Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — 9M 2018 Earnings Presentation
24 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, November 2018
Slide 1: First Nine Months of 2018 Financial Results
FIRST NINE MONTHS OF 2018 FINANCIAL R E S U LT S NOVEMBER 2018
Slide 2: Disclaimer
Disclaimer • This Presentation has been prepared by Laboratorios Farmacéuticos Rovi, S.A. (the “Company”) and comprises the slides for a presentation concerning the Company and its subsidiaries (the “Group”). For the purposes of this disclaimer, “Presentation” means this document, its contents or an
Slide 3: Operating results
Operating results
Slide 4: 9M 2018 financial results - Highlights
9M 2018 financial results - Highlights • Operating revenue increased by 8% to €218.9Mn in 9M 2018, driven by the strength the specialty pharmaceutical business, where sales rose 15%, strongly outperforming the market. Total revenue increased by 8% to €220.0Mn in 9M 2018. • In 2019, ROVI expects a hi
Slide 5: Growth driven by specialty pharma business
Growth driven by specialty pharma business… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 240 250 +8% 218,9 200 203,4 0,1 200 0,1 -16% 38,5 160 46,1 150 120 218,9 203,4 100 +15% 80 180,3 157,2 40 50 0 0 9M 2017 9M 2018 9M 2017 9M 2018 Specialty pharma Toll manufacturing Ro
Slide 6: …with high profitability
…with high profitability EBITDA (€Mn) and EBITDA “pre-R&D” (w/o R&D and non Net profit “pre-R&D” (w/o R&D and non recurring expenses) recurring expenses) margin (%) (€Mn) 40 25% 23,6% 60 22,5% +13% 50 20% 30 +13% 40 15% 30 20 40,1 35,5 10% 51,6 45,8 20 10 5% 10 0% 0 0 9M 2017 9M 2018 9M 2017 9M 2018
Slide 7: Bemiparin, leading the specialty pharmaceutical business
Bemiparin, leading the specialty pharmaceutical business Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 160 68,7 70 +11% 61,7 +17% 60 19,2 120 -8% 50 20,9 40 80 156,4 133,8 30 +21% 49,5 40 20 40,8 10 0 0 9M 2017 9M 2018 9M 2017 9M 2018 Spain International sales • Sales of presc
Slide 8: Strong growth potential of Enoxaparin Biosimilar Becat
Strong growth potential of Enoxaparin Biosimilar Becat® Strong Commercial Launch with a Clear Strategy Well-Established Network to Minimize Time-to-Market • ROVI launched enoxaparin biosimilar Becat® in Germany (first EU Directly Marketed Approved; Approved; 1 market) in September 2017, in UK, Italy
Slide 9: Strong performance of the product portfolio (1/2)
Strong performance of the product portfolio (1/2) Absorcol, Vytorin and Orvatez sales (€Mn) Hirobriz and Ulunar sales (€Mn) 12 30 -3% 10 +9% 25 8 20 6 15 28,9 11,4 28,0 10,4 4 10 2 5 0 0 9M 2017 9M 2018 9M 2017 9M 2018 Medicebran and Medikinet sales (€Mn) 6 • Sales of Vytorin®, Orvatez® and Absorcol
Slide 10: Strong performance of the product portfolio (2/2)
Strong performance of the product portfolio (2/2) Volutsa sales (€Mn) Neparvis sales (€Mn) 10 10 +25% 8 8 +3.3x 6 6 9,3 4 8,2 4 6,5 2 2 2,8 0 0 9M 2017 9M 2018 9M 2017 9M 2018 Contrast imaging agents sales (€Mn) 25 • Sales of Volutsa, launched in Spain in February 2015, increased by 25% to +4% €8.2M
Slide 11: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€Mn) • Toll manufacturing sales decreased by 16% to €38.5Mn in 9M 2018, 50 compared to 9M 2017, mainly because of the reduction of the injectable 46,1 business compared to 9M 2017, when exceptional high volumes were -16% manufactured
Slide 12: ISM Platform Opens Up New Avenues of Growth for ROVI
ISM® Platform Opens Up New Avenues of Growth for ROVI Overview Key Company Highlights of ISM® Platform • Internally-developed and patented innovative drug-release technology, ISM®1, which allows for the sustained release of compounds administered by injection Pop PK 2 model & simulations Expected hi
