F I R S T Q U A R T E R 2 0 2 0 F I N A N C I A L R E S U L T S

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Disclaimer

• This Presentation has been prepared by Laboratorios Farmacéuticos Rovi, S.A. (the "Company") and comprises the slides for a presentation concerning the Company and its subsidiaries (the "Group"). For the purposes of this disclaimer, "Presentation" means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the Presentation meeting or otherwise in connection with it.
• This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
• The information contained in this Presentation does not purport to be comprehensive. None of the Company, its respective subsidiaries or affiliates, or its or their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the information in this Presentation (or whether any information has been omitted from the Presentation) or any other information relating to the Group, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. Each of such persons accordingly disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise in respect of this Presentation or any such information.
• The information in this Presentation may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements as well as those included in any other information discussed in the Presentation are subject to known or unknown risks, uncertainties and assumptions about the Group and its investments, including, among other things, the development of its business, its growth plan, trends in its operating industry, its future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this Presentation. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this Presentation and no one undertakes to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this Presentation.
• To the extent available, the industry, market and competitive position data contained in this Presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Group operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation. This Presentation also includes certain alternative performance measures ("APMs") that have not been prepared under IFRS-EU and have not been reviewed or audited by the Company's auditors nor by any independent expert. Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable.
• Certain financial and statistical information contained in this Presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain financial information and operating data relating to the Company contained in this Presentation has not been audited and in some cases is based on management information and estimates, and is subject to change.
• No reliance may or should be placed by any person for any purposes whatsoever on this Presentation, or on its completeness, accuracy or fairness. The information in this Presentation is in summary draft form for discussion purposes only. The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, none of the Company, its subsidiaries or affiliates, or its or their respective directors, officers, employees, advisers or agents, undertakes any obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it.

…with high profitability

• EBITDA increased by 68%, from €11.9Mn in Q1 2019 to €20.0Mn in Q1 2020, reflecting a 5.3 percentage point rise in the EBITDA margin to 19.8% in Q1 2020.
• Net profit increased by 102%, from €6.9Mn in Q1 2019 to €13.9Mn in Q1 2020.

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Heparins, leading the specialty pharmaceutical business

• Sales of prescription-based pharmaceutical products increased by 27% to €79.7Mn in Q1 2020.
• Sales of the heparin franchise (Low Molecular Weight Heparins (LMWH) and other heparins) increased by 42% to 55.6 million euros in Q1 2020.
• Heparin sales represented 55% of operating revenue in Q1 2020 compared to 48% in Q1 2019.

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Well Positioned to Drive Long-Term Leadership in Low Molecular Weight Heparins (LMWH)

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Strong growth potential of Enoxaparin Biosimilar Becat®

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Strong performance of the product portfolio (1/2)

Neparvis is a specialty product from Novartis indicated for the treatment of adult patients with symptomatic chronic heart failure and reduced ejection fraction.

Volutsa is a specialty product from Astellas Pharma indicated for the treatment of moderate to severe storage symptoms and voiding symptoms associated with benign prostatic hyperplasia. Medicebran and Medikinet are specialty products from Medice indicated for the treatment of ADHD in children and teenagers.

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Strong performance of the product portfolio (2/2)

Contrast imaging agents sales (€Mn)

Vytorin, Orvatez and Absorcol, the first of the five licenses of MSD, are indicated for the treatment of hypercholesterolemia.

Hirobriz Breezhaler and Ulunar Breezhaler are both products from Novartis indicated for the treatment of COPD (Chronic Obstructive Pulmonary Disease).

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Value added toll manufacturing services

Toll manufacturing sales (€Mn)

• In November 2019, the toll manufacturing management units, ROVI Contract Manufacturing and Frosst Ibérica, merged into a single entity, ROVI Pharma Industrial Services, which furnishes manufacturing services with the highest degree of quality and competitiveness. The total integration of the production

10processes is expected to allow the company to attain greater synergies and levels of efficiency in its industrial operations.

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• ISM® Platform Opens Up New Avenues of Growth for ROVI

Multiple FDA / GMP approved facilities to support the platform

1. ISM® stands for In Situ Microparticles®.
2. PK stands for pharmacokinetic.

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Guidance 2020

2020 operating revenue growth rate

Mid-single-digit

T H E K E Y G R O W T H L E V E R S I N 2 0 2 0

• Given the uncertainties associated to the development of the Covid-19 pandemic, it is not yet possible to make a precise assessment of the impact that the pandemic will have on 2020. ROVI expects the main negative impact on group sales to take place in Q2 2020.
• The potential increase in the discounts to the National Health System as a result of the Covid-19 impact may affect attainment of these growth forecasts.

