Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — H1 2022 Earnings Presentation
24 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, July 2022
Slide 1: First Half 2022 Financial Results
First Half 2022 FINANCIAL RESULTS JULY 2022
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: 2022 first half financial results - highlights
2022 first half financial results - highlights Operating revenue growth of 31% to €380.4 Mn and EBITDA growth of 56% to €115.8Mn in H1 2022. Sales of the heparin franchise increased by 8% to €141.6 Mn in H1 2022. Sales of Neparvis® increased by 6% to €18.9 Mn in H1 2022. CMO sales increased by 76% t
Slide 4: Milestones achieved – approval of Okedi and expansion of Moderna collaboration
® Milestones achieved – approval of Okedi and expansion of the long-term collaboration with Moderna ROVI receives the European Commission’s approval of Okedi® as a treatment for schizophrenia The European Commission has authorised the marketing of Okedi® (Risperidone ISM®) for the treatment of schiz
Slide 5: Operating Results
OPERATING RESULTS Juan López-Belmonte Chairman and Chief Executive Officer
Slide 6: Growth driven by CMO and specialty pharma businesses
Growth driven by CMO and specialty pharma businesses… 400 H1 2022 sales variation 71.9 380.4 +31% 19.4 1.0 1.0 4.1 2.2 300 290.1 -9.3 €Mn 200 100 0 s t r s s le ca bo vis sa S ct O le Sa Be Hi ar lut NH u CM Sa p Vo he od 21 rin Ne t pr 22 20 pa to er 20 H1 a s th ox nt O H1 En ou sc Di 61
Slide 7: …with high profitability
…with high profitability 125 +56% 40% EBITDA Margin +58% 100 30.4% 30% 25.5% €Mn 75 20% 115.8 50 80.6 74.0 10% 25 51.0 EBITDA Net Profit EBITDA Net Profit 0 0% H1 2021 H1 2022 EBITDA increased to €115.8 Mn in H1 2022, a rise of 56% compared to H1 2021. Net profit increased by 58%, from €51.0 Mn in H
Slide 8: Heparins, leading the specialty pharmaceutical business
Heparins, leading the specialty pharmaceutical business Prescription-based sales Heparin franchise sales LMWH sales 200 +9% 193.3 150 +8% +31% -14% 141.6 100 177.5 131.4 82.1 75 150 62.7 65.1 55.8 100 €Mn €Mn €Mn 50 100 25 50 Enoxaparin Bemiparin 50 biosimilar H1 2021 H1 2022 H1 2021 H1 2022 H1 2021
Slide 9: Successful internationalization plan
Successful internationalization plan Well positioned to drive long-term leadership in Low Molecular Weight Heparins (LMWH) Sales of LMWH (Enoxaparin biosimilar and Bemiparin) increased by 8% to €137.9 Mn in H1 2022 Total group sales Sales H1 2021 Sales H1 2022 +7.5 pp 34.7% 42.2% 57.8% 65.3% Interna
Slide 10: 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, enoxaparin biosimilar Becat® biosimilars tend to reach a… Approved Direct in 7 European countries… in 26 Marketed in countries
Slide 11: Neparvis, Volutsa and hypercholesterolemia franchise leading specialty pharma growth
Neparvis®, Volutsa® and the hypercholesterolemia franchise leading the growth of the specialty pharma business 25 +6% +14% 20.0 20 17.9 18.9 19% 17.4 15.9 15 €Mn 13.3 +13% 10 8.8 7.8 -17% 4.8 5 4.0 0 Neparvis Volutsa Vytorin & Absorcol & Ulunar & Hirobriz Contrast agents and Orvatez other hospital p
Slide 12: Value added CMO services
Value added CMO services CMO strategy CMO evolution ROVI and Moderna will expand long-term collaboration: • This new agreement, which has a term of ten years, H1 2022 sales 166.4 includes a series of investments expected to allow the manufacturing capacity to increase across ROVI’s €Mn facilities in
