Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — Q1 2014 Earnings Presentation
23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, April 2014
Slide 1: First Quarter 2014 Financial Results
Rovi First Quarter 2014 Financial Results April 2014
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
Slide 4: Q1 2014 financial results - Highlights
Q1 2014 financial results - Highlights Operating revenue increased by 7% to €57.6Mn, mainly driven by the strength of the prescription-based pharmaceutical business, where sales rose 13%, despite a new contraction of the Spanish pharmaceutical market forecast by Farmaindustria for 2014. For 2014
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) 57,6 60 53,8 60 +7% 0,1 +7% 0,0 50 50 15,3 15,8 -3% 40 40 30 30 57,6 53,8 20 +11% 42,2 20 37,9 10 10 0 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Specialty pharma Toll man
Slide 6: …with high profitability
…with high profitability EBITDA (€Mn) and EBITDA margin (%) Net profit (€Mn) 6,0 18% 15,6% 10 14,1% 5,0 15% 8 +11% 4,0 12% 6 3,0 5,9 9% +18% 9,0 5,3 7,6 4 6% 2,0 2 1,0 3% 0% 0 0,0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 EBITDA EBITDA margin EBITDA increased by 18% to €9.0Mn in Q1 2014, reflecting a 1.5 pp
Slide 7: Bemiparin, leading the growth
Bemiparin, leading the growth Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 35 20 18,6 +13% 16,7 30 +12% 15 7,2 25 6,4 20 34,6 10 15 30,7 10 10,3 11,4 5 5 0 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Spain International sales Sales of prescription-based pharmaceutical products increa
Slide 8: Good performance of the product portfolio (1/2)
Good performance of the product portfolio (1/2) Absorcol and Vytorin sales (€Mn) Thymanax sales (€Mn) 5 3,0 +25% 2,5 4 -2% 2,0 3 1,5 4,8 2,7 2,6 2 3,8 1,0 1 0,5 0 0,0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Medicebran and Medikinet sales (€Mn) 2,0 Sales of Absorcol and Vytorin, products launched in Januar
Slide 9: Good performance of the product portfolio (2/2)
Good performance of the product portfolio (2/2) Corlentor sales (€Mn) Exxiv sales (€Mn) 2,0 4 -5% +22% 1,5 3 2 1,0 1,8 1,7 3,2 2,7 1 0,5 0 0,0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Contrast imaging agents (€Mn) 6 Sales of Corlentor maintained a very positive +4% behaviour, with a 22% increase in sales t
Slide 10: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€Mn) Toll manufacturing sales decreased by 3% to €15.3Mn 20 in Q1 2014. 15,8 -3% 15,3 Very positive evolution of the injectables plant, whose 15 revenue increased by 16% to €4.4Mn in Q1 2014. In line with the increase in sales, sp
Slide 11: Strategic agreement with MSD
Strategic agreement with MSD ROVI and MSD renew manufacturing and packaging agreement Initial agreement1 - March 2010 Renewed agreement - March 2015 Extension of the current manufacturing and ROVI acquires the pharmaceutical formulation and packaging agreement for an additional 5 years packaging
Slide 12: 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 I results disclosed Schizophrenia monthly • Phase II ongoing Paliperidone, Phase I start 2H 2014 ISM Schizophrenia monthly Letrozole,
Slide 13: Guidance 2014
Guidance 2014 Operating revenue Operating revenue 2013 2014 mid single digit – €217.6Mn high single digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • Spare capacity both in the • Recent launches such as injectable plant and in the oral Vytorin, Absorco
Slide 14: Financial results
Financial results
Slide 15: Excellent revenue level with outstanding Bemiparin growth
Excellent revenue level with outstanding Bemiparin growth Total operating revenue (€Mn) Bemiparin sales (€Mn) 57,6 20 18,6 60 53,8 +12% +7% 1,7 16,7 1,5 50 - 3% 15,3 15 7,2 15,8 +13% 40 6,4 6,0 5,8 +4% 30 10 20 +13% 34,6 +10% 11,4 30,7 5 10,3 10 0 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Prescription produ
Slide 16: Gross margin positively impacted by the good performance of Bemiparin
Gross margin positively impacted by the good performance of Bemiparin and its raw material cost reduction Gross profit (€Mn) & Gross margin (%) 70% 40 Gross margin increased by 1.9 pp in Q1 2014 vs +1.9pp 60,9% 59,0% Q1 2013. 60% A year ago, gross margin decreased by 2.4 pp 30 50% (Q1 2013 vs Q1
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) 3,0 50% 25 40,2% +14% 40,0% 2,5 40% 20 2,0 30% +8% 15 1,5 3,0 21,5 23,2 2,6 20% 10 1,0 10% 5 0,5 0% 0 0,0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 SG&A SG&A sobre ingresos SG&A expenses increased by 8% to €23.2Mn in Q1 2014 ma
Slide 18: EBITDA & EBIT
EBITDA & EBIT EBITDA (€Mn) and EBITDA margin (%) EBIT (€Mn) and EBIT margin (%) 14% 8 18% 15,6% 10 12,0% 14,1% 12% 11,1% 15% 8 6 10% 12% 6 8% +18% 4 9% 9,0 6% +15% 6,9 7,6 4 6,0 6% 4% 2 2 3% 2% 0% 0 0% 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 EBITDA EBITDA margin EBIT EBIT margin EBITDA increased by 18%
Slide 19: Net profit
Net profit Net profit (€Mn) Net profit increased by 11% to €5.9Mn in Q1 2014. 6,0 +11% Effective tax rate of 4.8% in Q1 2014 vs 3.1% in Q1 2013. 5,0 This favourable effective tax rate is due to: deduction of existing R&D expenses; and 4,0 capitalisation of existing negative tax bases resulti
Slide 20: Capital expenditure & Free Cash Flow
Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 2,0 Maintenance capex and other; 29% 1,5 +10% Injectables; 1,0 47% 1,7 1,5 0,5 Granada facility; 18% 0,0 Alcalá facility; Q1 2013 Q1 2014 6% €1.7Mn of capex invested in Q1 2014. FCF (€Mn) €0.8Mn of investment capex re
Slide 21: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 15 12 9 14,0 6 €30.2 million 7,4 3 2,9 3,0 2,9 0 2014 2015 2016 2017 2018 & beyond 97% of the debt is 0% interest rate debt. Debt with public administration represented 82% of total debt. Gross cash position of €30.2Mn a
Slide 22: News-flow 2014
News-flow 2014 Specialty pharma Additional new in-licensing products to be launched Toll manufacturing New contracts to be announced Results of ISM-Risperidone® Phase I to be released in Q3 2014 R&D Start of ISM-Risperidone® Phase II 21
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 Virginia Pérez Repes Investor Relations Inves
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