Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI

Laboratorios Farmaceuticos Rovi — 9M 2016 Earnings Presentation

23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, Sep 30, 2016

  1. Slide 1: Nine-month period ending 30th September 2016 Financial Results

    Rovi Nine-month period ending 30th September 2016 Financial Results

  2. 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

  3. Slide 3: Operating results

    Operating results

  4. Slide 4: 9M 2016 financial results - Highlights

    9M 2016 financial results - Highlights  Operating revenue increased by 8% to €191.5Mn in 9M 2016, mainly driven by the strength of the prescription-based pharmaceutical business, where sales rose 22%, clearly outperforming the market. Total revenue increased by 8% to €192.9Mn in 9M 2016.  For 2017

  5. 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) 200 191,5 200 177,6 0,1 175 +8% 175 0,1 38,4 150 46,6 150 -17% 125 125 100 191,5 100 177,6 75 152,9 75 +17% 130,9 50 50 25 25 0 0 9M 2015 9M 2016 9M 2015 9M 2016

  6. Slide 6: …with high profitability

    …with high profitability EBITDA (€Mn) and EBITDA margin (%) Net profit (€Mn) 25 20% 35 16,3% 30 +30% 20 14,3% 15% 25 15 20 10% +23% 31,1 15 10 21,5 25,4 16,5 10 5% 5 5 0% 0 0 9M 2015 9M 2016 9M 2015 9M 2016 EBITDA EBITDA margin  In 9M 2016, EBITDA was impacted by non recurrent revenue of €4.0Mn as

  7. Slide 7: Bemiparin, leading the specialty pharmaceutical business growth

    Bemiparin, leading the specialty pharmaceutical business growth Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 140 59,2 60 +9% +22% 54,2 120 50 19,3 100 17,7 +9% 40 80 129,8 30 60 106,0 40 20 36,5 +9% 39,9 20 10 0 0 9M 2015 9M 2016 9M 2015 9M 2016 Spain International sales  Sa

  8. Slide 8: Good performance of the product portfolio (1/2)

    Good performance of the product portfolio (1/2) Absorcol, Vytorin and Orvatez sales (€Mn) Hirobriz and Ulunar sales (€Mn) 25 10 +42% +88% 20 8 15 6 24,0 8,8 10 4 16,8 5 2 4,7 0 0 9M 2015 9M 2016 9M 2015 9M 2016 Medicebran and Medikinet sales (€Mn)  Sales of Absorcol, Vytorin and Orvatez (the last o

  9. Slide 9: Good performance of the product portfolio (2/2)

    Good performance of the product portfolio (2/2) Corlentor sales (€Mn) Volutsa sales (€Mn) 12 5 +5% +2.5x 10 4 8 3 6 4,9 9,9 10,4 2 4 1 1,9 2 0 0 9M 2015 9M 2016 9M 2015 9M 2016 Contrast imaging agents (€Mn) 24  Sales of Corlentor increased by 5% to €10.4Mn in +3% 9M 2016. 18  Sales of Volutsa, lau

  10. Slide 10: Value added toll manufacturing services

    Value added toll manufacturing services Toll manufacturing sales (€Mn)  Toll manufacturing sales decreased by 17% to €38.4Mn in 9M 2016, compared to the same period the 50 46,6 -17% previous year, mainly because of the €6.4Mn revenue 38,4 40 decline in the Frosst Ibérica plant to €18.0Mn in 9M 24,3

  11. Slide 11: 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  Phase II successfully finished. Final positive Risperidone, Schizophrenia results 1Q 2016 monthly • Phase III starts 1H 2017 ISM Letrozole, Breast Cancer 

  12. Slide 12: Guidance 2017

    Guidance 2017 2017 operating revenues growth rate low single digit – mid single digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • Spare capacity in the injectable • Latest launches such as plants and in the oral Orvatez, Volutsa, Ulunar and compounds p