Slide 13: 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 Pop PK2 model & by injection Expected high simulation
Slide 14: Outlook 2022
Outlook 2022 2022 operating revenue growth rate + 15 % - 20 % The key Growth levers in 2022 Specialty Pharma CMO Bemiparin Spare capacity in the manufacturing Biosimilar of Enoxaparin plants Launch of Okedi® New customers to be acquired Existing portfolio of specialty Agreement with Moderna pharmace
Slide 15: Financial Results
FINANCIAL RESULTS Javier López-Belmonte Vicepresident and CFO
Slide 16: Good revenue level with resilient sales growth
Good revenue level with resilient sales growth Operating revenue LMWH sales +31% 150 127.8 +8% 137.9 2.6 71.9 380.4 15.8 290.1 100 62.7 82.1 €Mn €Mn 50 65.1 55.8 0 H1 2021 H1 2022 les ts ... O s a du c & CM ale 1s pro nts 2s 20 2 ge 20 2 H1 ption as ta H1 Bemiparin Enoxaparin biosimilar cri on tr es
Slide 17: Gross margin positively impacted by the CMO division
Gross margin positively impacted by the CMO division Gross profit and Gross margin Gross margin impacts +47% Gross profit increased by 47% to €227.2 Mn in H1 2022, the gross margin showing an increase of 6.5 p.p. from 53.2% in H1 2021 to 250 65% 227.2 59.7% in H1 2022, mainly because the increase in
Slide 18: Cost control along with commitment to R&D
Cost control along with commitment to R&D SG&A expenses R&D expenses +48% 120 30% 26.6% H1 2022 +10.4 23.6% 25% -12% €Mn €Mn 60 101.1 20% 68.5 H1 2021 +11.9 0 15% H1 2021 H1 2022 0 5 10 15 SG&A SG&A/Operating revenue SG&A increased 48% to €101.1 Mn in H1 2022 mainly as a result of: R&D expenses decr
Slide 19: EBITDA, EBIT & Net Profit analysis
EBITDA, EBIT & Net Profit analysis EBITDA EBIT +65% 150 +56% 30.4% 33% 120 27.5% 28% 104.5 100 25.5% 115.8 60 24% €Mn €Mn 27% 50 63.4 74.0 21.8% 0 21% 0 20% H1 2021 H1 2022 H1 2021 H1 2022 EBITDA EBITDA Margin EBIT EBIT margin 150 Net Profit 72.9 100 -32.6 1.4 0.0 115.8 100 +58% €Mn €Mn 50 80.6 74.0
Slide 20: PRE-R&D analysis
PRE-R&D analysis +47% +53% +46% 150 126.2 114.9 100 88.6 85.9 €Mn 75.3 60.5 50 0 EBITDA pre-R&D EBIT pre-R&D Net profit pre-R&D H1 2021 H1 2022 EBITDA “pre-R&D” increased by 47%, from €85.9 Mn in H1 2021 to €126.2 Mn in H1 2022. EBIT “pre-R&D” increased by 53%, from €75.3 Mn in H1 2021 to €114.9 Mn
Slide 21: Capital expenditure and Cash Flow
Capital expenditure and Cash Flow CAPEX evolution 250 CF evolution 175.9 11.4 200 12 -13% 9.9 150 -6.5 -9.9 €Mn 8 87.3 €Mn 100 50 27.4 -99.0 -0.6 4 0 202 1 ... ital pex har es er 022 mo cap Ca Oth 2 FY fro ing ry S H1 0 t ca sh t ca sh Wo rk rea su t ca sh Ne Ne T Ne H1 2021 H1 2022 CF from operatin
Slide 22: Debt analysis
Debt analysis Debt breakdown by source (%) Debt maturities 40 36.9 Total debt €73.1Mn 30 €Mn 24% 20 Financial liabilities for leases Debt with public administration Bank borrowings 11.8 10.5 61% 15% 10.2 10 3.7 0 2022 2023 2024 2025 2026 + Debt with public administration represented 15% of total deb
Slide 23: News-flow 2022
News-flow 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 manu
Slide 24: For further information, please contact
For further information, please contact: Juan López-Belmonte Chairman and Chief Executive Officer www.rovi.es Javier López-Belmonte First Vice-President and Chief Financial Officer www.rovi.es Marta Campos Head of Investor Relations +34 91 2444422 mcampos@rovi.es www.rovi.es
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