Following Laboratorios Farmacéuticos ROVI's (ROVI's) recent investor day, we have reviewed our near-term forecasts. Specifically, we upgrade our Becat (enoxaparin biosimilar) peak sales forecasts and increase toll manufacturing revenue growth rates for 2020/21, as we now have more confidence in the underlying demand for heparins and the pre-filled syringe business. Highlights from the investor day include a review of ROVI's operational performance in the last few years, including successful development of Becat, positive data from proprietary ISM asset DORIA and the multiple catalysts expected in 2020-22 that we forecast will enable ROVI's top-line sales to double to ~€600m in 2023. Next events include the ongoing Becat roll-out and EU and US submission of DORIA in Q120 and H220 respectively. We value ROVI at €1.42bn or €25.2 per share.Den vollständigen Artikel lesen ...