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Laboratorios Farmacéuticos ROVI (ROVI) - Becat roll-out benefits top-line growth

05:20 EDT 10 May 2019 | Edison Investment Research

Edison Investment Research - Pharmaceuticals & healthcare - Laboratorios Farmacéuticos ROVI: Laboratorios Farmacéuticos ROVI (ROVI) reported Q119 operating revenue of €82.2m (+8% y-o-y), driven by strong growth in the speciality pharmaceutical business (+12%). Sales of its low molecular weight heparin (LMWH) franchise grew 34% to €37.6m, driven by the continued uptake of Becat (enoxaparin biosimilar) (+398% to €16.5m) and growth in domestic Hibor (bemiparin) sales (+4% to €17.6m). International Hibor sales struggled (-50% to €3.5m), but management believes this was a one-off stocking effect, and expects that full year sales should stabilise. Operating revenue guidance for 2019 has been raised to low double-digit growth. The next milestone will be finalised clinical data from the Phase III study of DORIA, ROVI’s long-acting formulation of risperidone for schizophrenia, which met its primary efficacy endpoint in March 2019. We value ROVI at €1.17bn or €20.9 per share.
ISIN: ES0157261019

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