Laboratorios Farmaceuticos Rovi (ROVI) Q2 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was €314.6M, down 4% year-over-year, mainly due to a 35% decline in CDMO sales, while specialty pharma grew 13% to €237.4M, driven by Okedi® and the heparin franchise.

• Okedi® sales surged 115% to €26.9M, and the heparin franchise grew 12% to €135.2M, with strong international demand.

• Net profit for H1 2025 was €39.7M, a 10% decrease, with EBITDA at €65.6M (down 6%) and EBIT at €50.9M (down 10%), impacted by a 38% rise in R&D expenses.

• Gross margin improved by 3.0pp to 62.4%, supported by higher Okedi® sales and lower LMWH raw material prices.

• Internationalization efforts continue, with 55% of operating revenue generated outside Spain in H1 2025.

Financial highlights

• Operating revenue: €314.6M (-4% YoY); specialty pharma: €237.4M (+13% YoY); CDMO: €77.2M (-35% YoY).

• Gross profit: €196.2M (+0% YoY); gross margin: 62.4% (+3.0pp YoY).

• EBITDA: €65.6M (-6% YoY); EBITDA margin: 20.9% (-0.4pp YoY).

• EBIT: €50.9M (-10% YoY); EBIT margin: 16.2% (-1.0pp YoY).

• Net profit: €39.7M (-10% YoY); net margin: 12.6% (-0.8pp YoY); basic EPS: €0.78.

Outlook and guidance

• 2025 guidance reiterated: operating revenue expected to decrease by a mid-single-digit percentage versus 2024, with uncertainty around vaccine demand and production.

• Full-year enoxaparin biosimilar sales expected to increase by a mid-single-digit percentage; bemiparin sales to rise by a low-single-digit percentage.

• R&D spending for 2025 projected toward the middle to high end of the provided range, with 2026 expected to be higher.

• Strategic focus on expanding CDMO capacity and internationalization of ISM®-based products.

• SG&A costs expected to remain stable with only a modest increase in H2 2025.