The Spanish drugmaker Rovi posted a net profit of $28.85 million (€23.8 million) in the first quarter of 2021, compared with $16.85 million (€13.9 million) a year earlier, an increase of 71%, the company reported in a statement sent to the Spanish Securities and Exchange Commission (CNMV).
Total revenues of the pan-European pharma specialized and dedicated to the research, development, licensed manufacturing, and commercialization of small molecules and biological specialties amounted to $158.6 million (€130.9 million) at the end of March, up 29% compared to the $122.6 million (€101.2 million) recorded in the same period of 2020.
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Rovi justifies the increase in results due to the strength of the third-party manufacturing business and the specialty pharmaceutical business
Rovi’s gross profit increased to $85 million (€70.1 million) compared to the $67 million (€55.2 million) posted a year earlier, up 27%; while gross operating profit (Ebitda) was $42.2 million (€34.8 million), up 74% compared to the $24.2 million (€20 million) recorded in the same period of 2020. Rovi justifies the increase in the result by the strength of the third-party manufacturing business and the pharmaceutical specialties business.
Rovi justifies the increase in operating income mainly by the strength of the third-party manufacturing business, which grew by 179%, and of the pharmaceutical specialties business, whose sales rose by 8%.
Sales of the heparins division rose 15% to $77.4 million (€63.9 million) and accounted for 49% of operating income in the first quarter of 2021, compared with 55% in the first quarter of 2020. Sales of enoxaparin biosimilar and bemiparin increased by 15%. In the first quarter of 2021, research and development (R&D) expenses increased by 30% year-on-year to $7 million (€5.8 million).
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Rovi expects to increase operating income in 2021 by 20% to 30%
In February 2021, Rovi announced that it expected operating income for the current fiscal year to increase by 20% to 30%, including the production of Moderna’s COVID-19 vaccine.
The drugmaker expects to reach the high end of this range, although it notes that, given the uncertainties associated with the evolution of the pandemic, “it is not yet possible to assess, precisely, the impact that the pandemic will have on this fiscal year.”
The pharmaceutical company announced that it will increase its current filling and finishing capacity for Moderna vaccine. The lines, located at the group’s facilities in San Sebastián de los Reyes, will be operational from the fourth quarter of 2021 and fully operational in the first half of 2022. The production capacity amounts to more than 100 million doses per year.
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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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