Laboratorios Farmaceuticos Rovi (ROVI) Q1 2026 earnings summary

Executive summary

• Operating revenue for Q1 2026 was EUR 152.5 million, down 1.5–2% year-over-year, with total revenue stable at EUR 154.7 million, mainly due to weaker heparin division performance.

• Gross profit rose 5% to EUR 95 million, with gross margin improving by 3.8 percentage points to 62.3%.

• CDMO segment grew 5% to EUR 37.4 million, while specialty pharmaceuticals declined 3% year-over-year; Okedi® sales surged 37% year-over-year to EUR 17.2 million.

• Net profit dropped to EUR 9.4 million, down 48% year-over-year, with EBITDA and EBIT margins also declining.

• Acquisition and integration of the Phoenix, Arizona facility completed in April 2026, strengthening U.S. manufacturing and CDMO capabilities.

Financial highlights

• EBITDA reached EUR 20.3 million (13.3% margin), EBIT EUR 12.1 million (8% margin), and net profit EUR 9.4 million.

• SG&A expenses increased 18% to EUR 63.6 million, mainly due to higher personnel, new hires, and non-recurring write-offs.

• R&D expenses surged 79% to EUR 11.2 million, driven by phase III trial preparations.

• Free cash flow was EUR 5.6 million; operating cash flow EUR 13 million.

• Net debt improved to EUR 14.9 million as of March 31, 2026, from EUR 21.9 million at year-end 2025.

Outlook and guidance

• Operating revenue for 2026 is expected to grow by a low to mid-single-digit percentage versus 2025, revised downward due to delayed manufacturing ramp-up and competitive pressures.

• CDMO growth outlook for 2026 is more moderate due to delays in a key contract and demand uncertainty.

• Low molecular weight heparin (LMWH) sales are expected to decline by a high single-digit percentage in 2026 due to high partner inventories and pricing pressure.

• SG&A (excluding Phoenix/US subsidiary) expected to rise mid to high single digits in 2026.

• R&D costs for 2026 projected near EUR 60 million.