Rovi Shoots Up 72% its Profit in the First Half of 2021
The Spanish pharmaceutical company Rovi achieved a net profit of $60.3 million (€51 million) from January to June, compared to $35 million (€29.6 million) a year ago. Gross operating income (Ebitda) increased 75% year-on-year to $87.5 million (€74 million) in the first semester of 2021, reflecting an increase in the Ebitda margin of 3.3 percentage points to 25.5% from 22.2% in Q1 2020.
Rovi shoots up its profits in the first half of the year. The Spanish pharmaceutical company posted a net profit of $60.3 million (€51 million) from January to June 2021, up from $35 million (€29.6 million) in the same period of 2020, the group reported in a statement sent to the Spanish Securities and Exchange Commission (Cnmv).
Operating revenues increased by 52% in the first half of 2021, to $343 million (€290.1 million), mainly as a result of the strength of the third-party manufacturing business, which grew by 172%, and the specialty pharmaceutical business, whose sales grew by 25%. Total revenues increased by 52% to $343.6 million (€290.6 million) in the first half of 2021.
Sales of prescription pharmaceuticals rose by 25% to $209.9 million (€177.5 million), outperforming the market by more than 23 percentage points. According to consultancy firm Iqvia, the market for innovative products in Spain grew by 1.9% in the first half of 2021 compared to the first half of 2020.
Meanwhile, sales of the heparin division increased by 26% to $155.35 million (€131.4 million). Thus, sales of heparins accounted for 45% of operating revenues in the first half of 2021, compared with 54% in the first half of 2020.
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Rovi reported gross operating income of $87.5 million (€74 million) in Q1 2021
Gross operating income (Ebitda) increased 75% year-on-year to $87.5 million (€74 million) in the first semester of 2021, reflecting an increase in the Ebitda margin of 3.3 percentage points to 25.5% from 22.2% in Q1 2020.
Research and development (R&D) expenses increased by 10% year-on-year to €11.9 million in the first half of 2021.
In February 2021, Rovi announced that it expected 2021 operating income to increase by 20% to 30%, including the production of Moderna’s Covid-19 vaccine. As a result of the expanded collaboration between Rovi and Moderna, in May the company announced that in 2021 it expected to reach the high end of this range. With the visibility the company now has, the pharma upgrades upward its operating income forecast for this year from the high band of the 20% to 30% range to the 35% to 40% range.
(Featured image by Myriam Zilles via Unsplash)
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