Laboratorios Farmaceuticos Rovi, S.A. (LABFF) 2024 Financial Results Earnings Call Transcript

2025-02-25 15:41:14 ET

Laboratorios Farmaceuticos Rovi, S.A. (LABFF)

2024 Financial Results Earnings Conference Call

February 25, 2025 4:00 AM ET

Company Participants

Javier López-Belmonte – Deputy Chairman and Chief Financial Officer

Juan López-Belmonte – Chairman and Chief Executive Officer

Marta Campos – Head-Finance

Conference Call Participants

Presentation

Javier López-Belmonte

Good morning to everybody. Warm welcome to all those attending the presentation of Rovi’s 2024 Financial Results, which we will start in a moment. I’m Javier López-Belmonte, Rovi’s Deputy Chairman and Chief Financial Officer of the company. Joining me on today’s call are Juan López-Belmonte, Rovi’s Chairman and CEO; and Marta Campos, our Head of Finance. The presentation will be followed by a Q&A session. Therefore, if you want to ask any question during the presentation, please do not hesitate to send them through the question button on the platform.

Before we begin, let me remind you that the information presented in this call contains forward-looking statements based on our current beliefs and expectations. Actual results could materially differ due to a known and unknown risk, uncertainties and other factors and we undertake no obligation to update or revise any of the statements.

With that, I thank you for your presence here today and I will now hand the presentation over to Juan López-Belmonte. Please go ahead, Juan.

Juan López-Belmonte

Thank you, Javier, and good morning to everyone in the call. 2024 was a transition year for Rovi, crucial for establishing the basis for Rovi’s future. The company is currently undergoing a period where investment is essential to drive across and position the company for long-term success. In this context, our operating revenue decreased 7.9% as a result of lower revenues from the manufacture of the COVID-19 vaccine in comparison to 2023, when Rovi had booked higher income related to the production of the pandemic COVID-19 vaccine; and secondly because of lower revenues related to the activities carried out to prepare the plant for production of the vaccine under the agreement with Moderna.

Sales of the specialty pharmaceutical business increased 2% in 2024, Okedi Risperidone ISM has continued to grow robustly with 2024 sales doubling those of 2023. The slowdown in sales of our heparin franchise division was mainly due to lower orders from enoxaparin partners throughout the year. However, Bemiparin sales increased by 2% to €96.4 million in 2024. Our gross margin improved by 370 basis points in 2024. For 2025 with the visibility that the company has at this moment, we reiterate our guidance. Rovi expects its operating revenue to decrease by a mid single digit percentage in comparison with 2024....

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