Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI

Laboratorios Farmaceuticos Rovi — 9M 2015 Earnings Presentation

23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, Sep 30, 2015

  1. Slide 1: Nine-month period ended 30 September 2015 Financial Results

    Rovi Nine-month period ended 30 September 2015 Financial Results

  2. 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

  3. Slide 3: Operating results

    Operating results

  4. Slide 4: 9M 2015 financial results - Highlights

    9M 2015 financial results - Highlights  Operating revenue increased by 3% to €177.6Mn, mainly driven by the strength of the specialty pharmaceutical business, where sales rose 5%. Total revenue increased by 2% to €178.5Mn in 9M 2015.  The clinical trial of Risperidone ISM “PRISMA-2” has successful

  5. Slide 5: Growth driven by the specialty pharmaceutical business strength

    Growth driven by the specialty pharmaceutical business strength… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 180 200 173,3 177,6 160 +3% +3% 0,2 0,1 140 160 48,2 46,6 120 -3% 100 120 173,3 177,6 80 80 +5% 60 124,9 130,9 40 40 20 0 0 9M 2014 9M 2015 9M 2014 9M 2015 Specia

  6. Slide 6: …with high profitability

    …with high profitability EBITDA (€Mn) and EBITDA margin (%) w/o Net profit w/o impacts (€Mn) impacts 20% 17,8% 35 24 15,4% 30 20 +26% 15% 25 16 20 10% +19% 12 31,7 22,5 15 26,7 17,8 8 10 5% 5 4 0% 0 0 9M 2014 9M 2015 9M 2014 9M 2015 EBITDA w/o impacts EBITDA margin w/o impacts  In 9M 2015, EBITDA w

  7. Slide 7: Bemiparin in Spain, leading the growth

    Bemiparin in Spain, leading the growth Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 120 60 53,0 +2% 54,2 +5% 100 50 -5% 17,7 80 18,6 40 60 30 101,0 106,0 40 20 +6% 34,4 36,5 20 10 0 0 9M 2014 9M 2015 9M 2014 9M 2015 Spain International Sales  Sales of prescription-based phar

  8. 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) 18 5 15 +10% 4 12 3 9 16,8 4,7 15,3 2 6 1 3 0 0 9M 2014 9M 2015 9M 2014 9M 2015 Medicebran and Medikinet sales (€Mn)  Sales of Absorcol, Vytorin and Orvatez (the last one 6 laun

  9. Slide 9: Good performance of the product portfolio (2/2)

    Good performance of the product portfolio (2/2) Corlentor sales (€Mn) Volutsa sales (€Mn) 2,0 12 10 -2% 1,5 8 6 1,0 1,9 10,1 9,9 4 0,5 2 0 0,0 9M 2014 9M 2015 9M 2014 9M 2015 Contrast imaging agents (€Mn) 20  Sales of Corlentor decreased by 2% to €9.9Mn in +8% 9M 2015. 15  Sales of Volutsa, launch

  10. Slide 10: Value added toll manufacturing services

    Value added toll manufacturing services Toll manufacturing sales (€Mn)  Toll manufacturing sales decreased by 3% to €46.6Mn in 9M 2015. 48,2 -3% 46,6 50  Very positive evolution of the injectables plant, whose revenue increased by 13% to €22.2Mn in 9M 2015. In 40 line with the increase in sales, s

  11. 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 • Phase I results disclosed  Phase II successfully Risperidone, Schizophrenia finished. Final positive monthly results 4Q 2015 ISM • Phase III starts 1H 2016

  12. Slide 12: Guidance 2016

    Guidance 2016 2016 operating revenues growth rate high single digit – low double digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • Spare capacity in the injectable • Recent launches such as plants and in the oral Orvatez, Volutsa, Ulunar and compounds

