Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — Q1 2017 Earnings Presentation
23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, 2017
Slide 1: First Quarter 2017 Financial Results
Rovi First Quarter 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 | ee
Slide 4: Q1 2017 financial results - Highlights
Q1 2017 financial results - Highlights Operating revenue increased by 11% to 67.5 million euros in Q1 2017, driven by the strength of the toll manufacturing business, where sales rose 28%, and by the specialty pharmaceutical business, which grew by 7%, outperforming the market. Total revenue increas
Slide 5: Growth driven by Bemiparin, recent launches and injectable toll manufacturing business strength
Growth driven by Bemiparin, recent launches and injectable toll manufacturing business strength… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 70 67,5 70 +11% 60,7 0,0 60 0,0 60 15,5 12,2 50 50 +28% 40 40 67,5 30 60,7 30 48,5 +7% 51,9 20 20 10 10 0 0 Q1 2016 Q1 2017 Q1 201
Slide 6: …with high profitability
…with high profitability Recurrent EBITDA (€Mn) and recurrent Recurrent net profit (€Mn) EBITDA margin (%) 7 20% 12 15,2% 6 14,9% 15% 5 +12% 8 4 +13% 10% 6,4 3 10,2 5,7 9,0 4 2 5% 1 0% 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Recurrent EBITDA Recurrent EBITDA margin In Q1 2016, EBITDA was impacted by non
Slide 7: Bemiparin, leading the specialty pharmaceutical business growth
Bemiparin, leading the specialty pharmaceutical business growth Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 25 +7% +14% 20,1 20 17,7 +31% 6,1 15 4,6 10 13,1 +7% 14,0 5 0 Q1 2016 Q1 2017 Spain International sales Sales of prescription-based pharmaceutical products increased b
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) 10 4 +11% +22% 8 3 6 2 8,8 3,5 4 7,9 2,8 1 2 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Medicebran and Medikinet sales (€Mn) Sales of Absorcol, Vytorin and Orvatez (the last one 2,5 lau
Slide 9: Good performance of the product portfolio (2/2)
Good performance of the product portfolio (2/2) Volutsa sales (€Mn) Neparvis sales (€Mn) 2,0 0,5 +37% 1,5 0,4 0,3 1,0 2,0 1,5 0,2 0,4 0,5 0,1 0,0 0,0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Contrast imaging agents (€Mn) Sales of Volutsa, launched in Spain in February 2015, 8 increased by 37% to €2.0Mn in Q1
Slide 10: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€Mn) Toll manufacturing sales increased by 28% to €15.5Mn in Q1 2017, compared to the same period of 15,5 16 28% the previous year, mainly because of the good performance of the injectable business, where revenue 12,2 12 6,2 increased
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 II successfully finished. Final positive Risperidone, Schizophrenia results 1Q 2016 monthly • Phase III starts 1H 2017 ISM Long acting Letrozole Breas
Slide 12: Guidance 2017
Guidance 2017 2017 operating revenues growth rate low single digit – mid single digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • Spare capacity in the injectable • Latest launches such as plants and in the oral Neparvis, Orvatez, Volutsa, compounds pl
Slide 13: Financial results
Financial results | ee
Slide 14: Good revenue level with outstanding Bemiparin growth
Good revenue level with outstanding Bemiparin growth Total operating revenue (€Mn) Bemiparin sales (€Mn) 67,5 70 25 60,7 0,7 +14% 20,1 60 1,2 +28% 15,5 20 17,7 12,2 50 +16% 7,4 +31% 6,1 6,4 15 4,6 40 30 10 +7% 20 40,9 43,9 +7% 13,1 14,0 5 10 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Prescription products
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 (%) Gross profit increased by 15% to €41.5Mn in Q1 70% 50 59,7% 61,5% 2017, reflecting an increase of 1.8 pp in the gross 60% 40 margin to 61.5% in Q1 2017 from 59.7% in Q1 2016, 50% main
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) 37,8% 8 40% 37,2% 30 +46% 25 6 30% 20 +9% 20% 15 4 25,1 6,2 23,0 10 10% 2 4,2 5 0% 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 SG&A SG&A/operating revenue SG&A expenses rose 9% to €25.1Mn in Q1 2017 mainly due to Neparvis® and
Slide 17: EBITDA
EBITDA EBITDA (€Mn) and EBITDA margin (%) Recurrent EBITDA (€Mn) and recurrent EBITDA margin (%) 25% 15 20% 12 21,5% 15,2% 14,9% 20% 15,2% 15% 10 8 15% -21% +13% 10% 10% 13,0 10,2 10,2 5 9,0 4 5% 5% 0% 0 0% 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 EBITDA EBITDA margin Recurrent EBITDA Recurrent EBITDA marg
Slide 18: EBIT
EBIT EBIT (€Mn) and EBIT margin (%) Recurrent EBIT (€Mn) and EBIT margin (%) 20% 12 12% 10,8% 8 17,1% 10,5% 10% 16% 6 10,8% 8 8% 12% -30% 6% +15% 4 10,4 7,3 8% 6,4 4 4% 7,3 2 4% 2% 0% 0 0% 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 EBIT EBIT margin Recurrent EBIT Recurrent EBIT margin Depreciation and amorti
Slide 19: Net profit
Net profit Net profit (€Mn) 10 Net profit decreased to €6.4Mn in Q1 2017, a 32% -32% 8 decline compared to Q1 2016. However, excluding the impact of the non recurrent 6 revenue in Q1 2016, net profit would have increase by 12% in Q1 2017. 9,4 4 6,4 Effective tax rate of 8.5% in Q1 2017 vs 7.0% in 2
Slide 20: Capital expenditure & Free Cash Flow
Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) San Sebastián 4 de los Reyes Injectables; facility; 4% 2.4x 16% Alcalá facility; 3 1% Granada facility; 1% 2 Maintenance 3,1 capex and other; 78% 1 1,3 0 Q1 2016 Q1 2017 €3.1Mn of capex invested in Q1 2017. €0.5Mn of inve
Slide 21: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 16 12 8 17,3 15,6 10,2 4 €51.3 million 4,4 3,8 0 2017 2018 2019 2020 2021 & beyond Debt with public administration represented 25% of total debt, with 0% interest rate. Gross cash position of €49.1Mn as of 31 March 2017 vs
Slide 22: News-flow 2017
News-flow 2017 Specialty pharma Additional new in-licensing products to be launched Toll manufacturing New contracts to be announced Start of ISM-Risperidone ® Phase III in H1 2017 R&D Start of ISM-Letrozole ® Phase I in H2 2017 Granting by the competent local authorities of the marketing authorisat
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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