Laboratorios Farmaceuticos Rovi (ROVI) Q3 2026 earnings summary

Executive summary

• 9M 2026 total revenue rose 19% to €633.7 Mn; operating revenue increased 16% to €610.2 Mn, led by CDMO growth.

• Net profit increased 67% to €162.8 Mn; reported EBITDA rose 52% to €226.6 Mn, including a €62.4 Mn non-recurring Phoenix bargain purchase gain.

Financial highlights

• Gross profit increased 26% to €443.7 Mn; gross margin expanded 5.7 pp to 72.7%, including CDTI grant income.

• EBITDA excluding the €62.4 Mn bargain purchase gain was €164.3 Mn, up 10%, with a 26.9% margin.

• EBIT rose 56% to €198.7 Mn; net profit rose 67% to €162.8 Mn.

• SG&A increased 24% to €221.2 Mn, reflecting Phoenix integration, additional CDMO staff and non-recurring costs; R&D expenses rose 136% to €58.4 Mn, mainly due to Letrozole SIE Phase III preparation and launch.

• Net cash from operating activities was €111.0 Mn versus €101.4 Mn; free cash flow was €61.9 Mn versus €63.3 Mn.

Outlook and guidance

• 2026 operating revenue guidance upgraded to mid-to-high-single-digit growth vs. 2025, from low-to-mid-single-digit growth, on CDMO momentum and expected bemiparin volumes.

• 2026 LMWH sales are expected to decline by a mid-single-digit percentage; bemiparin sales are expected to grow by a low-single-digit percentage.

• 2026 SG&A guidance remains mid-to-high-single-digit growth vs. 2025, excluding Phoenix expenses; 2027 guidance is expected with FY 2026 results in February 2027.