  13. Slide 13: Financial results

    Financial results

  14. Slide 14: Good revenue level with outstanding Bemiparin growth in Spain

    Good revenue level with outstanding Bemiparin growth in Spain Total operating revenue (€Mn) Bemiparin sales (€Mn) 200 60 +2% 54,2 173,3 +3% 177,6 53,0 180 5,9 5,4 50 160 -3% 46,6 -5% 17,7 140 48,2 18,6 40 120 19,7 18,2 +8% 100 30 80 20 +6% 60 34,4 36,5 101,0 +5% 106,0 40 10 20 0 0 9M 2014 9M 2015 9M

  15. Slide 15: Gross margin impacted by a reduction in Other income (subsidies)

    Gross margin impacted by a reduction in Other income (subsidies) Gross profit (€Mn) & Gross margin (%) 70% 61,7% 120  Gross profit increased by 4% to €109.7Mn in 9M 61,0% 2015. 60% 100  Gross margin increased by 0.8 pp in 9M 2015 to 50% 61.7% vs 9M 2014. 80 40%  Excluding the impact of Other inco

  16. Slide 16: Significant investment effort in new product launches and R&D

    Significant investment effort in new product launches and R&D SG&A expenses (€Mn) R&D expenses (€Mn) 40,3% 14 50% 80 39,2% 12 +44% 40% 60 10 30% 8 +5% 40 71,5 6 12,8 20% 67,9 4 8,9 20 10% 2 0% 0 0 H1 2014 H1 2015 9M 2014 9M 2015 SG&A SG&A/operating revenues  SG&A expenses increased by 5% to €71.5Mn

  17. Slide 17: EBITDA

    EBITDA EBITDA (€Mn) and EBITDA margin (%) EBITDA (€Mn) and EBITDA margin (%) w/o impacts 20% 16,7% 30 20% 17,8% 35 14,3% 25 15,4% 30 15% 15% 25 20 -12% 20 10% 28,9 15 10% +19% 25,4 31,7 15 26,7 10 10 5% 5% 5 5 0% 0 0% 0 9M 2014 9M 2015 9M 2014 9M 2015 EBITDA EBITDA margin EBITDA w/o impacts EBITDA m

  18. Slide 18: EBIT

    EBIT EBIT (€Mn) and EBIT margin (%) EBIT (€Mn) and EBIT margin (%) w/o impacts 15% 25 12,9% 16% 13,7% 25 12% 20 11,7% 10,1% 20 12% 9% 15 -20% 15 8% +20% 22,4 24,3 6% 10 20,2 10 18,0 4% 3% 5 5 0% 0 0% 0 9M 2014 9M 2015 9M 2014 9M 2015 EBIT EBIT margin EBIT w/o impacts EBIT margin w/o impacts  Deprec

  19. Slide 19: Net profit

    Net profit Net profit (€Mn)  Net profit declined by 17% to €16.5Mn in 9M 2015. However, 20 maintaining, in 9M 2015, the same amount of R&D expenses that -17% was registered in 9M 2014 and excluding the impact of (i) Other 15 income, in 9M 2015 and 9M 2014, and (ii) recent product launches, in 9M 20

  20. Slide 20: Capital expenditure & Free Cash Flow

    Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 16 Injectables; San Sebastián 17% de los Reyes facility; 36% 12 8 Alcalá facility; 19% 12,2 12,2 4 Granada facility; 9% 0 Maintenance capex and 9M 2014 9M 2015 other; 18%  €12.2Mn of capex invested in 9M 2015. FCF (€Mn)

  21. Slide 21: Financial debt

    Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 14 12 10 8 6 12,5 10,4 9,5 9,4 4 €44.1 million 2 2,3 0 2015 2016 2017 2018 2019 & beyond  Debt with public administration represented 33% of total debt, with 0% interest rate.  Gross cash position of €27.0Mn as of 30 Septemb

  22. Slide 22: News-flow 2015/2016

    News-flow 2015/2016 Specialty pharma  Additional new in-licensing products to be launched Toll manufacturing  New contracts to be announced  Final positive results from ISM-Risperidone® Phase II to be released in R&D Q4 2015  Start of ISM-Risperidone ® Phase III in H1 2016  Potential authorisat

  23. 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 Martínez Investor Relations +34 91 2444422 mcampos@rov

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