Laboratorios Farmaceuticos Rovi, S.A. Q1 2026 Earnings Recap

ROVI’s shares declined 1.2% following the release of weak heparin sales and a revised cautious outlook, which tempered otherwise stable revenue and margin expansion. Investors appear concerned by ongoing headwinds in the key heparin division and moderated CDMO growth expectations.

Key Takeaways

• Operating revenue decreased 1.5% year-on-year to EUR 152.5 million, largely due to a 12% drop in the heparin division, driven by lower bemiparin sales amid high inventory levels at international partners.
• Contract manufacturing (CDMO) revenue grew 5% to EUR 37.4 million but now faces a downgraded full-year forecast reflecting delays and uncertainty in demand for prefilled syringe manufacturing.
• Gross profit increased 5% to EUR 95 million, with gross margin expanding 3.8 percentage points to 62.3%, partly supported by R&D grant income and improved product mix.
• SG&A costs rose 18%, reflecting wage hikes, added CDMO personnel, and nonrecurring asset write-offs, pressuring operating expenses.
• R&D expenses surged 79% to EUR 11.2 million, indicating a significant ramp-up in innovation spend despite limited near-term revenue contribution.