The Rovi shares recorded at the start of the trading day this Thursday a drop of more than 8%after publishing its accounts for the first nine months of this year, when it reduced its profits by 4%, to 113.5 million euros.
The pharmaceutical company has also announced that will not be marketed in the United States its product for the treatment of schizophrenia in adults, Risvan.
Thus, Rovi led the falls on the Ibex 35 around 9:15 a.m., with a decrease of 8.39%, until trading at 69.3 euros per share.
In this context, Rovi’s gross operating result (Ebitda) fell 2% compared to the January-September 2023 period, reaching 167.2 million euros, with an increase in the Ebitda margin of eight tenths, to 29.6%.
For its part, the pharmaceutical company’s net operating result (Ebit) fell 4% between January and September of this year, to 146.6 million euros.
Rovi’s operating income reached 564.6 million euros in the first nine months of the year, with a decrease of 5% compared to the same period in 2023.
The company has attributed the decline in operating income mainly due to the behavior of its third-party manufacturing division, which generated lower sales associated with the manufacturing of the Covid vaccine and the activities developed to prepare the plant for the production of the vaccine under the agreement with Moderna.
However, Rovi highlights that the sales of the third-party manufacturing business increased by 16% in the third quarter compared to those of the same period in 2023, reaching 134.4 million euros.
Looking ahead to the end of fiscal year 2024, Rovi expects its operating income to decrease in the middle band of the first ten – that is, the ten between 0 and 10% – compared to those of 2023.
For 2025, the pharmaceutical company makes the same forecast: its income could fall between 0% and 10% compared to those obtained in 2024.
Your drug for schizophrenia in adults
Rovi has also announced in the presentation of its results that it will not market its product for the treatment of schizophrenia in adults, Risvan, in the United States, “after an assessment of the uncertainties and opportunities associated with this launch.”
The pharmaceutical company is therefore betting on the European development of Okedi, Rovi’s first product based on its cutting-edge drug delivery technology for the treatment of schizophrenia in adults, and hopes to achieve potential global sales of this product of between 100 and 200 million euros in the coming years.
In the first nine months of the year, Okedi’s sales reached 20.3 million euros, 126% more than the same period in 2023.
«2024 is a key year to establish the foundations for Rovi’s future. We are in a growth phase focused on increasing our productive capacities in the third-party manufacturing business and reinforcing the internationalization of the company,” stressed the president and CEO of Rovi, Juan López-Belmonte Encina.
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