Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — Q1 2018 Earnings Presentation
23 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, 2018
Slide 1: First Quarter 2018 Financial Results
Rovi First Quarter 2018 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: Q1 2018 financial results - Highlights
Q1 2018 financial results - Highlights ➢ Operating revenue increased by 12% to 75.8Mn in Q1 2018, driven by the strength the specialty pharmaceutical business, where sales rose 23%, strongly outperforming the market. Total revenue increased by 12% to €76.0Mn in 1Q 2018. ➢ In March 2018, ROVI commenc
Slide 5: Growth driven by specialty pharma business…
Growth driven by specialty pharma business… Total operating revenue (€Mn) Operating revenue growth by category (€Mn) 80 75,8 80 67,5 0,0 +12% 0,0 12,0 60 60 15,5 -23% 40 40 75,8 67,5 63,8 51,9 +23% 20 20 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Specialty pharma Toll manufacturing Royalties ➢ Operating re
Slide 6: …with high profitability
…with high profitability EBITDA (€Mn) and EBITDA “pre-R&D” Net profit “pre-R&D” (€Mn) margin (%) 24,3% 23,9% 25% 20 15 +21% 20% 15 10 15% +10% 10 14,6 18,1 10% 16,4 12,0 5 5 5% 0% 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 EBITDA "pre-R&D" EBITDA "pre-R&D" margin ➢ EBITDA “pre-R&D” increased by 10%, from €
Slide 7: Bemiparin, leading the specialty pharmaceutical business and growth in sales of Enoxaparin
Bemiparin, leading the specialty pharmaceutical business and growth in sales of Enoxaparin Prescription-based pharma products sales (€Mn) Bemiparin sales (€Mn) 30 50 24,0 20,1 +19% 40 20 7,1 30 6,1 +17% +27% 55,8 43,9 20 10 16,9 14,0 +20% 10 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Spain International Sa
Slide 8: Strong performance of the product portfolio (1/2)
Strong performance of the product portfolio (1/2) Absorcol, Vytorin and Orvatez sales (€Mn) Hirobriz and Ulunar sales (€Mn) 14 4 12 +47% +11% 3 10 8 2 3,9 6 13,0 3,5 4 8,8 1 2 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 ➢ Sales of Absorcol, Vytorin and Orvatez increased by 47% to Medicebran and Medikinet sa
Slide 9: Strong performance of the product portfolio (2/2)
Strong performance of the product portfolio (2/2) Volutsa sales (€Mn) Neparvis sales (€Mn) 3 3 +27% 2 6.7x 2 2,6 2,7 1 2,0 1 0 0,4 Q1 2017 Q1 2018 0 Q1 2017 Q1 2018 Contrast imaging agents (€Mn) ➢ Sales of Volutsa, launched in Spain in February 2015, 8 increased by 27% to €2.6Mn in 1Q 2018. +2% ➢ Sa
Slide 10: Seasonal effect in toll manufacturing services
Seasonal effect in toll manufacturing services Toll manufacturing sales (€Mn) 20 15,5 -23% 15 ➢ Toll manufacturing sales decreased by 23% to 12,0 €12.0Mn in 1Q 2018, compared to 1Q 2017, 6,2 mainly because of the reduction of the injectable 10 +13% business compared to Q1 2017, when exceptional 7,0
Slide 11: Focus on ISM platform technology and glycomics pipeline
Focus on ISM® platform technology and glycomics pipeline Platform Product Potential indication Current situation Expected milestones Pre- I II III Clínical Risperidone, • Phase III started in 1H 1Q Schizophrenia 2018 monthly ISM® Long acting Letrozole Breast Cancer • Phase I started in November 1Q 2
Slide 12: Guidance 2018
