Reported 9M20 numbers highlight continual strength in sales across key franchises and ongoing margin expansion. ROVI reported operating revenue of €302.1m (+12%). Within the low molecular weight heparin (LMWH) franchise (+26% to €157.7m), biosimilar enoxaparin (Becat) performed strongly, while the toll manufacturing division (+38% to €62.7m) benefited from the redirection of strategy to high value-added products. EBITDA increased 47% to €69.7m in 9M20, reflecting lower R&D costs and increasing operational leverage. ROVI has given guidance for FY21 of mid-single-digit growth in total operating revenues (excluding the manufacture of Moderna's COVID-19 vaccine candidate). The US NDA filing for DORIA is expected in Q420, and in Europe we expect approval and launch in 2021. We value ROVI at €1.57bn.Den vollständigen Artikel lesen ...