Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — 9M 2021 Earnings Presentation
25 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, November 2021
Slide 1: First Nine Months 2021 Financial Results
FIRST NINE MONTHS 2021 FINANCIAL RESULTS NOVEMBER 2021
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 any
Slide 3: 9M 2021 financial results - highlights
9M 2021 financial results - highlights Operating revenue growth of 53% to €463.5Mn and EBITDA growth of 100% to €139.5Mn in 9M 2021. Sales of the heparin franchise increased by 15% to €181.5Mn in 9M 2021. Sales of Neparvis® increased by 28% to €27.7Mn in 9M 2021. CMO sales increased by 187% to €180.
Slide 4: Milestone achieved – ESG Risk Rating 2021
Milestone achieved – ESG Risk Rating 2021 2nd position out of 432 companies (in the sub-industry “pharmaceuticals”) 2.309 out of 13.573 Global Universe Rovi has obtained an ESG Rating 2021 of 17 out of 18,4 896 Industry Group (biotech + laboratory equipment+ pharma companies) (low risk between 10 an
Slide 5: ROVI Share Buyback Program
ROVI Share Buyback Program Purpose and scope To redeem own shares of ROVI (share capital reduction) while, at the same time, increasing the remuneration of ROVI’s shareholders by raising earnings per share. Duration From today, 3 November 2021, for a twelve-month period. Maximum monetary amount Up t
Slide 6: Operating Results
OPERATING RESULTS
Slide 7: Growth driven by CMO and specialty pharma businesses
Growth driven by CMO and specialty pharma businesses… Sales variation +53% 7 1
Slide 8: …with high profitability
…with high profitability +100% +111% 160 EBITDA % 35% EBITDA 23,1% EBITDA % 139,5 140 30,1% 30% 120 Net profit 25% 98,9 100 €Mn 20% EBITDA 80 69,7 15% 60 Net profit 46,8 10% 40 20 5% 0 0% 9M 2020 9M 2021 EBITDA increased to €139.5Mn in 9M 2021, a rise of 100% compared to the same period of the last
Slide 9: Heparins, leading the specialty pharmaceutical business
Heparins, leading the specialty pharmaceutical business Prescription-based sales Heparin franchise sales LMWH sales 260 +18% 256,6 185 +15% 95 +17% +13% 181,5 89,9 250 180 90 86,3 175 240 85 170 230 €Mn €Mn €Mn 165 80 220 216,8 76,6 76,5 160 157,7 75 210 155 200 70 150 190 145 65 9M 2020 9M 2021 9M
Slide 10: Well positioned to drive long-term leadership in LMWH
Well positioned to drive long-term leadership in Low Molecular Weight Heparins (LMWH) Sales of LMWH (Enoxaparin biosimilar and Bemiparin) increased by 15% to €176.2Mn in 9M 2021 Total group sales Bemiparin sales 60 +3% +32% 51,8 50,4 Sales 9M 2020 Sales 9M 2021 50 +13.0 pp 40 60% 34,5 47% 30 26,1 20
Slide 11: Strong growth potential of Enoxaparin Biosimilar Becat
Strong growth potential of Enoxaparin Biosimilar Becat® Well-Established Network to Minimize Time-to- Commercial Strategy Market ROVI will directly market In the long-term, biosimilars enoxaparin biosimilar Becat® tend to reach a… Approved in 7 European countries… Direct in 26 Marketed in countries
Slide 12: Neparvis and Volutsa leading the growth of the specialty pharma business
Neparvis® and Volutsa® leading the growth of the specialty pharma business 35 +28% +17% 30 27,7 -7% 25,8 25 21,6 22,0 22,1 20,3 20 +12% €Mn 15 11,8 -19% 10,5 10 8,7 7,1 5 0 Neparvis Volutsa Vytorin & Absorcol & Ulunar & Hirobriz Contrast agents and Orvatez other hospital Sales 9M 2020 Sales 9M 2021
Slide 13: Value added CMO services
Value added CMO services CMO strategy CMO evolution ROVI and Moderna will strengthen their collaboration: Sales 9M 2021 180,2 • For the manufacture of the active substance of the €Mn COVID-19 Vaccine Moderna. • In the fill-finish of the COVID-19 Vaccine Moderna by increasing its fill-finish capacity
