Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — FY2017 Earnings Presentation
23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, 2018
Slide 1: Full Year 2017 Financial Results
Rovi Full Year 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 Juan López-Belmonte Chief Executive Officer
Slide 4: FY 2017 financial results - Highlights
FY 2017 financial results - Highlights Operating revenue increased by 4% to 275.6Mn in 2017, driven by the strength of the toll manufacturing business, where sales rose 8%, and by the specialty pharmaceutical business, which grew by 3%, slightly outperforming the market. Total revenue increased by 4
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) 300 300 275,6 +4% 265,2 0,2 0,2 250 250 56,6 +8% 61,1 200 200 150 150 265,2 275,6 100 100 208,4 +3% 214,3 50 50 0 0 2016 2017 2016 2017 Spe
Slide 6: …with high profitability
…with high profitability “On-going business” EBITDA (€Mn) and “On-going business” net profit (€Mn) EBITDA margin (%) 50 25% 21,3% 60 19,9% 50 40 20% +16% 40 30 15% +11% 58,7 30 52,8 45,0 10% 20 38,7 20 5% 10 10 0% 0 0 2016 2017 2016 2017 "On-going business" EBITDA "On-going business" EBITDA margin I
Slide 7: Bemiparin, leading the specialty pharmaceutical business growth and first sales of Enoxaparin
Bemiparin, leading the specialty pharmaceutical business growth and first sales of Enoxaparin Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 200 100 +5% 83,9 79,7 80 150 +1% 25,1 24,9 60 +3% 100 177,3 183,2 40 54,7 58,8 50 20 +7% 0 0 2016 2017 2016 2017 Spain International Sale
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) 15 40 +18% +17% 30 10 20 39,4 14,3 33,5 12,2 5 10 0 0 2016 2017 2016 2017 Sales of Absorcol, Vytorin and Orvatez increased by 18% to Medicebran and Medikinet sales (€Mn) €39.4Mn
Slide 9: Good performance of the product portfolio (2/2)
Good performance of the product portfolio (2/2) Volutsa sales (€Mn) Neparvis sales (€Mn) 10 5 +30% 8 4 6 3 9,0 4,7 4 2 6,9 2 1 0,2 0 0 2016 2017 2016 2017 Contrast imaging agents (€Mn) Sales of Volutsa, launched in Spain in February 2015, 30 increased by 30% to €9.0Mn in 2017. +2% Sales of Neparvis,
Slide 10: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€Mn) 70 Toll manufacturing sales increased by 8% to 8% 61,1 €61.1Mn in 2017, compared to the previous year, 60 56,6 mainly because of the good performance of the 50 injectable business, where revenue increased 26,2 13% as a result of
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 started in 1H Schizophrenia 2017 monthly ISM Long acting Letrozole Breast Cancer • Phase I started in November 2017 • National Regist
Slide 12: Guidance 2018
Guidance 2018 2018 operating revenue 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 and Ulunar compounds plant • Exis
Slide 13: Financial results
Financial results Javier López-Belmonte Chief Financial Officer
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) 300 275,6 100 265,2 2,8 +5% 83,9 3,4 79,7 250 +8% 80 56,6 61,1 +1% 25,1 200 28,5 24,9 27,9 +2% 60 150 40 100 +3% 183,2 +7% 58,8 177,3 54,7 20 50 0 0 2016 2017 2016 2017 Prescription prod
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 8% to €167.2Mn in 70% 60,7% 175 2017, reflecting an increase of 2.3 pp in the 58,3% 60% 150 gross margin to 60.7% in 2017 from 58.3% in 2016, mainly due to:
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) 38,4% 39,4% 30 40% 120 +62% 100 30% 80 20 +6% 20% 60 28,3 101,9 108,5 40 10 17,5 10% 20 0% 0 0 2016 2017 2016 2017 SG&A SG&A/operating revenue SG&A expenses rose 6% to €108.5Mn in 2017 mainly due to: Neparvis® and Mysim
Slide 17: EBITDA
EBITDA “On-going business” EBITDA (€Mn) and EBITDA (€Mn) and EBITDA margin (%) EBITDA margin (%) 15% 14,8% 40 21,3% 25% 60 19,9% 11,1% 50 20% 30 10% 40 15% -22% +11% 39,3 20 58,7 30 52,8 30,5 10% 5% 20 10 5% 10 0% 0 0% 0 2016 2017 2016 2017 EBITDA EBITDA Margin "On-going business" EBITDA "On-going b
Slide 18: EBIT
EBIT “On-going business” EBIT (€Mn) and EBIT EBIT (€Mn) and EBIT margin (%) margin (%) 12% 10,7% 30 20% 17,1% 50 15,8% 25 40 15% 8% 6,9% 20 30 -33% 15 10% +13% 28,3 47,3 41,8 20 4% 19,0 10 5% 10 5 0% 0 0% 0 2016 2017 2016 2017 EBIT EBIT margin "On-going business" EBIT "On-going business" EBIT margin
Slide 19: Net profit
Net profit Net profit (€Mn) 30 Net profit decreased to €17.2Mn in 2017, a 34% fall 25 -34% compared to 2016. 20 Net profit of the “on-going business” increased by 16%, from €38.7Mn in 2016 to €45.0Mn in 2017. 15 Likewise, 26,1 10 recognising the same amount of R&D expenses 17,2 in 2017 as in 2016 an
Slide 20: Capital expenditure & Free Cash Flow
Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) Injectables; 20 San Sebastián 14% de los Reyes facility; 24% 15 +10% Alcalá facility; 19% 10 19,9 Maintenance 18,1 capex and other; 34% 5 Granada facility; 8% 0 2016 2017 €19.9Mn of capex invested in 2017. FCF (€Mn) €2.9M
Slide 21: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 Debt with public administration; 28% 16 12 8 16,2 17,1 Loans from banks; 72% 4 €43.2 million 3,8 4,7 1,4 0 2018 2019 2020 2021 2022 & beyond Debt with public administration represented 28% of total debt, with 0% interest ra
Slide 22: News-flow 2018
News-flow 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® Phase I in Novemb
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 Investor Relations +34 91 2444422 mcampos@rovi.es www.
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