on Drug Release Platform & Glycomics Platform Product Potential indication Current situation Expected milestones Pre- I II III Clínical Risperidone, • Phase III has started in Schizophrenia 1H 2017 monthly ISM Letrozole, • Phase has started in Breast Cancer quarterly November 2017 • National R
Slide 12: Guidance 2018
Guidance 2018 2018 operating revenues growth rate Mid-single digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • Spare capacity in the injectable • Latest launches such as Neparvis, plants and in the oral Orvatez, Volutsa, Ulunar and compounds plant Mysi
Slide 13: Financial results
Financial results
Slide 14: Good revenue level with a great toll manufacturing growth
Good revenue level with a great toll manufacturing growth Total operating revenue (€Mn) Bemiparin sales (€Mn) 220 203,4 70 +4% 61,7 191,5 65 59,2 200 2,2 2,9 60 180 +20% 46,1 55 38,4 160 50 19,3 +8% 20,9 140 20,3 +5% 21,4 45 40 120 35 100 30 80 25 60 129,8 +3% 133,8 20 39,9 +2% 40,8 15 40 10 20 5 0
Slide 15: Gross margin positively impacted by the injectable toll manufacturing business
Gross margin positively impacted by the injectable toll manufacturing business Gross profit (€Mn) & Gross margin (%) 70% 150 59,0% 60,1% 140 60% 130 120 ➢ Gross profit increased by 8% to €122.3Mn in 50% 110 9M 2017, reflecting an increase of 1.1 pp in the 100 +8% 90 gross margin to 60.1% in 9M 2017
Slide 16: Cost control along with commitment to R&D
Cost control along with commitment to R&D SG&A expenses (€Mn) R&D expenses (€Mn) 40% 37,9% 37,4% 90 20 85 18 80 +44% 75 16 70 30% 65 14 60 55 12 +5% 50 20% 45 10 18,9 76,1 40 72,6 35 8 30 13,1 6 25 10% 20 4 15 10 2 5 0% 0 0 9M 2016 9M 2017 9M 2016 9M 2017 SG&A SG&A/operating rev enue ➢ SG&A expenses
Slide 17: EBITDA
EBITDA EBITDA (€Mn) and EBITDA margin (%) Recurrent EBITDA (€Mn) and recurrent EBITDA margin (%) 20% 45 20% 40 16,3% 40 36 13,4% 14,2% 13,4% 32 35 15% 15% 28 30 24 25 10% 10% 20 20 16 31,1 -13% 15 27,1 +0.4% 27,2 12 27,2 5% 5% 10 8 5 4 0% 0 0% 0 9M 2016 9M 2017 9M 2016 9M 2017 Recurrent EBITDA Recur
Slide 18: EBIT
EBIT EBIT (€Mn) and EBIT margin (%) Recurrent EBIT (€Mn) and EBIT margin (%) 12% 12,1% 24 12% 28 10,0% 9,0% 9,0% 20 24 20 8% 16 8% -20% -4% 16 12 23,1 12 19,1 18,4 4% 8 4% 18,4 8 4 4 0% 0 0% 0 9M 2016 9M 2017 9M 2016 9M 2017 EBIT EBIT margin Recurrent EBIT Recurrent EBIT margin ➢ Depreciation and am
Slide 19: Net profit
Net profit Net profit (€Mn) 22 20 ➢ Net profit decreased to €17.0Mn in 9M 2017, a 21% -21% 18 decline compared to 9M 2016. However, 16 ✓ excluding the impact of the non recurrent 14 revenue related to the ROVI and Enervit joint 12 21,5 venture creation in 9M 2016, recurrent net 10 17,0 profit decrea
Slide 20: Capital expenditure & Free Cash Flow
Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 9 San Sebastián Injectables; de los Reyes 19% 8 facility; 22% 7 +19% 6 5 Alcalá facility; Maintenance 14% 4 8,1 capex and 6,8 other; 37% 3 2 Granada facility; 9% 1 0 ➢ €8.1Mn of capex invested in 9M 2017. 9M 2016 9M 2017
Slide 21: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 Debt with public administration; 28% 16 12 8 17,3 15,8 Loans from banks; 72% 4 6,2 4,0 3,8 €47.1 million 0 2017 2018 2019 2020 2021 & beyond ➢ Debt with public administration represented 28% of total debt, with 0% interest
Slide 22: News-flow 2017/2018
News-flow 2017/2018 ➢ Sales of biosimilar of enoxaparin (sales range of 20 to 30 million Specialty pharma euros) in 2018 ➢ Additional new in-licensing products to be launched Toll manufacturing ➢ New contracts to be announced ➢ Continue the recruiting of DORIA® Phase III ➢ Start of ISM-Letrozole® Ph
Slide 23: For further information, please contact:
For further information, please contact: Juan López-Belmonte Chief Executive Officer +34 91 3756235 jlopez-belmonte@rovi.es www.rovi.es Javier López-Belmonte Chief Financial Officer +34 91 3756266 javierlbelmonte@rovi.es www.rovi.es Marta Campos / Raquel Murillo Investor Relations +34 91 2444422 mca
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