Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — H1 2023 Earnings Presentation
26 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, Jul 26, 2023
Slide 1: First half 2023 Financial Results
First half 2023 FINANCIAL RESULTS 26 JULY 2023
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: 2023 first half financial results - highlights
2023 first half financial results - highlights Operating revenue remained stable, reaching €380.8 Mn in the first post-pandemic half year. Positive evolution of Okedi® (Risperidone ISM®), which reached sales of €5.2 Mn in H1 2023. CMO sales increased by 4% to €172.2 Mn in H1 2023. Sales of the enoxa
Slide 4: Milestones achieved – Clinical development of a new formulation of letrozole
Milestones achieved – Clinical development of a new formulation of letrozole and evaluation process for Risvan® in US Clinical development of a new three-monthly formulation of letrozole (hereinafter, Letrozole LEBE) rather than the initially planned annual formulation of Letrozole ISM® ROVI has dec
Slide 5: Operating Results
OPERATING RESULTS Juan López-Belmonte Chairman and Chief Executive Officer
Slide 6: CMO business, Okedi and Neparvis main contributors to sales
CMO business, Okedi® and Neparvis®, main contributors to sales in the first post- pandemic half year H1 2023 operating revenue variation +0.1% €Mn 61
Slide 7: Evolution of EBITDA and net profit in the first post-pandemic half year
Evolution of EBITDA and net profit in the first post-pandemic half year EBITDA Margin -16% -17% €Mn EBITDA Net Profit EBITDA Net Profit H1 2022 H1 2023 • EBITDA reached €97.1 Mn in H1 2023, a decrease of 16% compared to H1 2022. • Net profit decreased by 17%, from €80.6 Mn in H1 2022 to €66.6 Mn in
Slide 8: ROVI aspires to become a benchmark player in the LMWH field worldwide
ROVI aspires to become a benchmark player in the LMWH field worldwide Prescription-based sales Heparin franchise sales LMWH sales -5% -13% -9% -20% €Mn €Mn €Mn • Sales of prescription-based pharmaceutical products decreased by 5% to €184.5 Mn in H1 2023. • Sales of the heparin franchise decreased by
Slide 9: ROVI's internationalisation strategy as one of its pillars of future growth
ROVI's internationalisation strategy as one of its pillars of future growth • Well positioned to drive long-term leadership in low-molecular-weight heparins (LMWH). • Sales outside Spain decreased by 3% in H1 2023 mainly due to the drop in LMWH international sales. • Sales outside Spain represented
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 In the long-term, ROVI markets enoxaparin biosimilars tend to biosimilar Becat® directly in 9 Direct marketed reach a… Approved in European countries… in Germany, UK, Ital
Slide 11: Neparvis, Orvatez and Okedi leading the growth of the specialty pharma business
Neparvis®, Orvatez® and Okedi® leading the growth of the specialty pharma business +18% +17% -14% €Mn -6% (1) (2) (1) Volutsa® price decreased by 47% in Q2 2023. (2) ROVI ceased to distribute Absorcol as of 31 December of 2022 and Vytorin as of 31 January 2023. 11
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, includes a series of investments expected to allow the manufacturing capacity to increase across ROVI’s facilities in Madrid, Spain. +4% €Mn
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 by Expected high injection Pop PK2 model & simulation
Slide 14: Outlook 2023
Outlook 2023 2023 operating revenue growth rate Upgrade High-single-digit negative growth vs 2022 The key growth levers in 2023 Specialty Pharma CMO Marketing of Okedi® in Europe New customers to be acquired LMWH franchise Agreement with Moderna License agreements (Neparvis® and Orvatez®) Capacity i
Slide 15: Financial Results
FINANCIAL RESULTS Javier López-Belmonte Deputy Chairman and Chief Financial Officer
Slide 16: Stable revenue in the first post-pandemic half year
Stable revenue in the first post-pandemic half year Operating revenue LMWH sales +0.1% 137.9 -14% 119.1 €Mn €Mn Operating revenue remained stable at €380.8 Mn in the first post-pandemic half year. The 5% drop in the prescription-based pharmaceutical product business was offset by (i) the 4% growth i
Slide 17: Gross margin negatively impacted by the CMO division
Gross margin negatively impacted by the CMO division Gross profit and Gross margin Gross margin impacts Gross profit decreased 5% to €215.7 Mn in H1 2023. Gross margin showed a decrease of 3.1 p.p. from 59.7% in H1 2022 to 56.6% in H1 2023. This drop is mainly due to the -3.1 pp higher contribution
Slide 18: Cost control and commitment to R&D
Cost control and commitment to R&D SG&A expenses R&D expenses +7% +4% €Mn €Mn SG&A increased 7% to €107.8 Mn in H1 2023 mainly as a result of R&D expenses increased 4% to €10.8 Mn in H1 2023. These expenses an increase in expenses due to the Okedi® launch in Europe. are related to: ◦ Preparing the d
Slide 19: EBITDA, EBIT & Net Profit analysis
EBITDA, EBIT & Net Profit analysis EBITDA EBIT -16% -18% €Mn €Mn Net Profit -17% €Mn €Mn 19
Slide 20: PRE-R&D analysis
PRE-R&D analysis -15% -16% -15% €Mn • EBITDA “pre-R&D” decreased by 15%, from €126.2 Mn in H1 2022 to €107.9 Mn in H1 2023. • EBIT “pre-R&D” decreased by 16%, from €114.9 Mn in H1 2022 to €96.0 Mn in H1 2023. • Net profit “pre R&D” decreased by 15%, from €88.6 Mn in H1 2022 to €75.0 Mn in H1 2023. N
Slide 21: Capital expenditure and Cash Flow
Capital expenditure and Cash Flow CAPEX evolution CF evolution +84% €Mn €Mn CF from operating activities decreased to €52.5 Mn in H1 2023 mainly due to: • Decrease of €19.5 Mn in profit before income tax; • Booking of €(23.3) Mn under the “Cash flow from provision of manufacturing services” caption
Slide 22: Debt analysis
Debt analysis Debt breakdown by source (%) Debt maturities Total debt €66.5 Mn €Mn • Debt with public administration represented 14% of total debt, with 0% interest rate. • Net cash of €90.4 Mn as of 30 June 2023 vs €54.2 Mn as of 31 December 2022. • ROVI General Shareholders Meeting, on 14 June 202
Slide 23: 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, boost the remuneration of the ROVI shareholder by increasing the profit per share Duration From today, 26 July 2023, for a twelve-month period Maximum monetary amount Up to 13
Slide 24: News flow 2023
News flow 2023 Sales of biosimilar of Enoxaparin Specialty Additional new products to be launched in 2023 pharma Granting by the competent local authorities of the marketing authorisation of an Enoxaparin biosimilar outside Europe CMO Evolution of Moderna’s products manufacturing Marketing of Okedi®
Slide 25: Alternative performance measures
Alternative performance measures This presentation may include certain Alternative Performance Measures (“APMs”) not prepared under IFRS-EU and not reviewed or audited by either the Company’s auditors or an independent expert. Furthermore, the way in which the Group defines and calculates these meas
Slide 26: For further information, please contact:
For further information, please contact: Juan López-Belmonte Chairman and Chief Executive Officer www.rovi.es Javier López-Belmonte Deputy Chairman and Chief Financial Officer www.rovi.es Marta Campos Head of Investor Relations +34 91 2444422 mcampos@rovi.es www.rovi.es Beatriz de Zavala Investor Re
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