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Good revenue level with outstanding LMWH sales growth

• Operating revenue increased by 23% to €101.0Mn, achieved on:
• • 27% growth in prescription-based products;
  • 1% growth in contrast agents and other hospital products;
  • 19% increase in toll manufacturing; and
  • OTC and other revenues decreased by 58%.
• Sales of LMWH increased by 43% to €53.9Mn in Q1 2020.
• • Enoxaparin biosimilar sales increased by 79% to €29.6Mn and Bemiparin sales increased by 15%.

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Gross margin impacted by the increase of enoxaparin biosimilar sales and the increase of LMWH raw material prices

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EBITDA

EBITDA (€Mn) and EBITDA margin (%)

2019 EBITDA impacts (€Mn)

Note: EBITDA "pre-R&D" calculated excluding R&D expenses in Q1 2020 and Q1 2019

EBITDA (€Mn) and EBITDA "pre-R&D" margin (%)

• EBITDA increased by 68% to €20.0Mn in Q1 2020, reflecting a 5.3 pp rise in the EBITDA margin, which was up to 19.8% in Q1 2020 from 14.4% in Q1 2019.
• EBITDA "pre-R&D" increased by 30% to €24.5Mn in Q1 2020, reflecting a 1.4 pp rise in the EBITDA margin to 24.2% in Q1 2020. Likewise,
• • recognising the same amount of R&D expenses in Q1 2020 as in Q1 2019, EBITDA would have increased by 48% to €17.5Mn, reflecting a 2.9 pp rise in the EBITDA margin to 17.4% in Q1 2020.
• EBITDAC (Earnings Before Interest, Taxes, Depreciation, Amortization and Coronavirus) increased to €21.0Mn in Q1 2020, a rise of 77% compared to the same period of the previous year, reflecting a 6.3 pp increase in the EBITDAC margin, which was up to 20.8% in Q1 2020 from 14.4% in Q1 2019.

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EBIT

EBIT (€Mn) and EBIT margin (%)

2019 EBIT impacts (€Mn)

Note: EBIT "pre-R&D" calculated excluding R&D expenses in Q1 2020 and Q1 2019.

EBIT (€Mn) and EBIT "pre-R&D" margin (%)

• Depreciation and amortisation expenses increased by 12% to €4.8Mn in Q1 2020.
• EBIT increased to €15.1Mn in Q1 2020, reflecting a 5.8 pp rise in the EBIT margin, which was up to 15.0% in Q1 2020.
• EBIT "pre-R&D" increased by 36%, from €14.4Mn in Q1 2019 to €19.6Mn in Q1 2020, reflecting a 1.9 pp rise in the EBIT margin to 19.4% in Q1 2020. Likewise,
• • recognising the same amount of R&D expenses in Q1 2020 as in Q1 2019, EBIT would have increased by 69% to €12.7Mn, reflecting a 3.4 pp rise in the EBIT margin.

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Net profit

• Net profit increased to €13.9Mn in Q1 2020, a 102% rise compared to Q1 2019.
• Net profit "pre R&D" increased by 35%, from €13.3Mn in Q1 2019 to €18.0Mn in Q1 2020. Likewise,
• • recognising the same amount of R&D expenses in Q1 2020 as in Q1 2019, net profit would have increased by 70% to €11.7Mn.
• The effective tax rate was 9.6% in Q1 2020, compared to 6.9% in Q1 2019, mainly due to the recognition in 2019 of negative tax bases ROVI had the right to use. R&D tax credits decreased in Q1 2020 as a result of the decrease in R&D expenses in Q1 2020 compared to the same period of the previous year.
• As of 31 March 2020, negative tax bases of the Group amounted to €34.9Mn, of which €8.3Mn will be used in the 2019 income tax and €0.8Mn in Q1 2020.

Note: Net profit "pre-R&D" calculated excluding R&D expenses in Q1 2020 and Q1 2019. Same effective tax rate as the reported net profit.

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News-flow 2020

Risperidone ISM® expected to be filed in USA in H2 2020

ISM® Risperidone ISM® final Phase III data will be presented in scientific congresses

technology

platform

Next steps of Letrozole ISM® to be discussed with regulatory authorities in 2020

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