Edison Investment Research Limited 
Laboratorios Farmacéuticos ROVI (ROVI): All good things come in threes 
 
11-Dec-2020 / 08:00 GMT/BST 
 
                                                London, UK, 11 December 2020 
 
  Laboratorios Farmacéuticos ROVI (ROVI): All good things come in threes 
 
Laboratorios Farmacéuticos ROVI's (ROVI's) recent capital markets day (CMD) 
highlighted the strong positioning of its three key franchises. Combined 
unit sales of Becat and Hibor have now overtaken incumbent Clexane sales, 
establishing ROVI as a leader in low molecular weight heparins (LMWHs). The 
US DORIA (risperidone ISM) NDA has been filed for schizophrenia. Near-term 
inflection points include DORIA EU approval and launch (2021e). The COVID-19 
opportunity has led to a significant rally in the shares, since Moderna 
reported primary efficacy data on its COVID-19 vaccine (mRNA-1273). ROVI has 
signed a deal to provide finished mRNA-1273 vaccine for supply ex US; this 
is a strong validation of its prefilled syringe fill and finish 
capabilities. We value ROVI at &euro1.86bn. 
 
Our revised valuation is &euro1.86bn or &euro33.2 per share (&euro1.57bn 
previously). We include Letrozole ISM in breast cancer for the first time 
and bring forward our Becat peak sales timeframe by two years to 2024. ISM 
products (DORIA and Letrozole) contribute 31% to our valuation. Our 
valuation does not include the specific impact of the Moderna deal, but we 
have increased our near-term growth rates for the toll manufacturing 
business to reflect the higher value strategy for this business. 
 
Click here [1] to view the full report. 
 
Subscribe [2]to Edison's content to receive reports by email. 
 
All reports published by Edison are free-to-access and available on the 
website [3]. 
 
About Edison: Edison is an investment research and advisory company, with 
offices in North America, Europe, the Middle East and AsiaPac. The heart of 
Edison is our world-renowned equity research platform and deep multi-sector 
expertise. At Edison Investment Research, our research is widely read by 
international investors, advisers and stakeholders. Edison Advisors 
leverages our core research platform to provide differentiated services 
including investor relations and strategic consulting. 
 
Edison is authorised and regulated by the Financial Conduct Authority [4]. 
 
Edison is not an adviser or broker-dealer and does not provide investment 
advice. Edison's reports are not solicitations to buy or sell any 
securities. 
 
For more information please contact Edison: 
 
Dr Susie Jana, +44 (0)20 3077 5700 
 
Dr John Priestner, +44 (0)20 3077 5700 
 
healthcare@edisongroup.com 
 
Learn more at www.edisongroup.com [5] and connect with Edison on: 
 
LinkedIn https://www.linkedin.com/company/edison-group- [6] 
 
Twitter www.twitter.com/Edison_Inv_Res [7] 
 
YouTube https://www.youtube.com/user/EdisonITV/videos [8] 
 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
End of Announcement - EQS News Service 
 
1154264 11-Dec-2020 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=613230ee3b1a4abeece225607305160f&application_id=1154264&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=dc4b6da9609a3fa15934b7007f0912b2&application_id=1154264&site_id=vwd&application_name=news 
3: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=2d62d350e44141e01d1766d8ed0b3f95&application_id=1154264&site_id=vwd&application_name=news 
4: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=1154264&site_id=vwd&application_name=news 
5: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=88c95533002fab2316572f9ef6cf3cc6&application_id=1154264&site_id=vwd&application_name=news 
6: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=afe662765000a80ab72afd922939c992&application_id=1154264&site_id=vwd&application_name=news 
7: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=1154264&site_id=vwd&application_name=news 
8: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=503a664bab9a3c1e597c376ef91e0298&application_id=1154264&site_id=vwd&application_name=news

(END) Dow Jones Newswires

December 11, 2020 03:00 ET (08:00 GMT)