Slide 13: Guidance 2019
Guidance 2019 2019 operating revenue growth rate High-single-digit T HE KEY G ROWTH LEVERS IN 2 0 1 9 Specialty Pharma Business Toll Manufacturing Services Bemiparin Spare capacity in the injectable plants and Latest launches such as Neparvis, Orvatez, in the oral compounds plant Volutsa and Ulunar
Slide 14: Financial results
Financial results
Slide 15: Good revenue level with outstanding Bemiparin growth
Good revenue level with outstanding Bemiparin growth Total operating revenue (€Mn) Bemiparin sales (€Mn) +8% 218,9 68,7 225 70 +11% 203,4 1,8 61,7 200 2,2 38,5 -16% 60 19,2 175 46,1 -8% +4% 22,2 50 20,9 150 21,4 125 40 100 30 75 +17% 156,4 +21% 49,5 133,8 20 40,8 50 25 10 0 0 9M 2017 9M 2018 9M 2017
Slide 16: Gross margin impacted by the decrease of injectable toll manufacturing sales
Gross margin impacted by the decrease of injectable toll manufacturing sales Gross profit (€Mn) and Gross margin (%) • Gross profit increased by 7% to €130.7Mn in 9M2018, the gross margin showing a decrease of 0.4 pp from 60.1% in 9M 2017 to 59.7%, mainly due to 70% 59,7% 150 a drop in the injectabl
Slide 17: Cost control along with commitment to R&D
Cost control along with commitment to R&D SG&A expenses (€Mn) R&D expenses (€Mn) 37,4% 36,1% 25 40% 80 +30% 20 +4% 30% 60 15 20% 79,1 40 24,6 76,1 10 18,9 10% 20 5 0% 0 0 9M 2017 9M 2018 9M 2017 9M 2018 SG&A SG&A/operating revenue • SG&A expenses rose 4% to €79.1Mn in 9M 2018 mainly due to: • intern
Slide 18: EBITDA
EBITDA EBITDA (€Mn) and EBITDA margin (%) EBITDA (€Mn) and EBITDA “pre-R&D” (w/o R&D and non recurring expenses) margin (%) 15% 30 23,6% 13,2% 25% 22,5% 60 11,9% 25 50 20% 10% 20 +13% 40 15% -4% 15 30 27,0 25,9 51,6 10% 45,8 5% 10 20 5% 5 10 0% 0 0% 0 9M 2017 9M 2018 9M 2017 9M 2018 EBITDA EBITDA ma
Slide 19: EBIT
EBIT EBIT (€Mn) and EBIT margin (%) EBIT (€Mn) and EBIT “pre-R&D” (w/o R&D and non recurring expenses) margin (%) 10% 20 19,5% 8,9% 20% 45 18,2% 7,8% 40 8% 15 35 15% 30 +16% 25 5% -6% 10 10% 18,1 42,8 20 17,1 37,0 15 3% 5 5% 10 5 0% 0 0% 0 9M 2017 9M 2018 9M 2017 9M 2018 EBIT EBIT margin EBIT "pre-R
Slide 20: Net profit
Net profit Net profit (€Mn) Net profit “pre-R&D” (w/o R&D and non recurring expenses) (€Mn) 20 40 -8% +13% 16 30 12 20 40,1 8 17,0 35,5 15,7 10 4 0 0 9M 2017 9M 2018 9M 2017 9M 2018 • Net profit decreased to €15.7Mn in 9M 2018, a 8% fall compared to 9M 2017. • Net profit “pre R&D” (w/o R&D and non r
Slide 21: Capital expenditure and Free Cash Flow
Capital expenditure and Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 10 San Sebastián de los Reyes facility; 14% Injectables; 20% +15% 8 Maintenance capex and 6 other; 17% 9,3 4 8,1 2 Granada & 0 Alcalá facility; 9M 2017 9M 2018 48% • €9.3Mn of capex invested in 9M 2018. Free Cash Flow (
Slide 22: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 Total debt €39.5Mn Debt with public 16 administration; 31% 12 17,4 Loans from 8 banks; 69% 11,0 4 5,5 3,9 1,7 0 2018 2019 2020 2021 2022 & beyond • Debt with public administration represented 31% of total debt, with 0% inte
Slide 23: News-flow 2018/2019
News-flow 2018/2019 Sales of biosimilar of Enoxaparin Specialty Additional new in-licensing products to be launched Pharma Granting by the competent local authorities of the marketing authorisation of an Enoxaparin biosimilar in 3 EU countries (23 already granted) Toll New contracts to be announced
Slide 24: 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 Investor Relations +34 91 2444422 mcampos@rovi.es www.
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