ROVI: Becat Sales On Track; Guidance Uplifted
Edison | Nov 14, 2018 08:15AM ET
Laboratorios Farmacéuticos ROVI (MC:ROVI) has reported 9M18 operating revenue of €218.9m (+7.6% y-o-y), driven by substantial growth in the speciality pharmaceutical business (9M18: €180.3m, +14.7% y-o-y). Management has upgraded FY18 guidance for operating revenue to a high single-digit growth rate (from mid-single digit). ROVI reported €16.7m sales of Becat (enoxaparin biosimilar) in 9M18 and its performance benefits from ongoing roll-out in several European countries during 2018. In October, ROVI raised gross proceeds of €88m from a capital raise, which will be used to fund R&D efforts (DORIA Phase III and Letrozole ISM Phase I) and the ongoing marketing of Becat. We value ROVI at €1.13bn.
LMWH franchise: strong uplift in Becat sales
Becat has now launched in Germany, the UK, Italy and Spain, and additionally in France through an agreement with Biogaran. Of the reported $16.7m sales in 9M18, 70% were in Germany and 16% in Italy. ROVI now expect FY18 sales to be at the higher end of its earlier €20–30m guidance range for 2018. While the company will focus on marketing in Europe, its international plans to commercialise Becat through out-licensing deals are underway (agreements are now in place with Sandoz and Hikma). Flagship product Hibor (bemiparin) sales grew to €68.7m (9M17: €61.7m) with sales in Spain up 21.4% to €49.5m, but international sales declined by 8.0% to €19.2m as a result of seasonality.
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