Full Year 2022 Results Press Release

ROVI reports operating revenue growth of 26% and EBITDA growth of 37%


  • Operating revenue increased by 26% to 817.7 million euros driven by (i) the strength of the contract manufacturing organization (“CMO”) business, which grew by 52%, and (ii) the specialty pharmaceutical business, where sales rose 8%. 
  • Sales of the heparin franchise (Low Molecular Weight Heparins (LMWH) and other heparins increased by 9% to 264.0 million euros. Sales of the enoxaparin biosimilar increased 23% to 152.9 million euros.
  • EBITDA increased by 37% to 278.9 million euros.
  • Net profit increased by 30% to 199.7 million euros.
  • Launch of Okedi® (Risperidone ISM®) in Germany (April 2022), United Kingdom (July 2022) and Spain (September 2022) for the treatment of schizophrenia in adults.
  • On October 4th, 2022, ROVI presented Glycopepton Biotech, S.L., a joint venture with Càrniques Celrà, S.L. and Grupo Empresarial Costa, S.L., that involves the creation of one of the first national structures for self-sufficiency in heparins. The project involves the construction of a facility at the Industrial Logistics Platform of Fraga (Huesca), which will produce compounds of high biological value that derive from the intestinal mucosa of pigs.
  • ROVI’s ESG aspects have been evaluated by Sustainalytics, having obtained an “ESG Risk Rating 2021” of 17.3, which places the company at low risk (between 10 and 20). ROVI has attained the first position out of 458 companies in the sub-industry “pharmaceuticals”.
  • ROVI will propose to the General Shareholders' Meeting a dividend of 1.2938 euros per share charged to the 2022 profit and retained earnings. This proposed dividend would mean an increase of 35% on the dividend charged to the 2021 profit (€0.9556/share) and represents 35% of the net profit for 2022 attributed to the parent company.

At the end of 2022, ROVI exceeded the higher end of its operating revenue guidance range (15% - 20%), standing at 26%.
For 2023, ROVI expects its operating revenue to show low-double-digit negative growth on 2022, although a positive growth of between 5% and 10% is expected in comparison with the 2021 figure.

For 2023, ROVI is assuming a new post-pandemic scenario in which COVID-19 would foreseeably be a seasonal disease and, in principle, the vaccine would be administered once a year. For this reason, ROVI expects a stronger second half of the year compared to the first half regarding the CMO business. The first quarter of 2023 is expected to include revenues linked to the production of vaccines in the fourth quarter of 2022 but the second quarter of 2023 is expected to be the lowest quarter in terms of CMO sales.
Nevertheless, the  uncertainty related to the evolution of the disease is very high. It is not, therefore, possible to make a precise assessment of the impact that this new scenario could have on its CMO business. Likewise, under the terms of the agreement signed with Moderna in February 2022, ROVI is still investing in increasing the compounding, aseptic filling, inspection, labelling and packaging capacities at its facilities and expects them to be fully installed at the end of 2024. 

Taking account of the aforementioned guidance on a decrease in operating revenue in 2023, as well as the fact that ROVI will continue with its investment policy as stated, it is reasonable to expect that the Company’s profits may also see a downward adjustment in 2023.

About ROVI
ROVI is a pan-European pharmaceutical company specializing and engaging in the research, development, contract manufacturing and marketing of small molecules and biological specialties. The company, in a continuous international expansion process, has subsidiaries in Portugal, Germany, the United Kingdom, Italy, France and Poland and has a diversified marketing portfolio of more than 40 products, among which its flagship product, Bemiparin, already present in more than 60 countries all over the world, should be highlighted. Likewise, in 2017, ROVI commenced the marketing of its Enoxaparin biosimilar, developed in-house, in Europe and it is already marketed in 38 countries. ROVI continues to develop the ISM® Platform technology, a leading-edge line of research in the field of prolonged drug release with proven advantages. For more information, please visit www.rovi.es.

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