Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — FY2018 Earnings Presentation
24 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, February 2019
Slide 1: Full Year 2018 Financial Results
F U L L Y E A R 2 0 1 8 F I N A N C I A L R E S U LT S FEBRUARY 2019
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: Operating results
Operating results Juan López-Belmonte Chief Executive Officer
Slide 4: 2018 financial results - Highlights
2018 financial results - Highlights • Operating revenue increased by 10% to €303.2Mn in 2018, driven by the strength the specialty pharmaceutical business, where sales rose 16%, strongly outperforming the market. Total revenue increased by 10% to €304.8Mn in 2018. • In 2019, ROVI expects a high-sing
Slide 5: Growth driven by specialty pharma business…
Growth driven by specialty pharma business… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 320 303,2 320 +10% 275,6 280 280 54,6 240 61,1 240 -11% 200 200 160 160 303,2 275,6 120 120 +16% 248,6 214,6 80 80 40 40 0 0 2017 2018 2017 2018 Specialty pharma Toll manufacturing •
Slide 6: …with high profitability
…with high profitability EBITDA (€Mn) and EBITDA “pre-R&D” (w/o R&D and non Net profit “pre-R&D” (w/o R&D and non recurring expenses) recurring expenses) margin (%) (€Mn) 25% 20,8% 70 60 21,1% 60 +19% 20% 50 +8% 40 15% 40 63,0 30 53,8 10% 58,2 45,0 20 20 5% 10 0% 0 0 2017 2018 2017 2018 EBITDA "pre-
Slide 7: LMWH, leading the specialty pharmaceutical business
LMWH, leading the specialty pharmaceutical business Prescription-based pharma products sales (€Mn) LMWH franchise sales (€Mn) 240 121,5 125 +42% 200 30,2 100 85,3 +20x 160 +18% 1,5 75 120 216,8 183,4 50 +9% 80 83,9 91,3 40 25 0 0 2017 2018 2017 2018 Bemiparin Enoxaparin biosimilar • Sales of prescri
Slide 8: 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 • ROVI launched enoxaparin biosimilar Becat® in Germany (first EU Directly Marketed Approved; Approved; 1 market) in September 2017 and in UK, It
Slide 9: Strong performance of the product portfolio (1/2)
Strong performance of the product portfolio (1/2) Neparvis sales (€Mn) Volutsa sales (€Mn) 15 12 +25% +2.9x 10 8 13,6 11,2 9,0 5 4 4,7 0 0 2017 2018 2017 2018 Medicebran and Medikinet sales (€Mn) 8 • Sales of Neparvis, a specialty product from Novartis launched in December 2016, reached €13.6Mn in 2
Slide 10: Strong performance of the product portfolio (2/2)
Strong performance of the product portfolio (2/2) Absorcol, Vytorin and Orvatez sales (€Mn) Hirobriz and Ulunar sales (€Mn) 40 16 -9% +7% 30 12 20 8 39,4 15,3 36,0 14,3 10 4 0 0 2017 2018 2017 2018 Contrast imaging agents sales (€Mn) 30 • Sales of Vytorin®, Orvatez® and Absorcol® decreased by 9% to
Slide 11: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€Mn) • Toll manufacturing sales decreased by 11% to €54.6Mn in 2018, mainly 70 because of the reduction of the injectable business compared to 2017, when 61,1 -11% exceptional high volumes were manufactured for some customers. 60 54,6
Slide 12: 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 13: Guidance 2019
Guidance 2019 2019 operating revenue growth rate High-single-digit T HE KEY G ROWTH LEVERS IN 2 0 1 9 Specialty Pharma Business Toll Manufacturing Services Bemiparin Spare capacity in the injectable plants and Latest launches such as Neparvis, Orvatez, in the oral compounds plant Volutsa and Ulunar
