olivLaw · European equity research
LABORATORIO REIG JOFRE, S.A. RJF.MC
Spain · BME Madrid · ISIN ES0165359029 · Vertical: Listed companies from Spain
Laboratorio Reig Jofre is a Spanish pharmaceutical group focused on prescription medicines, healthcare and biotechnology, reinvesting a meaningful share of turnover into research and development. Interest in the company grows as it expands its portfolio through vertical integration in biotechnology and a first proprietary biosimilar now in clinical phase. The share closed 2025 at 2.57 EUR, slightly up on the prior year. R&D spending is around 5% of turnover.
At the close of 05 Nov 2026, LABORATORIO REIG JOFRE, S.A. (RJF.MC) stock was 2.57 EUR (−1.15% on the day), with market capitalisation 215.1 m EUR, P/E 42.8 on diluted EPS of 0.06 EUR over the last 12 months, dividend yield 1,245,136.19%, beta 0.39, 52-week range 2.33–2.87 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.7
- weak (30–45)
- Bollinger (20, 2)
- 2.53 – 2.66
- in the lower half of the band · %B 0.30 · band width 5.0%
- SMA 50 / 200
- 2.62 / 2.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −0.6% | −0.9 pp | — |
| 3 months | −6.5% | −4.2% | −2.4 pp | — |
| 6 months | −7.2% | +4.3% | −11.6 pp | — |
| Year to date | 0.0% | +7.5% | −7.5 pp | — |
| 1 year | −9.2% | +9.9% | −19.1 pp | +6.7% |
| 3 years | +3.6% | +49.8% | −46.2 pp | +31.5% |
| 5 years | −32.1% | +42.8% | −74.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 18.8, median 19.2, max 42.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 316.1 m | 338.9 m | 331.1 m |
| Revenue YoY | unavailable | +7.2% | −2.3% |
| Net income | 9.4 m | 10.4 m | 5.0 m |
| Net income YoY | unavailable | +10.4% | −51.6% |
| Diluted EPS | 0.12 | 0.13 | 0.06 |
| Diluted EPS YoY | unavailable | +8.3% | −53.8% |
| net % | 3.0% | 3.1% | 1.5% |
| Free cash flow | 6.7 m | 11.1 m | -13.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 220.5 m EUR
- Total assets
- 394.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.54x
- ROE
- 2.3%
- ROA
- 1.4%
- FCF margin
- -4.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 316.1 m | 338.9 m | 331.1 m | esef· 20 Oct 2026verified |
| Operating income | 10.5 m | 12.6 m | 4.2 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 23.1 m | 23.4 m | 24.8 m | esef· 20 Oct 2026verified |
| EBITDA | 33.7 m ≈ | 36.0 m ≈ | 29.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 1.2 m | 2.0 m | 1.9 m | esef· 20 Oct 2026verified |
| Pre-tax income | 10.5 m | 11.8 m | 6.3 m | esef· 20 Oct 2026verified |
| Income tax | 1.1 m | 1.4 m | 1.3 m | esef· 20 Oct 2026verified |
| Net income | 9.4 m | 10.4 m | 5.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.12 | 0.13 | 0.06 | esef· 20 Oct 2026verified |
| Dividend per share | — | 25,000.00 | 32,000.00 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.5 m | 10.5 m | 10.5 m | esef· 20 Oct 2026verified |
| Receivables | 55.9 m | 56.0 m | 65.3 m | esef· 20 Oct 2026verified |
| Inventories | 61.9 m | 63.8 m | 61.6 m | esef· 20 Oct 2026verified |
| Current assets | 132.6 m | 149.7 m | 155.4 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 91.6 m | 97.0 m | 129.5 m | esef· 20 Oct 2026verified |
| Goodwill | 28.0 m | 26.8 m | 26.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 63.1 m | 55.3 m | 69.6 m | esef· 20 Oct 2026verified |
| Total assets | 330.5 m | 344.9 m | 394.7 m | esef· 20 Oct 2026verified |
| Accounts payable | 47.7 m | 44.9 m | 45.8 m | esef· 20 Oct 2026verified |
| Current liabilities | 90.2 m | 82.1 m | 101.1 m | esef· 20 Oct 2026verified |
| Equity | 204.3 m | 214.0 m | 220.5 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 78.4 m | 79.9 m | 83.7 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 19.1 m | 31.3 m | 1.5 m | esef· 20 Oct 2026verified |
| Capex | 12.5 m | 20.3 m | 15.3 m | esef· 20 Oct 2026verified |
| Free cash flow | 6.7 m ≈ | 11.1 m ≈ | -13.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -12.9 m | -32.0 m | -17.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -7.2 m | 5.6 m | 16.3 m | esef· 20 Oct 2026verified |
| Share repurchases | 20.0 k | 3.0 k | -79.0 k | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 215.1 m EUR
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.91 – 593,454.55 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.91 – 1.36 (Mid 1.19)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)435,200.00 – 593,454.55 (Mid 502,153.85)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.5% | 30 (vs peers) | 13% |
| FCF conversion · Quality | -274.4% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 42.8x | 9 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.4% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation5/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LABORATORIO REIG JOFRE S.A. (RJF.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 331.1 m EUR in 2025; YoY growth -2.3%; net margin 1.5%; ROE 2.3%.
