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    ROVI   ES0157261019

LABORATORIOS FARMACEUTICOS ROVI, S.A.

(ROVI)
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Spanish drugmaker Rovi to make ingredients for Moderna COVID-19 vaccine

04/12/2021 | 04:30am EDT
FILE PHOTO: The logo of Spanish pharmaceutical firm Rovi, in charge of the

* Rovi deepens role making Moderna vaccine

* Lonza also makes ingredients for ex-U.S. supplies

* Rovi CEO: Deal a 'significant growth opportunity'

MADRID, April 12 (Reuters) - Contract drugmaker Rovi is to make active ingredients for Moderna's COVID-19 vaccine, extending an existing agreement to bottle the vaccine using ingredients brought in from Switzerland.

Madrid-based Rovi, whose shares rose 4% on Monday towards a record high set last month, will build capacity to supply active agents for up to 100 million vaccine doses annually for Moderna from its plant in the southern city of Granada via a new production line.

Another Rovi plant near Madrid has already been bottling, or "filling and finishing," Moderna vaccine ingredients being produced by Swiss drug company Lonza in Switzerland.

"Greater integration in the production process will allow us to support Moderna in its large-scale distribution more broadly," said Juan Lopez-Belmonte Encina, Rovi's chief executive officer, who also said the agreement was a significant growth opportunity.

Moderna has said it will make at least 700 million doses of vaccine in 2021, including from plants in Europe and the United States.

Once Rovi has made the drug ingredients in Granada, Moderna will decide whether the active ingredients should be bottled at Rovi in Madrid or a separate facility in France, owned by Sweden's Recipharm.

EX-US DELIVERIES

Lonza's output for Moderna has, so far, been shipped from Visp, Switzerland, to Rovi's Madrid site for fill and finish, for vaccine doses bound for Europe, Canada, South Korea, Britain, Japan and elsewhere outside the United States.

Rovi did not disclose the value of its investment in the Granada production line.

Lonza has said each of its recently built production lines -- one is operational, two others are due to begin operating in coming weeks -- cost around 70 million Swiss francs ($76 million), with a staff of 60 to 70 employees dedicated to each line.

Rovi shares have jumped about 26% so far this year, based on Refinitiv data. The stock was up 3.8% at 47.9 euros by 1632 GMT, near last month's 48.4 euros record high.

($1 = 0.9238 Swiss francs) (Reporting by Emma Pinedo and Inti Landauro in Madrid, John Miller in Zurich, and Aida Pelaez-Fernandez in Gdansk Editing by Ingrid Melander, David Holmes and Jane Merriman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LABORATORIOS FARMACEUTICOS ROVI, S.A. 2.26% 49.8 Delayed Quote.31.40%
LONZA GROUP AG 1.04% 564.2 Delayed Quote.-0.81%
MODERNA, INC. 7.68% 161.38 Delayed Quote.54.48%
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04/27REFILE-Nestle staff sought to help Lonza production for Moderna vaccine -Swis..
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04/16Moderna expects vaccine shipments to Britain, Canada to be delayed, EU, Swiss..
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04/12LABORATORIOS FARMACEUTICOS ROVI S A  : Spain's Rovi to Manufacture Active Ingred..
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04/12Spanish drugmaker Rovi to make ingredients for Moderna COVID-19 vaccine
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04/12MODERNA  : Rovi to make active agents for Moderna COVID-19 vaccine
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Financials
Sales 2021 519 M 630 M 630 M
Net income 2021 80,6 M 97,9 M 97,9 M
Net cash 2021 16,1 M 19,6 M 19,6 M
P/E ratio 2021 37,8x
Yield 2021 0,87%
Capitalization 2 759 M 3 348 M 3 350 M
EV / Sales 2021 5,29x
EV / Sales 2022 4,25x
Nbr of Employees 1 137
Free-Float 30,6%
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Technical analysis trends LABORATORIOS FARMACEUTICOS ROVI, S.A.
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 52,09 €
Last Close Price 49,80 €
Spread / Highest target 21,5%
Spread / Average Target 4,60%
Spread / Lowest Target -10,0%
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Managers and Directors
NameTitle
Juan López-Belmonte Encina Chief Executive Officer, Executive Director & GM
Javier López-Belmonte Encina Vice Chairman & Chief Financial Officer
Juan López-Belmonte López Chairman
Ibón Gutierro Adúriz Manager-Research & Development
José Fernando de Almansa Moreno-Barreda Independent Director
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