Slide 14: Financial results
Financial results Javier López-Belmonte Chief Financial Officer
Slide 15: Good revenue level with outstanding LMWH franchise growth
Good revenue level with outstanding LMWH franchise growth Total operating revenue (€Mn) LMWH franchise sales (€Mn) 303,2 320 275,6 +10% 125 +42% 121,5 2,2 280 2,6 -11% 54,6 +20x 30,2 240 61,1 100 29,7 85,3 +4% 200 28,5 1,5 75 160 120 +18% 50 216,8 +9% 91,3 183,4 83,9 80 25 40 0 0 2017 2018 2017 2018
Slide 16: Gross margin impacted by the decrease of injectable toll manufacturing sales
Gross margin impacted by the decrease of injectable toll manufacturing sales and the increase of enoxaparin biosimilar sales Gross profit (€Mn) and Gross margin (%) • Gross profit increased by 5% to €176.2Mn in 2018, the gross margin showing 70% 200 a decrease of 2.6 pp from 60.7% in 2017 to 58.1%,
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) 39,4% 37,3% 35 40% 120 30 +15% +4% 30% 25 80 20 20% 32,4 108,5 113,2 15 28,3 40 10 10% 5 0% 0 0 2017 2018 2017 2018 SG&A SG&A/operating revenue • SG&A expenses rose 4% to €113.2Mn in 2018 mainly due to: • international
Slide 18: EBITDA
EBITDA EBITDA (€Mn) and EBITDA margin (%) EBITDA (€Mn) and EBITDA “pre-R&D” (w/o R&D and non recurring expenses) margin (%) 12% 10,9% 9,7% 30 25% 20,8% 70 21,1% 60 25 20% 50 8% 20 +8% 15% 40 29,9 -1% 29,5 15 63,0 58,2 30 10% 4% 10 20 5% 5 10 0% 0 0% 0 2017 2018 2017 2018 EBITDA "pre-R&D" EBITDA "pre
Slide 19: EBIT
EBIT EBIT (€Mn) and EBIT margin (%) EBIT (€Mn) and EBIT “pre-R&D” (w/o R&D and non recurring expenses) margin (%) 8% 20 20% 60 6,7% 5,8% 16,9% 16,8% 50 6% 15 15% 40 +9% 4% 10 10% 30 18,4 -5% 17,5 51,0 46,7 20 2% 5 5% 10 0% 0 0% 0 2017 2018 2017 2018 EBIT EBIT margin EBIT "pre-R&D" EBIT "pre-R&D" mar
Slide 20: Net profit
Net profit Net profit (€Mn) Net profit “pre-R&D” (w/o R&D and non recurring expenses) (€Mn) 20 60 +4% +19% 16 40 12 17,2 17,9 53,8 8 45,0 20 4 0 0 2017 2018 2017 2018 • Net profit increased to €17.9Mn in 2018, a 4% rise compared to 2017. • Net profit “pre R&D” (w/o R&D and non recurring expenses) in
Slide 21: Capital expenditure and Free Cash Flow
Capital expenditure and Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 20 San Sebastián de los Reyes facility; 16% Injectables; +13% 22% 15 Maintenance capex and other; 13% 10 17,4 15,5 5 Granada & 0 Alcalá facility; 2017 2018 49% • €17.4Mn of capex invested in 2018. Free Cash Flow (€Mn) •
Slide 22: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 Total debt Debt with public €34.2Mn administration; 16 34% 12 Bank 17,6 8 borrowings; 66% 4 8,7 3,9 1,7 2,3 0 2019 2020 2021 2022 2023 & beyond • Debt with public administration represented 34% of total debt, with 0% intere
Slide 23: News-flow 2019
News-flow 2019 Sales of biosimilar of Enoxaparin Specialty Additional new products to be launched Pharma Granting by the competent local authorities of the marketing authorisation of an Enoxaparin biosimilar in 2 EU countries (24 already granted) Toll New contracts to be announced manufacturing Risp
Slide 24: 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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