The estimated value range is 217,600.46–296,727.95 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 251,077.52 EUR, the price of 2.57 EUR leaves a potential of 9,769,453.3% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- Net margin: 1.5%
- FCF conversion: -274.4%
- Interest coverage: 2.2x
- P/E (TTM): 42.8x
- FCF yield: -6.4%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| RJF.MCLaboratorio Reig Jofre S.A. | 215.1 m | 42.8 | 2.3% | 1.5% | −2.3% | −3% / +7% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for RJF.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.42 Total return -43% · Per year -43% | 2.51 Total return -0% · Per year -0% | 3.79 Total return 50% · Per year 50% |
| 3 years | 1.19 Total return -49% · Per year -20% | 2.40 Total return -0% · Per year -0% | 4.00 Total return 64% · Per year 18% |
| 5 years | 1.00 Total return -54% · Per year -14% | 2.29 Total return -0% · Per year -0% | 4.22 Total return 79% · Per year 12% |
- Exit P/E± 0.60
- Net margin± 0.42
- Annual revenue growth± 0.37
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Laboratorio Reig Jofre is a Spanish pharmaceutical group focused on prescription medicines, healthcare and biotechnology, reinvesting a meaningful share of turnover into research and development. Interest in the company grows as it expands its portfolio through vertical integration in biotechnology and a first proprietary biosimilar now in clinical phase. The share closed 2025 at 2.57 EUR, slightly up on the prior year. R&D spending is around 5% of turnover.
SWOT
Strengths
- A prescription medicine portfolio with recognition in core therapeutic areas and a differentiated innovation model.
- A stable ownership structure with a majority shareholder providing strategic continuity.
- Broader biotechnology capabilities from recent vertical integration and collaborations with research centres.
Weaknesses
- Reliance on a majority shareholder may limit the liquidity of the shares for minority investors.
- Biotechnology projects require long investment periods, with uncertain clinical outcomes.
- Market share and comparisons with competitors are not detailed in the annual report.
Opportunities
- A first proprietary biosimilar, if it reaches approval, could open new markets and revenue lines.
- Post-authorisation clinical studies could extend indications of existing products and strengthen competitive positioning.
- Public funding for projects such as EMINTECH could accelerate development in advanced technologies.
Threats
- Delays in clinical development could postpone product launches and pressure margins.
- Competition in biosimilars and prescription medicines could erode the group's share.
- Changes in regulation and public funding could alter development conditions and market access.
Risks
- Biotechnology execution riskhigh
Development of the proprietary biosimilar and other biotechnology products depends on clinical results, which are uncertain. Delays could affect growth plans.
- Dependence on public fundingmedium
The EMINTECH project is supported by grants, and changes to funding conditions could affect the timing and budget of projects.
- Ownership concentrationmedium
The majority shareholder controls the company, which can influence decisions and limit the liquidity of the shares for minority investors.
