Rovi soars on the stock market and the rises of the Ibex 35 with a rebound close to 10% to 45.94 euros per share after presenting results in which it has announced the implementation of a share buyback program of the company, with effect from this Wednesday, in order to amortize own shares for a maximum amount of 130 million euros (5% of the share capital). It is also expected to improve shareholder remuneration by increasing earnings per share.
The Madrid-based group has also updated its operating income forecasts for 2023 to a decrease of between 0% and 10% compared to 2022. In November 2022 and February 2023, Rovi announced that it expected revenue for 2023 to decline by 10% to 20%, although it expected positive growth of between 5% and 10% versus 2021. Taking into account the forecast of reduction in operating income in 2023 and that it will continue with its investment policy, Rovi indicates that it is reasonable that the results can be adjusted downwards this year. The rebound of this Wednesday leads him to accumulate a ‘rally’ so far this year of around 25%, placing himself among the ten values of the Ibex that are most revalued in the accumulated of the year.
The group has earned 66.6 million euros in the first half of the year, post-pandemic, which reflects a fall of 17% compared to the same period of the previous year and expects that the results can be adjusted downwards this year. On the other hand, the gross operating result (ebitda) totaled 97.1 million, 16% less, also reflecting a drop in the margin of 5 percentage points to 25.5%, according to the accounts submitted to the National Securities Market Commission (CNMV).
If R+D is excluded, both profit and EBITDA for the semester decreased by 15%. In the first half of the year, operating income was flat at €380.8 million, 0.1% lower than the previous year. By business units, that of pharmaceutical specialties registered a fall of 3% to 208.6 million, while that of manufacturing to third parties increased by 4% in the period with 172.2 million.
Sales outside Spain decreased by 3% compared to the first half of 2022, standing at 240.8 million. With all this, sales outside Spain represented 63% of operating income. By drugs, Okedi’s sales reached 5.2 million, up 36%, while sales of the enoxaparin biosimilar decreased 9% to 74.5 million. However, sales of this product increased by 14% in the second quarter to 39.6 million.
In the case of Neparvis and Orvatez, sales increased by 17% and 12%, respectively, to reach 22.1 million and 13.6 million. Regarding the evaluation process to obtain the marketing authorization of Risvan in the United States, the Food and Drug Administration (FDA) has informed Rovi that the target date of closure of the procedure is July 27, so the company is waiting to receive such notification.
