Laboratorios Farmaceuticos Rovi (ROVI) CMD 2025 summary

Strategic vision and growth pillars

• Focus on three growth pillars: CDMO business, specialty pharma, and ISM technology platform, with significant investments and ESG initiatives to position for long-term success.

• CDMO business expanding capacity with new filling formats, cartridges, autoinjectors, and pens, aiming for global leadership in high-value injectables by 2030.

• Specialty pharma growth driven by proprietary heparin franchise, Okedi (Risperidone ISM®), international launches, in-licensing, and vertical integration to improve margins.

• ISM® platform validated by Okedi approval, with Letrozole SIE and quarterly Risperidone advancing to phase III trials in late 2025.

• ESG commitment recognized by improved Sustainalytics rating and a 2023–2025 master plan focused on sustainability and supply chain responsibility.

CDMO business outlook and investments

• CDMO revenues grew from €92m in 2020 to €336m in 2024, targeting ~€700m by 2030, with global market growth at 7% CAGR and injectables at 10% CAGR.

• Capacity to triple by 2026, reaching up to 810 million PFS, 110 million cartridges, and 180 million vials, with 12 aseptic filling lines.

• Long-term contracts with over 30 blue-chip customers, including a 10-year deal with Moderna and a new agreement for 100 million PFS.

• Strategic investments of €85m (2020–2024) and further CAPEX planned for new lines and FDA approvals across all sites.

• Utilization rates expected to rise to 70–75% by 2030 as new lines become operational.

Specialty pharma and product performance

• Heparin franchise (Bemiparin and Enoxaparin) marketed in over 60 countries, with vertical integration via Glicopepton JV and new plants for cost efficiency.

• Bemiparin achieved 31% market share in Spain and €96m in 2024 revenue; Enoxaparin reached €145m, with international expansion in China, Turkey, and Greece.

• Okedi® (Risperidone ISM®) sales doubled to €29m in 2024, with global peak sales targeted at €100–200m and launches in new countries.

• Specialty pharma franchise includes over 20 licensed products, strong sales force, and international expansion to six affiliates.

• Specialty pharma growth guidance is low single-digit, factoring in patent expirations and price erosion for key products.