📉 Recent Financial Performance
- In H1 2025, Rovi’s net profit dropped by 10% to €39.7 million.
- The decline was mainly due to reduced third-party manufacturing, especially COVID-19 vaccine production.
💊 Pharmaceutical Division Growth
- Despite the profit drop, specialty pharma grew by 13%, led by strong sales of Okedi® (Risperidone ISM®) for schizophrenia.
💰 Dividends & Stock
- Paid €0.9351 per share in July 2025 (35% of 2024 profits).
- Shares have rebounded 25% since April, with analysts optimistic about long-term growth.
🏭 Why Third-Party Manufacturing Declined
- End of the pandemic cycle and reduced vaccine demand.
- Temporary closure of Madrid plant for upgrades.
- Strategic shift toward proprietary products and international expansion.
- CDMO sales dropped 35% in H1 2025.
🚀 Future Plans (to 2030)
🔮 Laboratorios Rovi has an ambitious roadmap until 2030, focused on consolidating itself as a global leader in high value-added injectables and expanding its international presence. Here is a summary of its main strategic plans:
🏭 Third-Party Manufacturing Expansion (CDMO) Double sales to reach 700 million euros by 2030. Increase production capacity to: 810 million prefilled syringes 180 million vials 110 million rounds by the end of 2026. It signed an agreement to produce pre-filled syringes with a large pharmaceutical company (possibly Novartis), which will come into force in 2026.
💊 Growth in specialty pharma Okedi® (Risperidone ISM®) will be the growth engine, with global sales forecast to be between €100 million and €200 million. Development of new products based on its ISM® technology, such as LETROZOLE SIE (breast cancer) and quarterly risperidone.
🌍 Internationalization Increase sales outside Spain, which already represent more than 50% of its operating income. Expansion into key markets such as Germany, the United Kingdom, France, Taiwan and Australia.
🧪 Investment in R+D 40 to 60 million euros per year in research and development. In January 2025, it invested in Cells AI Technologies to power AI-assisted diagnostics.
🧬 ISM® Technology
- In Situ Microimplants allow long-acting drug release via intramuscular injection.
- Forms a biodegradable microimplant that releases the drug over weeks/months.
- Advantages: fast onset, no oral loading dose, better adherence, and stable drug levels.
🔬 Comparison with Other Technologies
ISM® stands out for:
- Rapid action (hours)
- No loading dose
- Predictable pharmacokinetics
- Compared favorably to polymer microparticles, insoluble esters, osmotic systems, and traditional implants.
🇺🇸 Impact of U.S. Tariffs
- Minimal direct impact as Rovi doesn’t export to the U.S. yet.
- Indirectly benefits from European strategic autonomy and reduced Asian competition.
- Plans to enter the U.S. market remain active.
🌎 U.S. Market Entry
- FDA approved Risvan (Okedi®) in April 2024.
- Market potential: €9.5B, with €4.2B in long-acting injectables.
- Seeking a joint venture partner for launch.
- Launch delayed due to lack of partner, regulatory issues, and strong competition.
- Political uncertainty (e.g., Trump’s win, RFK Jr. as Health Secretary) adds risk.
- Still sees the U.S. as a strategic market with high potential.
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