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Monday, March 27, 2023
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Rovi rebounds more than 4% on the stock market after exceeding forecasts and raising a dividend

Date: March 27, 2023 Time: 09:16:52

Investors catapult Rovi’s action. The pharmaceutical titles rebound more than 4% after the opening after the presentation of the annual results for 2022, in which its profit rebounded more than 30%, to 199.7 million, the highest figure in recent years . Specifically, the shares are listed above 42 euros and are defined at the most bullish value of the entire selective. In the annual computation, its revaluation reaches 20%.

The company’s operating income increased 26% in 2022, to 817.7 million compared to the 224 million expected by analysts, thanks to the “strength” of the third-party manufacturing business, which grew 52% in sales, and the pharmaceutical specialties business, whose sales increased by 8%. The pharmaceutical has highlighted that in 2022 it exceeded the high band of its forecasts for growth in operating income (15% -20%) by registering an increase in them of 26%.

As the Spanish group has highlighted, sales of its heparin division increased by 9% last year, to 264 million, while sales of the enoxaparin biosimilar totaled 152.9 million, 23% more than in 2021. For its part, the gross operating result (Ebitda) increased by 37% in 2022, reaching 278.9 million.

The Ibex firm has also announced its intention to place the ‘pay-out’ (percentage of profits distributed among shareholders) at 35%, for an import of 1.2938 euros per share, compared to 0.9556 euros from the previous exercise. Bankinter analysts have explained that the results are positive and “significantly better than expected”, although the company reiterates the 2023 guideline that points to a drop in sales and, also, in profits, “as manufacturing to third parties falls due to a lower demand for anti-Covid vaccines.

“After the share has fallen by 51% in the last twelve months in relation to the Ibex 35, “the valuation is once again attractive”, add the Bankinter analysts who believe that the expectation of a decline in sales as the demand for vaccines falls of the coronavirus is discounted and, for this reason, they raise their recommendation to buy (from neutral). They also adjust the target price to 50 euros from the previous 49.10 euros.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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