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First half 2022 results press release

​ROVI reports operating revenue growth of 31% and net profit growth of 58%

Wed, 27/07/2022 - 00:00 3 min
ROVI REPORTS OPERATING REVENUE GROWTH OF 31% AND NET PROFIT GROWTH OF 58%
 
  • Operating revenue increased by 31% to 380.4 million euros driven by (i) the strength of the contract manufacturing organization (“CMO”) business, which grew by 76%, and (ii) the specialty pharmaceutical business, where sales rose 9%. 
  • Sales of the heparin franchise (Low Molecular Weight Heparins (LMWH) and other heparins) increased by 8% to 141.6 million euros. Sales of the enoxaparin biosimilar increased 31% to 82.1 million euros and sales of Bemiparin decreased 14% to 55.8 million euros.
  • EBITDA increased by 56% to 115.8 million euros.
  • Net profit increased by 58% to 80.6 million euros.
  • ROVI General Shareholders Meeting, on 14 June 2022, approved the payment of a gross dividend of 0.9556 euros per share on 2021 earnings; it means an increase of 151% compared to the dividend on 2020 earnings (€0.3812/share) and represents a 35% pay out. This dividend was paid on 7 July 2022.
 
END OF THE SHARE BUY-BACK PROGRAMMES AND CAPITAL REDUCTION THROUGH CANCELLATION OF SHARES 
 
ROVI reported that, at its meeting of 22 February, 2022, the Board of Directors decided to end the first share buy-back programme, launched by the Company as of 3 November, 2021, having acquired a total of 1,492,108 ROVI shares, i.e. 89% of the maximum number of shares it had been initially planned to acquire under the buy-back programme.
 
Likewise, on 29 March, 2022, ROVI reported the end of the second buy-back programme, which had commenced on 23 February, 2022. A total of 560,700 treasury shares had been acquired, i.e. 100% of the maximum number it had been initially planned to acquire under the buy-back programme. 
 
The purpose of the two buy-back programmes was to cancel treasury shares held by ROVI (by reducing the capital). The reduction of the capital through cancellation of 2,052,808 shares repurchased within the framework of the aforementioned buy-back programmes was approved at the General Shareholders' Meeting of 14 June, 2022 and executed by entering the pertinent deed of capital reduction into public record. The deed is currently undergoing the registration process at the Madrid Companies Registry and the new amount of the share capital, after the shares mentioned have been cancelled and excluded from trading will appear in the registers of the National Securities Market Commission and Iberclear a few days after registration of the deed of capital reduction. The Company will provide further information in due course.
 
OUTLOOK
 
For 2022, ROVI expects its operating revenue to increase between 15% and 20%.
 

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 89 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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