Rovi boosts its profits in the year of the return to the status quo. The Spanish pharmaceutical company closed the 2022 financial year with a net profit of €199.7 million, which translates into an increase of 30% compared to 2021, according to the latest annual economic results published this Tuesday by the company. The pharmaceutical company highlights the strength of its business to third parties as a boost to its results.
The company’s operating income increased by 26% in 2022, up to €817.7 million, thanks to the manufacturing business for third parties, which grew 52% in sales, and the pharmaceutical specialties business, whose sales increased by 8 %. Thus, it exceeded the high band of its operating income growth forecasts (15%-20%) by registering an increase of 26%. The company’s gross operating result (EBITDA) increased by 37% compared to 2021, up to €278.9 million.
Sales of prescription pharmaceutical products grew by 7% in 2022, reaching €372.6 million In this area, the launch of Okedi (Risperidone ISM) in Europe for the treatment of schizophrenia in adults stands out (in Germany in April, in the United Kingdom in July and in Spain in September 2022).
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Rovi obtained a gross operating result of €279 million in 2022
Sales of the heparin division increased by 9% in 2022 compared to 2021, up to €264 million. Heparin sales accounted for 32% of operating revenue in 2022, up from 37% the year before.
Sales of low molecular weight heparins (hbpm) increased by 9% in 2022, compared to 2021, up to €256.6 million. Sales of the enoxaparin biosimilar increased by 23% to €152.9 million, primarily as a result of the product launch in five new countries.
Manufacturing sales to third parties grew by 52% in 2022 compared to 2021, standing at €403.5 million, mainly due to the recording of revenue related to the production of the Covid-19 vaccine, the recording of revenue related to the activities carried out to prepare the plant for the production of the vaccine under the agreement with Moderna and the reorientation of the strategy of manufacturing activities to third parties towards products with more added value.
Manufacturing sales to third parties grew mainly due to revenues related to the Covid-19 vaccine
By 2023, Rovi expects its operating revenues to decline in the lower band of the second ten (that is, the ten between 10% and 20%) compared to 2022, although it expects growth of between 5% and 10% compared to the figure reached in 2021.
By 2023, “Rovi is assuming a new post-pandemic scenario in which Covid-19 will, foreseeably, be a seasonal disease and the vaccine, in principle, would be administered once a year,” says the company. For this reason, the group expects a stronger second half than the first in terms of the manufacturing business for third parties.
The company expects that the first quarter of 2023 will include revenue linked to vaccine production in the fourth quarter of 2022 and that the second quarter of 2023 will be the period with the lowest manufacturing sales to third parties.
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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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