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.
Download fro free the Born2Invest mobile app, and read the latest financial news in the world. Our companion app is available for both Android and iOS devices and keeps its readers up to date with the latest and most important news in the world.
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).
Read more about Rovi and find the most important business headlines with our companion app Born2Invest.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
ClubDealOnline: Net Income in Q1, Higher Than in the Whole of 2022
For the future, in addition to continuing to support cutting-edge startups on their growth path, the platform ClubDealOnline is increasingly...
Banco W and Belvo Revealed New Alliance for Financial Inclusion
This new strategic alliance, between Banco W and Belvo, announced within the framework of the LATAM Fintech Market, seeks to...
Update of Market Trends and an Outlook on the S&P 500, Gold, and Bonds
It is difficult finding the positives as the world appears to be fraying. Stock markets, precious metals all week. But...
Using Dow Jones Daily Volatility to Time Entry and Exit Points
Since 25 May 1926, the Dow Jones on 08 Dec 2022 increased to 33,791. Note how by using Dow Jones...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Esperio Partners Review]
This week, we're here to tell you why affiliate marketing is the meaning of life. And no, that's not a...
Fintech2 weeks ago
Latin American Fintech Companies that Raised the Most Capital This Year
Crypto7 days ago
Coinbase Now Holds as Much Bitcoin as Satoshi Nakamoto, Arkham Reveals
Crypto2 weeks ago
Ripple’s IPO Plans – What Do They Mean for XRP?
Business4 days ago
Safeguarding Your Business Funds in Periods of Economic Uncertainty