Spain · Delayed Price · Currency is EUR Laboratorios Farmaceuticos Rovi Earnings Call Transcripts
Fiscal Year 2025
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2025 saw resilient performance with revenue of EUR 756.1 million and EBITDA up 4%, driven by Specialty Pharma growth and cost efficiencies, despite a CDMO sales decline. 2026 guidance targets high single- to low double-digit revenue growth, with major investments and R&D ramp-up planned.
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A major U.S. manufacturing site acquisition adds advanced injectable capacity, a five-year $50 million annual contract with BMS, and significant expansion potential. The site will initially operate at cost-neutral levels, with profitability expected as new customers are secured and a new PFS line comes online.
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H1 2025 saw a 4% revenue decline due to weaker CDMO, but specialty pharma sales rose 13% and Okedi sales surged 115%. Gross margin improved to 62.4%, and guidance for 2025 is reiterated, with continued investment in R&D and CDMO capacity.
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The company outlined a multi-year growth strategy centered on expanding CDMO capacity, advancing specialty pharma and ISM technology, and investing in R&D for new products like letrozole and quarterly risperidone. By 2030, operating revenue is projected to reach EUR 1.15–1.3 billion, with CDMO sales doubling and EBITDA pre-R&D rising 2.5–2.8x.
Fiscal Year 2024
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2024 saw a 7.9% revenue decline due to lower COVID-19 vaccine manufacturing, but specialty pharma grew 2% with Okedi sales doubling. Investments in CDMO capacity and new product launches set the stage for future growth, while 2025 revenue is expected to decline mid-single digits.
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Operating revenue fell 5% to EUR 564.6 million due to lower CDMO sales, while specialty pharma grew 1% led by Okedi and Bemiparin. Guidance for 2024 and 2025 anticipates mid-single-digit revenue declines, with focus on European Okedi, CDMO expansion, and R&D investment.
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Operating revenue fell 14% in H1 2024 due to lower COVID-19 vaccine manufacturing, while specialty pharma sales grew 1% and Okedi sales surged 141%. EBITDA dropped 28%, but gross margin improved to 59.4%. Full-year revenue is expected to decline mid-single digits.