Laboratorios Farmaceuticos Rovi (ROVI) Q2 2026 earnings summary

Executive summary

• Total revenue rose 13% year-over-year to €357.0M in H1 2026, with operating revenue up 9% to €344.2M, driven by a 38% surge in CDMO sales and strong Okedi® growth, while heparin franchise sales declined 4%.

• Gross profit increased 21% to €237.1M, with gross margin expanding by 6.5pp to 68.9%, supported by R&D grants, CDMO growth, Okedi® sales, and lower LMWH raw material prices.

• EBITDA surged 85% to €121.2M (35.2% margin), but excluding a €62.4M non-recurring gain (badwill) from the Phoenix facility acquisition, EBITDA declined 10% to €58.8M.

• Net profit more than doubled to €84.4M, up 113% year-over-year.

• Okedi® sales surged 27% to €34.0M, offsetting declines in the heparin franchise.

Financial highlights

• CDMO business revenue grew 38% to €106.3M, benefiting from the Phoenix facility acquisition and restored Madrid operations.

• Specialty pharma sales rose 0.2% to €237.8M, led by Okedi® (+27% to €34.0M), hospital products, and Neparvis.

• Heparin franchise sales declined 4% to €130.1M, with LMWH down 5% to €125.3M, reflecting lower partner orders and pricing pressure.

• SG&A expenses increased 28% to €145.0M, mainly due to Phoenix integration, salary increases, and hiring.

• R&D expenses nearly doubled to €33.3M, mainly for Letrozole-ISM Phase III preparations.

Outlook and guidance

• 2026 operating revenue expected to grow low- to mid-single-digit percent versus 2025.

• LMWH sales now expected to decline by mid-single-digit percent, an improved outlook from previous guidance.

• SG&A (excluding Phoenix) projected to rise mid- to high-single-digit percent in 2026.

• Okedi® sales guidance maintained, with strong uptake across multiple countries.

• Prudent outlook maintained amid competitive and regulatory uncertainties.