Rovi grows slightly until the third quarter of the year. The Spanish pharmaceutical company has reported an operating income of €594.9 million at the end of the first nine months of 2023, which represents an increase of 3% compared to the figure recorded in the same period of the previous year. Specifically, total revenues have increased by 3%, reaching €595.1 million.
The company has supported this growth in the third-party manufacturing business, whose sales increased by 7%, up to €287.6 million, mainly due to the registration of income related to the production of the solution against COVID-19 and for the activities developed to prepare the plant for the production of the vaccine under the agreement with Moderna. Rovi has also justified this increase in the stability of the pharmaceutical specialty business, whose sales stood at €307.3 million.
In addition, gross profit has increased by 2% during the first nine months of 2023 compared to the same period of the previous year, up to €350.6 million. However, the gross margin has decreased by 0.9 percentage points, from 59.9% to the current 58.9%. Likewise, the gross margin has grown by 12.6 points in the third quarter of 2023 compared to the second quarter of the year.
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Rovi’s investment and development expenses have grown by 2% compared to the same period of the previous year, up to €16.5 million
In relation to research and development expenses, the figure has grown by 2%, reaching €16.5 million. The company has explained that “these expenses are mainly linked to the development of phase I of letrozole and the development of phase I of the new formulation of risperidone,” as detailed in the statement. In addition, selling, general, and administrative expenses reached €162.7 million in the third quarter, 5% more compared to the same period of the previous year, especially due to the launch of Okedi in Europe.
In September of this year, the United States Food and Drug Administration (FDA) approved the company’s injectable manufacturing plants in Madrid, San Sebastián de los Reyes, and Alcalá de Henares for the finishing of syringes of the Moderna Covid-19 vaccine. In fact, the company hopes to produce Moderna vaccines for supply in the United States from 2023 onwards.
By 2024, Rovi has announced that it estimates its operating income will decrease by around 10% compared to 2023. This forecast has been justified, mainly, by the fact that the COVID-19 vaccination campaign for fiscal year 2023 is still ongoing and, as of today, “the company is not in a position to predict how demand and production may evolve with respect to the vaccination campaign that would be implemented in 2024.”
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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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