Guidance 2018 2018 operating revenue growth rate Mid-single digit The key growth levers in 2018 Specialty pharma Toll manufacturing • Bemiparin • Spare capacity in the injectable • Latest launches such as Neparvis, plants and in the oral Orvatez, Volutsa and Ulunar compounds plant • Existing portfol
Slide 13: Financial results
Financial results
Slide 14: Good revenue level with outstanding Bemiparin growth
Good revenue level with outstanding Bemiparin growth Total operating revenue (€Mn) Bemiparin sales (€Mn) 80 75,8 30 67,5 +12% 0,5 70 24,0 0,7 12,0 20,1 +19% 60 15,5 -23% 7,5 20 7,1 50 7,4 +2% 6,1 +17% 40 30 +27% 55,8 10 43,9 16,9 20 14,0 +20% 10 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Prescription produ
Slide 15: Gross margin impacted by decreased of the injectable toll manufacturing business
Gross margin impacted by decreased of the injectable toll manufacturing business Gross profit (€Mn) & Gross margin (%) ➢ Gross profit increased by 5% to €43.8Mn in 70% 50 1Q 2018, reflecting an decrease of 3.7 pp in the 61,5% 57,8% gross margin to 57.8% in 1Q 2018 from 61.5% 60% in 1Q 2017. 40 50% ➢
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) 10 40% 37,2% 30 33,8% +29% 8 30% 20 6 +2% 20% 25,1 25,6 4 8,0 10 6,2 10% 2 0% 0 0 Q1 2017 Q1 2018 Q1 2017 Q1 2018 SG&A SG&A/operating revenue ➢ SG&A expenses rose 2% to €25.6Mn in 1Q 2018 mainly due to: ✓ international
Slide 17: EBITDA
EBITDA EBITDA (€Mn) and EBITDA “pre-R&D” margin EBITDA (€Mn) and EBITDA margin (%) (%) 20% 15 24,3% 23,9% 25% 20 15,2% 13,4% 15% 20% 15 10 -1% 15% +10% 10% 10 18,1 10,2 10,2 5 10% 16,4 5% 5 5% 0% 0 Q1 2017 Q1 2018 0% 0 EBITDA EBITDA Margin Q1 2017 Q1 2018 EBITDA (€Mn) and EBITDA margin (%) w flat EB
Slide 18: EBIT
EBIT EBIT (€Mn) and EBIT margin (%) EBIT (€Mn) and EBIT “pre-R&D” margin (%) 12% 10,8% 10 25% 20 9,6% 20,1% 20,0% 20% 8 15 8% 15% 5 +13% 10 7,3 7,3 10% 4% 15,2 3 13,5 5 5% 0% 0 Q1 2017 Q1 2018 0% 0 EBIT EBIT margin Q1 2017 Q1 2018 EBIT "pre-R&D" EBIT "pre-R&D" margin EBIT (€Mn) and EBIT margin (%) w
Slide 19: Net profit
Net profit Net profit (€Mn) 8 ➢ Net profit decreased to €6.8Mn in 1Q 2018, a 7% +7% increase compared to 1Q 2017. 6 ➢ Net profit “pre R&D” increased by 21%, from €12.0Mn in 1Q 2017 to €14.6Mn in 1Q 2018. Likewise, 4 ✓ recognising the same amount of R&D expenses 6,4 6,8 in 1Q 2018 as in 1Q 2017, net
Slide 20: Capital expenditure & Free Cash Flow
Capital expenditure & Free Cash Flow Capex evolution (€Mn) Capex breakdown (%) 4 Injectables; San Sebastián 9% de los Reyes 3 facility; 21% -19% 2 3,1 Maintenance 2,5 capex and 1 other; 16% Granada & 0 Alcalá facility; Q1 2017 Q1 2018 54% ➢ €2.5Mn of capex invested in 1Q 2018. FCF (€Mn) ✓ €0.2Mn of
Slide 21: Financial debt
Financial debt Debt breakdown by source (%) Debt maturities by year (€Mn) 20 Debt with public 16 administrat ion; 30% 12 17,2 8 Loans from 13,3 banks; 70% 4 €40.4 million 3,8 3,3 1,4 0 2018 2019 2020 2021 2022 & beyond ➢ Debt with public administration represented 30% of total debt, with 0% interest
Slide 22: News-flow 2018
News-flow 2018 ➢ Sales of biosimilar of Enoxaparin (sales range of 20 to 30 million euros) in 2018 Specialty pharma ➢ Additional new in-licensing products to be launched ➢ Granting by the competent local authorities of the marketing authorisation of a biosimilar of Enoxaparin in 10 countries of the
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 Investor Relations +34 91 2444422 mcampos@rovi.es www.
Laboratorios Farmacéuticos Rovi — Q1 2018 Earnings Presentation on 6ix