Laboratorios Farmacéuticos ROVI (ROVI) has reported a strong set of FY20 results, with all pillars of the business contributing to revenue growth of 10% and EBITDA margin expansion of 650bp to 22.4%. Total revenues of €421.1m were driven by its LMWH franchise (+14%) and high-value, toll manufacturing business (+39%), which has been catapulted into the international spotlight. In July 2020, ROVI signed a deal with US biotech Moderna to provide finished COVID-19 vaccine mRNA-1273 for supply ex-US. ROVI's revised FY21 guidance is for 20-30% revenue growth and we expect toll manufacturing to be a substantial contributor. DORIA remains on track in the US for potential approval and launch in 2022, while the EMA's request for an additional PK study has delayed European approval and launch to 2022. We value ROVI at €2.34bn or €41.7/share.Den vollständigen Artikel lesen ...
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