  13. Slide 13: Financial results

    Financial results

  14. Slide 14: Good revenue level with outstanding Bemiparin growth

    Good revenue level with outstanding Bemiparin growth Total operating revenue (€Mn) Bemiparin sales (€Mn) 191,5 59,2 200 60 +9% 177,6 2,9 54,2 175 5,4 38,4 50 -17% 19,3 150 46,6 17,7 +9% 20,3 125 40 19,7 +3% 100 30 75 +22% 129,8 20 +9% 39,9 106,0 36,5 50 10 25 0 0 9M 2015 9M 2016 9M 2015 9M 2016 Pres

  15. Slide 15: Gross margin impacted by the registration of the Sintrom sales

    Gross margin impacted by the registration of the Sintrom sales Gross profit (€Mn) & Gross margin (%)  Gross profit increased by 3% to €112.9Mn in 9M 70% 61,7% 59,0% 120 2016, reflecting a decrease of 2.8 pp in the gross 60% 100 margin to 59.0% in 9M 2016 from 61.7% in 9M 2015. 50%  This gross marg

  16. Slide 16: Cost control along with commitment to R&D

    Cost control along with commitment to R&D SG&A expenses (€Mn) R&D expenses (€Mn) 14 50% 37,9% 80 40,3% 12 +3% 40% 60 10 30% 8 +2% 40 12,8 13,1 71,5 72,6 6 20% 4 20 10% 2 0% 0 0 9M 2015 9M 2016 9M 2015 9M 2016 Operating expenses Operating expenses/operating revenue  SG&A expenses increased by 2% to

  17. Slide 17: EBITDA

    EBITDA EBITDA (€Mn) and EBITDA margin (%) Recurrent EBITDA (€Mn) and EBITDA margin (%) 20% 35 20% 30 14,2% 16,3% 14,3% 30 25 14,3% 15% 15% 25 20 20 10% +23% 10% +7% 15 31,1 15 25,4 27,1 25,4 10 10 5% 5% 5 5 0% 0 0% 0 9M 2015 9M 2016 9M 2015 9M 2016 EBITDA EBITDA margin Recurrent EBITDA Recurrent EBI

  18. Slide 18: EBIT

    EBIT EBIT (€Mn) and EBIT margin (%) Recurrent EBIT (€Mn) and EBIT margin (%) 15% 12,1% 25 12% 10,0% 20 10,1% 10,1% 20 15 10% 8% 15 +28% +6% 10 23,1 18,0 19,1 10 5% 18,0 4% 5 5 0% 0 0% 0 9M 2015 9M 2016 9M 2015 9M 2016 EBIT EBIT margin Recurrent EBIT Recurrent EBIT margin  Depreciation and amortizat

  19. Slide 19: Net profit

    Net profit Net profit (€Mn) 25  Net profit increased to €21.5Mn in 9M 2016, a 30% +30% 20 increase compared to 9M 2015. However,  excluding the positive impact of the non 15 recurrent revenue related to the ROVI and Enervit joint venture creation, net profit would 10 21,5 increase by 7% to €17.7Mn

  20. Slide 20: Capital expenditure & Free Cash Flow

    Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 14 San Sebastián Injectables; de los Reyes 18% facility; 31% 12 -44% 10 8 Alcalá facility; 6 12,2 16% 4 6,8 Granada facility; 6% 2 Maintenance 0 capex and 9M 2015 9M 2016 other; 28% FCF (€Mn)  €6.8Mn of capex invested in

  21. Slide 21: Financial debt

    Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 14 12 10 8 6 12,6 10,5 €37.6 million 4 5,9 2 4,7 3,9 0 2016 2017 2018 2019 2020 & beyond  Debt with public administration represented 37% of total debt, with 0% interest rate.  Gross cash position of €42.2Mn as of 30 Septemb

  22. Slide 22: News-flow 2016/2017

    News-flow 2016/2017 Specialty pharma  Additional new in-licensing products to be launched Toll manufacturing  New contracts to be announced  Start of ISM-Risperidone ® Phase III in H1 2017 R&D  Start of ISM-Letrozole ® Phase I in H1 2017  Potential authorisation for the marketing of a biosimila

  23. 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 Investor Relations +34 91 2444422 mcampos@rov

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