Slide 14: 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, 1 ISM®, which allows for the sustained release of compounds administered 2 Pop PK model & by injection Expected high simulati
Slide 15: Outlook 2022
Outlook 2022 2022 operating revenue growth rate Mid-single-digit The key Growth levers in 2022 Specialty Pharma CMO Bemiparin Spare capacity in the manufacturing Biosimilar of Enoxaparin plants Launches such as Neparvis® New customers to be acquired and Volutsa® Agreement with Moderna Existing portf
Slide 16: Financial Results
FINANCIAL RESULTS
Slide 17: Good revenue level with resilient sales growth
Good revenue level with resilient sales growth Operating revenue LMWH sales +53% 200 180 +15% 176,2 153,1 160 140 89,9 120 76,6 €Mn 100 80 60 40 76,5 86,3 20 0 9M 2020 9M 2021 Bemiparin Enoxaparin biosimilar Operating revenue increased by 53% to €463.5Mn, achieved on: • 187% increase in CMO; and • 1
Slide 18: Gross margin mainly impacted by increase in LMWH raw material cost
Gross margin mainly impacted by the increase in the LMWH raw material cost of goods sold Gross profit and Gross margin Gross margin impacts Gross profit increased by 52% to €266.8Mn in 9M 2021, the gross 57,6% margin showing a decrease of 0.5 pp from 58.1% in 9M 2020 to 57.6% 58,1% in 9M 2021, mainl
Slide 19: Cost control along with commitment to R&D
Cost control along with commitment to R&D SG&A expenses R&D expenses 100 29,8% +20% 23,4% 35% 30% 9M 2021 19,1 80 25% 20% €Mn 60 €Mn 90,1 108,3 15% +22% 40 10% 20 9M 2020 15,6 5% - 0% 9M 2020 9M 2021 10 12 14 16 18 20 SG&A SG&A/Operating revenue SG&A increased 20% to €108.3Mn in 9M 2021 mainly as a
Slide 20: EBITDA, EBIT & Net Profit analysis
EBITDA, EBIT & Net Profit analysis EBITDA EBIT +100% 150 +123% 123,3 26,6% 30% 23,1% 139,5 150 40% 55,3 69,7 30,1% 100 20% €Mn 100 18,3% €Mn 20% 50 50 10% 0 0% 0 0% 9M 2020 9M 2021 9M 2020 9M 2021 EBITDA EBITDA Margin EBIT EBIT margin Net Profit 120 100 +111% 98,9 80 €Mn 60 46,8 40 20 0 9M 2020 9M 2
Slide 21: PRE-R&D analysis
PRE-R&D analysis 180 +86% +101% +89% 158,6 160 142,4 140 120 114,1 100 €Mn 85,3 80 70,9 60,3 60 40 20 0 EBITDA pre-R&D EBIT pre-R&D Net profit pre-R&D 9M 2020 9M 2021 EBITDA “pre-R&D” increased by 86%, from €85.3Mn in 9M 2020 to €158.6Mn in 9M 2021. EBIT “pre-R&D” increased by 101%, from €70.9Mn in
Slide 22: Capital expenditure and Free Cash Flow
Capital expenditure and Free Cash Flow CAPEX Evolution FCF evolution 30 25 22,0 20 16,9 €Mn 15 10 5 0 9M 2020 9M 2021 New vial filling line and Cash Flow from operating activities increased to €137.9Mn in 9M 2021 mainly due to: operations expansion • Increase of €70.1Mn in profit before income tax;
Slide 23: Debt analysis
Debt analysis Debt breakdown by source (%) Debt maturities 50 45,6 Total debt €71.9Mn 45 40 22% 35 30 Financial liabilities for leases 25 20 Debt with public administration 15% 15 9,9 10,0 63% 10 Bank borrowings 4,9 5 1,5 0 2021 2022 2023 2024 2025 and beyond Debt with public administration represen
Slide 24: News-flow 2021-2022
News-flow 2021-2022 Sales of biosimilar of Enoxaparin Specialty pharma Additional new products to be launched in 2022 Granting by the competent local authorities of the marketing authorisation of an Enoxaparin biosimilar outside Europe New contracts to be announced CMO Evolution of Moderna’s vaccine
Slide 25: For further information, please contact:
For further information, please contact: Juan López-Belmonte Chairman and Chief Executive Officer +34 91 3756235 jlopez-belmonte@rovi.es www.rovi.es Javier López-Belmonte First Vice-President and Chief Financial Officer +34 91 3756266 javierlbelmonte@rovi.es www.rovi.es Marta Campos Head of Investor
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