Laboratorios Farmaceuticos Rovi, S.a. · BME:ROVI
Laboratorios Farmaceuticos Rovi — 9M 2023 Earnings Presentation
26 slides from Laboratorios Farmaceuticos Rovi's earnings presentation, Nov 8, 2023
Slide 1: First nine months 2023 Financial Results
First nine months 2023 FINANCIAL RESULTS 8 NOVEMBER 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: 9M 2023 financial results - highlights
9M 2023 financial results - highlights Operating revenue increased 3% to €594.9 Mn in 9M 2023 driven by the CDMO1 business which grew 7% to €287.6 Mn and the stable sales of the specialty pharmaceutical business which stood at €307.3 Mn. Positive evolution of Okedi® (Risperidone ISM®), which reached
Slide 4: Milestones achieved – FDA approval of CDMO's injectables plants, Risvan evaluation, Sustainalytics ranking
Milestones achieved – FDA approval of CDMO's injectables plants, evaluation process for Risvan® in US and first place in the Sustainalytics ESG ranking U.S. Food and Drug Administration (FDA) approved ROVI's CDMO's injectable plants for the manufacture of Moderna's COVID-19 mRNA vaccine In September
Slide 5: Operating results
OPERATING RESULTS ROVI
Slide 6: Growth driven by CDMO business, Okedi and Neparvis
Growth driven by CDMO business, Okedi® and Neparvis® 9M 2023 operating revenue variation +3% 575.5 4.5 19.7 594.9 600 4.9 8.1 1.0 7.8 -11.1 -8.5 -3.2 -3.8 450 €Mn 300 150 0 a® ® ® S ts s O e e r in s® ila ct H nu nu ez di M uc ar ts N vi du im ke D ve ve at ip od ar lu e C ro os m O rv th re re Vo e
Slide 7: Evolution of EBITDA and net profit in the first nine months
Evolution of EBITDA and net profit in the first nine months of the first post-pandemic year EBITDA Margin 200 -2% -2% 30.2% 28.8% 30% 150 20% 100 €Mn 173.9 171.2 121.5 118.8 10% 50 EBITDA Net Profit EBITDA Net Profit 0 0% 9M 2022 9M 2023 • EBITDA reached €171.2 Mn in 9M 2023, a decrease of 2% compar
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 sales1 LMWH sales -2% -10% -9% -11% 300 277.2 240 272.7 119.2 200.8 120 108.1 250 200 181.7 90 75.8 €Mn 200 160 67.3 €Mn €Mn 60 150 120 100 80 30 50 40 0 Enoxaparin Bemiparin biosimilar 0
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 increased by 2% in 9M 2023 mainly due to the increase in the CDMO business. • Sales outside Spain represented 66%
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 40 +17% +15% 33.7 33.8 28.8 29.3 30 10% €Mn 19.8 20 -24% 17.9 13.2 10.0 9.0 10 0.9 0 Neparvis® Volutsa® (1) Orvatez® Okedi® Contrast agents and other hospital products 9M 2022 Sales 9M 2023 Sales (1) Volutsa® price de
Slide 12: Value added CDMO services
Value added CDMO services CDMO business CDMO evolution ROVI and Moderna continue along the path of their long-term collaboration: 9M 2023 sales 287.6 • Under a long-term agreement (10 years), ROVI is taking part +7% €Mn in Moderna's pipeline program for the new generation of COVID-19 vaccines, as we
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 2024
Outlook 2024 2024 operating revenue growth rate Decrease by a mid-single-digit percentage vs 2023 The key growth levers in 2024 Specialty Pharma CDMO Marketing of Okedi® in Europe New customers to be acquired LMWH franchise Agreement with Moderna License agreements (Neparvis® and Orvatez®) Capacity
