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Laboratorios Farmaceuticos Rovi (ROVI) investor relations material
Laboratorios Farmaceuticos Rovi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Operating revenue for the first nine months of 2025 was €525.1 million, down 7% year-over-year, mainly due to a 28% decline in CDMO business, while specialty pharma sales rose 10% to €343.4 million.
Okedi® sales surged 102% to €41.0 million, and the heparin franchise grew 7% to €189.8 million, with enoxaparin sales up 11% to €112.8 million.
Gross margin improved to 67.1% (up 3.5 pp), aided by R&D grants, higher-margin product sales, and lower LMWH raw material prices.
EBITDA fell 11% to €149.5 million, and net profit declined 14% to €97.7 million, reflecting lower revenues and increased R&D expenses.
Strategic milestones included agreements with Roche, Sandoz, and BMS, acquisition of a Phoenix facility, and a €36.3 million R&D grant for the LAISOLID project.
Financial highlights
Specialty pharma business offset CDMO weakness, with Okedi®, Neparvis®, and contrast agents as key growth drivers.
CDMO sales dropped 28% to €181.7 million due to lower Moderna-related revenues and a temporary plant closure for upgrades.
SG&A expenses rose 2% to €177.9 million, and R&D expenses increased 42% to €24.7 million, reflecting clinical trial activity.
Free cash flow more than doubled to €63.3 million, and gross cash position rose to €51.2 million.
Capex increased 14% to €38.5 million, mainly for plant expansions, new filling lines, and ISM® industrialization.
Outlook and guidance
2025 operating revenue expected to decrease by a mid-single-digit percentage versus 2024.
2026 operating revenue projected to grow by a high single-digit to low double-digit percentage, with growth levers including new product launches, CDMO agreements, and AI-powered diagnostics.
Full-year 2025 enoxaparin biosimilar sales expected to rise mid-single-digit; bemiparin sales to increase low single-digit.
CDMO growth drivers beyond 2025
R&D spend impact on ISM® pipeline value
Sustainability of gross margin expansion
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Next Laboratorios Farmaceuticos Rovi earnings date
Q4 202524 Feb, 2026
Next Laboratorios Farmaceuticos Rovi earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Laboratorios Farmacéuticos Rovi S.A. is a pharmaceutical company engaged in the research, development, manufacturing, and marketing of proprietary and in-licensed drugs. It serves therapeutic areas including cardiovascular, hematology, and endocrinology. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.
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