ROVI presents its financial results for the first nine months of 2022, which show the Group’s capacity to continually adapt, compete and outperform itself.
Operating revenue rose 24% in comparison with the same period of 2021, totalling 575.5 million euros.
This result was driven mainly by the strength of the contract manufacturing business, sales of which grew by 49%, and the specialty pharmaceutical business, whose sales increased by 9%.
Net profit totalled 121.5 million euros, 23% higher than the same period of 2021.
EBITDA increased 25% to 173.9 million euros, reflecting an increase of 0.1 percentage points in the EBITDA margin, which rose to 30.2% from the 30.1% of the first nine months of 2021.
Sale of prescription pharmaceuticals rose 8% to 277.2 million euros in the first nine months of the year.
Heparin division sales (low-molecular-weight and other heparins) rose 11% to 200.6 million euros.
Sales of low-molecular-weight heparins increased by 11%, totalling 195.1 million euros.
Sales of the enoxaparin biosimilar increased 33% in the first nine months of 2022, totalling 119.2 million euros, due to, among other factors, the launch of the product in five new countries and the increase in the demand for the product in the countries where it was already present
The contract manufacturing business grew 49%, rising to 267.9 million euros, due to recognition of revenue related to production of the COVID-19 vaccine; recognition of revenue related to the activities carried out to prepare the plant for production of the vaccine under the agreement with Moderna; and the reorientation of contract manufacturing activities towards products with higher value-added.
ROVI expects its contract manufacturing business to increase by between 30% and 40% in 2022. With current visibility, ROVI hopes to reach the higher end of this range.
For 2023, ROVI expects its contract manufacturing business to increase at a low single-digit rate in comparison with the figure for 2021, which was the first year of the pandemic in terms of COVID-19 vaccine manufacturing.
For 2023, ROVI expects its operating revenue to show low-double-digit negative growth on 2022, although a positive growth of between 5% and 10% is expected in comparison with the 2021 figure.
Notwithstanding, in 2023, ROVI will face a new post-COVID-19 pandemic scenario in which the uncertainty associated with the evolution of the disease is very high. Therefore, it is impossible to make a precise assessment of the impact that this new scenario might have on the contract manufacturing business.
ROVI expects it growth drivers to be the launch of Risperidone ISM® in Europe, the distribution licence agreements, the specialty pharmaceutical product portfolio, the new product distribution licences, the agreement with Moderna and the new contracts in the contract manufacturing area.