Slide 15: Financial results
FINANCIAL RESULTS ROVI
Slide 16: Revenue level improves thanks to resilient sales growth
Revenue level improves thanks to resilient sales growth Operating revenue LMWH sales +3% 195.1 -10% 175.4 575.5 4.2 19.7 594.9 200 600.0 -4.5 150 450.0 119.2 108.1 €Mn 100 €Mn 300.0 50 150.0 75.8 67.3 0 0.0 9M 2022 9M 2023 les .. .. les sa ro d. ts. M O sa en CD 022 onp ag 023 9M 2 ip ti ra st 9M 2
Slide 17: Gross margin negatively impacted by the CDMO division
Gross margin negatively impacted by the CDMO division Gross profit and Gross margin Gross margin impacts Gross profit increased 2% to €350.6 Mn in 9M 2023. 400 65% Gross margin showed a decrease of 0.9 p.p. from 59.9% in 9M 2022 to 344.4 350.6 60% 58.9% in the same period of 2023. This drop is mainl
Slide 18: Cost control and commitment to R&D
Cost control and commitment to R&D SG&A expenses R&D expenses +5% 26.8% 27.4% 30% 160 9M 2023 16.5 120 20% +2% €Mn 80 154.5 162.7 10% 40 9M 2022 16.2 0 0% 9M 2022 9M 2023 0 4 8 12 16 20 SG&A SG&A/Operating revenue €Mn SG&A increased 5% to €162.7 Mn in 9M 2023 mainly as a result of R&D expenses incre
Slide 19: EBITDA, EBIT & Net Profit analysis
EBITDA, EBIT & Net Profit analysis EBITDA EBIT -2% -2% 30.2% 27.3% 25.8% 200 28.8% 36% 200 30% 150 173.9 150 171.2 24% 156.8 20% 153.4 €Mn €Mn 100 100 12% 10% 50 50 0 0% 0 0% 9M 2022 9M 2023 9M 2022 9M 2023 EBITDA EBITDA Margin EBIT EBIT margin Net Profit 200 6.2 140 -2% -0.3 150 173.9 -8.3 -0.2 171
Slide 20: PRE-R&D analysis
PRE-R&D analysis 250 -1% -2% -2% 200 190.1 187.8 173.1 170.0 €Mn 150 134.0 131.6 100 50 0 EBITDA pre-R&D EBIT pre-R&D Net profit pre-R&D 9M 2022 9M 2023 • EBITDA “pre-R&D” decreased by 1%, from €190.1 Mn in 9M 2022 to €187.8 Mn in 9M 2023. • EBIT “pre-R&D” decreased by 2%, from €173.1 Mn in 9M 2022
Slide 21: Capital expenditure and Cash Flow
Capital expenditure and Cash Flow CAPEX evolution CF evolution 30 +45% 180 119.7 26.8 25 120 €Mn 20 18.5 54.2 -67.5 60 -26.8 €Mn 15 1.9 10 0 -69.0 5 -18.3 -5.8 ... id 23 l es 22 x er ta pe op pa th ar 20 20 pi Ca Sh 0 O ca om ds 9M FY en g ry fr sh n bt su 9M 2022 9M 2023 id ki sh ca de ea or iv ca
Slide 22: Debt analysis
Debt analysis Debt breakdown by source (%) Debt maturities 30 27.9 Total debt €63.7 Mn 20 €Mn 23% Financial liabilities for leases Debt with public administration 11.1 10.8 10.6 Bank borrowings 62% 15% 10 3.3 0 2023 2024 2025 2026 2027 + • Debt with public administration represented 15% of total deb
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 26 July 2023 for a twelve-month period Maximum monetary amount Up to 130,000,000 eur
Slide 24: News flow 2023-2024
News flow 2023-2024 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 outside Europe CDMO Evolution of Moderna’s products manufacturing Marketing of Okedi® i
Slide 25: Alternative performance measures
Alternative performance measures In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRSs”) taken from our financial statements, this document includes certain alternative performance measures (“APMs”) as defined in the ESMA (European S
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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