Laboratorios Farmaceuticos Rovi (ROVI) Q2 2026 earnings summary

Executive summary

• Operating revenue reached €344.2M in H1 2026, up 9.4% YoY, with total revenue at €357.0M (+13%), driven by a 38% surge in CDMO sales and strong OkediⓇ growth, while heparin franchise sales declined 4%.

• Net profit more than doubled to €84.4M (+113% YoY), with EBITDA up 85% to €121.2M, including a €62.4M non-recurring gain from the Phoenix facility acquisition.

• Gross margin expanded by 6.5pp to 68.9%, supported by CDMO growth, OkediⓇ sales, R&D aid, and lower LMWH raw material prices.

• OkediⓇ sales surged 27% YoY to €34.0M, offsetting a 4% YoY decline in the heparin franchise.

• EBITDA excluding the non-recurring gain was €58.8M, down 10% YoY.

Financial highlights

• Gross profit increased 21% YoY to €237.1M; gross margin reached 68.9%.

• EBITDA margin was 35.2% (+14.4pp YoY); EBIT margin 30.0% (+13.8pp YoY); net profit margin 24.5%.

• SG&A expenses rose 28% YoY to €145.0M, mainly due to Phoenix consolidation and wage increases.

• R&D expenses nearly doubled (+98% YoY) to €33.3M, mainly for Letrozole SIE phase III trial preparation.

• Net cash position improved to €22.5M as of June 30, 2026, with gross cash at €130.2M.

Outlook and guidance

• Operating revenue for 2026 expected to grow by a low- to mid-single-digit percentage over 2025.

• LMWH sales outlook improved: now expected to decline by a mid-single-digit percentage vs 2025.

• SG&A (excluding Phoenix) projected to increase by a mid- to high-single-digit percentage in 2026.

• Prudent outlook maintained amid competitive and regulatory uncertainties.

• Bemiparin sales forecast to increase in the low single-digit percentage for 2026.