Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — FY2020 Earnings Presentation
25 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, February 2021
Slide 1: FY 2020 Financial Results
F Y 2 0 2 0 F I N A N C I A L R E S U LT S FEBRUARY 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 an
Slide 3: ROVI response to COVID-19 pandemic
ROVI response to COVID-19 pandemic ROVI priorities during COVID-19 ROVI status across the value chain • All manufacturing sites operating Safeguard the health of our Production & • LMWH essential medicines for employees Commercial COVID-19 • Reduction of hospital activity • Continuation of Doria® ap
Slide 4: FY 2020 financial results - Highlights
FY 2020 financial results - Highlights Operating revenue growth of 10% to €420.0Mn and EBITDA growth of 55% to €94.2Mn in FY 2020. Sales of the heparin franchise increased by 14% to €209.3Mn in FY 2020. Sales of Neparvis® increased by 34% to €29.6Mn in FY 2020. Toll manufacturing sales increased by
Slide 5: Milestone achieved – npj Schizophrenia Publishes PRISMA-3 Study Results
Milestone achieved – The Journal npj Schizophrenia Publishes the Results of the PRISMA-3 Study The Journal npj Schizophrenia1 Publishes the Results of the PRISMA-3 Study of the Efficacy and Safety of Doria® in Schizophrenic Patients. • PRISMA-3 shows that both doses (75 mg and 100 mg once a month) h
Slide 6: Operating results
Operating results Juan López-Belmonte Chief Executive Officer
Slide 7: Growth driven by toll manufacturing and specialty pharma businesses
Growth driven by toll manufacturing and specialty pharma businesses … +10% 7
Slide 8: …with high profitability
…with high profitability +55% 100,0 EBITDA 25,0% 94,2 EBITDA % 90,0 22,4% 80,0 +55% 20,0% EBITDA % 70,0 16,0% Net profit EBITDA 60,9 61,1 60,0 15,0% €Mn 50,0 Net profit 39,3 40,0 10,0% 30,0 20,0 5,0% 10,0 0,0 0,0% FY 2019 FY 2020 EBITDA increased to €94.2Mn in FY 2020, a rise of 55% compared to last
Slide 9: Heparins, leading the specialty pharmaceutical business
Heparins, leading the specialty pharmaceutical business Prescription-based sales Heparin franchise sales Sales LMWH 300,0 +6% 215,0 +14% 120,0 +25% +5% 297,0 209,3 101,4 101,4 210,0 96,8 295,0 100,0 205,0 80,9 290,0 200,0 80,0 195,0 €Mn €Mn €Mn 285,0 60,0 190,0 281,0 280,0 184,0 40,0 185,0 180,0 275
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 14% to €202.8Mn in FY 2020. Total group sales Enoxaparin & Bemiparin international sales Sales FY 2019 Sales FY 2020 Sales Bemiparin FY 2020 +6.4 pp
Slide 11: 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 Direct • ROVI launched enoxaparin biosimilar Becat® in Germany (first EU Marketed in Approved in 1 market) in September 2017; in UK, Italy, Spain
Slide 12: Strong performance of the product portfolio
Strong performance of the product portfolio 40 -11% -6% 35 +34% 32,6 31,8 30,7 29,6 30 28,4 25 22,0 +7% -22% €Mn 20 14,2 14,6 15 13,3 11,3 10 5 0 Neparvis Volutsa Vytorin & Absorcol & Orvatez Ulunar & Hirobriz Contrast agents and other hospital products Sales FY 2019 Sales FY 2020 12
Slide 13: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing strategy Toll manufacturing evolution Our biosimilar of enoxaparin as a catalyst for the integration of industrial processes among all our manufacturing plants. FY 2020 Sales 91,6 €Mn Packaging Excellence Centre in our Alcalá de Henares +39%
