Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — Q1 2013 Earnings Presentation
20 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, 2013
Slide 1: First Quarter 2013 Financial Results
Rovi First Quarter 2013 Financial Results
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
Slide 3: Operating results
Operating results
Slide 4: Growth driven by recent launches and toll manufacturing business strength
Growth driven by recent launches and toll manufacturing business strength… Total operating revenue (€m) Operating revenue growth by category (€m) 60 53,8 60 50,9 0,0 +6% 50 0,0 50 +2% 15,8 15,4 40 40 30 30 50,9 53,8 20 20 35,5 +7% 37,9 10 10 0 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Specialty pharma Toll
Slide 5: …with high profitability
…with high profitability EBITDA (€m) and EBITDA margin (%) Net profit (€m) 6 15% 14,1% 8 12,9% 5 +2% 6 4 10% 3 4 +15% 7,6 5,3 5,3 6,6 5% 2 2 1 0% 0 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 EBITDA EBITDA margin EBITDA increased by 15% to €7.6m in Q1 2013, reflecting a 1.2 pp rise in the EBITDA margin to 1
Slide 6: Bemiparin, leading the growth
Bemiparin, leading the growth Prescription-based pharma products sales (€m) Bemiparin sales (€m) 35 18 16,7 16 +13% 30 +7% 14,8 14 6,4 25 12 5,5 20 10 15 30,7 8 28,6 6 10 9,3 10,3 4 5 2 0 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Spain International sales Sales of prescription-based pharmaceutical product
Slide 7: Good performance of the product portfolio (1/2)
Good performance of the product portfolio (1/2) Absorcol and Vytorin sales (€m) Thymanax sales (€m) 4 3,0 +38% -5% 2,5 3 2,0 2 3,8 1,5 2,8 2,7 2,8 1,0 1 0,5 0 0,0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Sales of Absorcol and Vytorin, the first of the five licenses of MSD launched in January 2011, increase
Slide 8: Good performance of the product portfolio (2/2)
Good performance of the product portfolio (2/2) Corlentor sales (€m) Exxiv sales (€m) 3,0 2,0 +28% -8% 2,5 1,5 2,0 1,5 1,0 1,9 2,7 1,8 1,0 2,1 0,5 0,5 0,0 0,0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 Contrast imaging agents (€m) 6 Sales of Osseor, a specialty product for the +7% treatment of postmenopausal
Slide 9: Value added toll manufacturing services
Value added toll manufacturing services Toll manufacturing sales (€m) Toll manufacturing sales increased by 2% to 15.8 16 million euros in Q1 2013, mainly as a result of the +2% contribution of the injectables plant whose revenue 12 more than doubled in Q1 2013. 8 15,4 15,8 < 20% of spare capaci
Slide 10: Focus on drug release platform
Focus on drug release platform Platform Product Potential indication Current situation Expected milestones Pre- I II III Clínical Risperidone, • Disclosed Ph I results Schizophrenia monthly Phase 2 start in 2H 2013 Paliperidone, Phase 1 start 1H 2014 ISM Schizophrenia monthly Letrozole, Phase 1
Slide 11: Guidance 2013
Guidance 2013 Operating revenue Operating revenue 2012 2013 mid single digit – €201.9m high single digit Our main strategic pillars to lead growth Specialty pharma Toll manufacturing • Bemiparin • 45% of spare capacity in the • Vytorin and Absorcol injectable plant • Recent launches such as • < 20%
Slide 12: Financial results
Financial results
Slide 13: Gross margin negatively impacted by increased third-client production in Frosst Ibérica
Gross margin negatively impacted by the increase of the production of third clients in Frosst Ibérica Gross profit (€m) & Gross margin (%) Q1 2013 gross margin negatively impacted by: 80% 35 61,4% 59,0% the increase of the production from other 30 clients in the Frosst Ibérica facility which con
Slide 14: Strict cost control
Strict cost control R&D expenses (€m) SG&A expenses (€m) 25 2,5 +12% -4% 20 2,0 15 1,5 2,6 22,3 2,3 10 21,5 1,0 0,5 5 0,0 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 R&D expenses increased by 12% reflecting ROVI investments in products that are under development. SG&A expenses decreased by 4% to €21.5m in
Slide 15: EBITDA & EBIT
EBITDA & EBIT EBITDA (€m) and EBITDA margin (%) EBIT (€m) and EBIT margin (%) 15% 14,1% 8 11,1% 12,9% 12% 6 10,6% 10% 5 6 10% 8% 4 4 7,6 6% +11% 6,0 3 6,6 +15% 5,4 5% 4% 2 2 2% 1 0% 0 0% 0 Q1 2012 Q1 2013 Q1 2012 Q1 2013 EBITDA EBITDA margin EBIT EBIT margin EBITDA increased by 15% to €7.6m in Q1
Slide 16: Net profit
Net profit Net profit (€m) Net profit increased by 2% to €5.3m in Q1 2013. 6 Effective tax rate of 3.1% in Q1 2013 vs 0.5% in Q1 2012. This favourable effective tax rate is due to: 5 deduction of existing R&D expenses; and +2% capitalisation of existing negative tax bases resulting 4 from th
Slide 17: Capital expenditure and free cash flow
Capital expenditure and free cash flow Capex (€m) FCF (€m) 2,0 5 4 -22% 1,5 3 4,7 2 1,0 1,9 1 1,5 0 0,5 Q1 2012 Q1 2013 -1 -3,2 -2 0,0 -3 Q1 2012 Q1 2013 -4 €1.5m of capex invested in Q1 2013. €0.5m of investment capex related to the injectables facility vs €0.3m in Q1 2012; and €1.0m of maint
Slide 18: Financial debt
Financial debt Debt breakdown by source (%) Maturities by year (€m) €38.1 million Note: consolidated accounts under IFRS 94% of the debt is 0% interest rate debt. Debt with public administration represented 72% of total debt. Gross cash position of €50.6m as of 31 March 2013 vs €45.9m as of 31
Slide 19: Newsflow 2013
Newsflow 2013 Specialty pharma Additional new in-licensing products to be launched Toll manufacturing New contracts to be announced R&D Start of ISM-Risperidone Phase II 18
Slide 20: For further information, please contact
For further information, please contact: Juan López-Belmonte Chief Executive Officer +34 913756235 jlopez-belmonte@rovi.es www.rovi.es Javier López-Belmonte Chief Financial Officer +34 913756266 javierlbelmonte@rovi.es www.rovi.es Marta Campos Martínez Investor Relations +34 912444422 mcampos@rovi.e
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