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, ISM®1, which allows for the sustained release of compounds administered by injection Pop PK 2 model & simulations Expected hi
Slide 15: Guidance 2021
Guidance 2021 2021 operating revenue growth rate +20%-30%, including the production of Moderna’s COVID-19 vaccine T HE KEY G ROWTH LEVERS IN 2 0 2 1 Specialty Pharma Business Toll Manufacturing Services Bemiparin Spare capacity in the manufacturing plants Biosimilar of Enoxaparin New custome
Slide 16: Financial results
Financial results Javier López-Belmonte Vicepresident and Chief Financial Officer
Slide 17: Good revenue level with resilient sales growth
Good revenue level with resilient sales growth Total operating revenue LMWH sales +10% 250 +14% 202.8 200 177.6 150 101,4 80,9 €Mn 100 50 96,8 101,4 0 FY 2019 FY 2020 Bemiparin Enoxaparin biosimilar • Operating revenue increased by 10% to €420.0Mn, achieved on: • 6% growth in prescription-based prod
Slide 18: Gross margin mainly impacted by the increase in toll manufacturing sales
Gross margin mainly impacted by the increase in toll manufacturing sales and the increase in heparin prices in hospitals Gross profit and Gross margin Gross margin impacts for the period • Increase in toll manufacturing sales contributing with higher margins to group sales. • Increase in Bemiparin p
Slide 19: Cost control along with commitment to R&D
Cost control along with commitment to R&D SG&A expenses R&D expenses 150 40,0% 130 32,9% -1% 29,6% 35,0% 30,0% FY 2020 23,8 110 25,0% -19% €Mn 90 20,0% €Mn 125,5 124,4 15,0% 70 10,0% 50 FY 2019 29,3 5,0% 30 0,0% FY 2019 FY 2020 SG&A SG&A/Operating revenue - 5,0 10,0 15,0 20,0 25,0 30,0 35,0 • ROVI b
Slide 20: EBITDA, EBIT & net profit analysis
EBITDA, EBIT & net profit analysis EBITDA EBIT 100,0 94,2 25% 80,0 74,7 20% 80,0 60,9 +55% 22,4% 20% 70,0 +75% 17,8% 16,0% 60,0 15% 42,6 60,0 15% 50,0 €Mn 11,2% €Mn 40,0 10% 40,0 10% 30,0 20,0 5% 20,0 5% 10,0 0,0 0% 0,0 0% 2019 2020 2019 2020 EBITDA EBITDA Margin EBIT EBIT margin Net profit 70,0 60,
Slide 21: PRE-R&D analysis
PRE-R&D analysis 140,0 +31% +37% +21% 118,0 120,0 98,5 100,0 90,2 81,1 80,0 72,0 €Mn 66,8 60,0 40,0 20,0 0,0 EBITDA pre-R&D EBIT pre-R&D Net profit pre-R&D FY 2019 FY 2020 • EBITDA “pre-R&D” increased by 31%, from €90.2Mn in FY 2019 to €118.0Mn in FY 2020. • EBIT “pre-R&D” increased by 37%, from €72
Slide 22: Capital expenditure and Free Cash Flow
Capital expenditure and Free Cash Flow Capex evolution FCF evolution 50 45 39,7 40 35 30 27,0 €Mn 25 20 15 10 5 0 FY 2019 Fy 2020 CAPEX distribution FY 2020 Maintenance Madrid plant FCF increased to €7.3Mn mainly due to: capex & other 8% 5% • Increase of €21.6Mn in “proceeds from toll manufacturing
Slide 23: Debt analysis
Debt analysis Debt breakdown by source (%) Debt maturities Financial liabilities for 1% 50 44,6 leases 45 24% 40 Debt with public administration 35 30 Bank borrowings 25 20 Derivatives 60% 15% 15 9,6 9,8 10 6,0 4,4 Total debt 5 €74.4Mn 0 2021 2022 2023 2024 2025+ • Debt with public administration re
Slide 24: News-flow 2021
News-flow 2021 Sales of biosimilar of Enoxaparin Specialty Additional new products to be launched in 2021 Pharma Granting by the competent local authorities of the marketing authorisation of an Enoxaparin biosimilar outside Europe Toll New contracts to be announced manufacturing Evolution of Moderna
Slide 25: 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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