- Regulatory risksmedium
Medicine authorisations and pharmacovigilance requirements can change launch timelines and operating costs.
- Environmental and sustainability riskslow
The sustainability report identifies issues related to emissions, resource use and the supply chain that may generate compliance costs.
Investment thesis
What would need to be true (bull case)
- If the first proprietary biosimilar advances in clinical phase and wins approval, the company could diversify revenue beyond traditional prescription medicines.
- A steady share of R&D spending and strategic collaborations could support the pace of innovation over the long term.
- Vertical integration in biotechnology could reduce dependence on external suppliers for complex active ingredients.
What would break the thesis
- If biotechnology projects are delayed or fail to meet clinical targets, the expected growth could be postponed.
- Reliance on public grants for projects such as EMINTECH could become a vulnerability if funding changes.
- Ownership concentration can limit liquidity and reduce interest from minority investors.
What to watch
- Progress of the first proprietary biosimilar through clinical phase2026
- Results of post-authorisation clinical studies on core products2026
- Execution of the EMINTECH project and use of the grant2026
- Changes in the shareholder structure and the liquidity contractnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group develops, manufactures and markets medicines, particularly prescription and healthcare products, combining its own scientific and industrial know-how with collaborations with innovative companies, research centres and hospitals. The company is listed under the code RJF and is headquartered in Sant Joan Despí, Barcelona. Ownership is concentrated: Reig Jofre Investments, S.L. holds 62.81% of the shares and Kaizaharra Corporación Empresarial, S.L. holds 10.06%. According to the annual report, 2025 was marked by expanding biotechnology capabilities through the integration of Leanbio and Syna Therapeutics. 1
The innovation model runs on two complementary lines: product innovation, by broadening and specialising the portfolio in core therapeutic areas, and innovation in pharmaceutical technologies, through new platforms and specialised industrial models. Digitalisation is integrated into several stages of the value chain. The company has also started post-authorisation clinical studies on its core products to strengthen clinical evidence and competitive positioning. 1
Share capital of 41,110 thousand euros is split into 82,219,241 registered shares, all with the same rights, and at 31 December 2025 the company held 807,626 treasury shares linked to a liquidity contract. The annual report notes no capital increases were pending. 1
Segments
Prescription medicines and healthcare
This is the core of the business, with prescription products in the group's strategic therapeutic areas. The company aims to extend the differential value of existing products through new post-authorisation clinical studies. 1
Biotechnology
Vertical integration with Leanbio, S.L. and Syna Therapeutics, S.L. adds capabilities in designing and producing biotechnological active ingredients, such as recombinant proteins, antibodies, plasmid DNA and mRNA. The first proprietary biosimilar is in clinical phase. 1
Advanced pharmaceutical technologies
The EMINTECH project, with a total investment of 25.6 million EUR and a grant of 13.2 million EUR awarded in 2025, supports entry into earlier development stages, including projects on antimicrobial resistance and rare diseases. 1
Market context
The annual report does not estimate the size of the pharmaceutical market in which the group operates, so this analysis is limited to the positioning the company describes. Strategy centres on prescription medicines, healthcare and biotechnology, and growth depends on converting R&D investment into approved and marketed products. Market share is not stated in the source.
On the exchange, the share had a volume-weighted average price of 2.78 EUR in 2025, with a high of 3.31 EUR on 10 June and a low of 2.48 EUR on 16 January. The 2025 flexible dividend involved a capital increase through free allotment rights, which changed the number of shares outstanding. 1
Trends
- Biotechnology investmenttailwind
Integration with Leanbio and Syna Therapeutics gives the company access to biosimilar production, a high value-added direction. If the first proprietary biosimilar progresses successfully from clinical phase, the group's positioning could become more differentiated. 1
- Public funding for innovationmixed
EMINTECH funding supports earlier and riskier projects. Reliance on grants may lower project costs, but the timing of grant payments and their conditions remain to be monitored. 1
- Digitalisation of the value chaintailwind
Digitalisation is integrated into several phases of the value chain, which could lower operating costs and development times if it translates into measurable efficiency. 1
- Pressure on development costsheadwind
Biotechnology projects and clinical studies require considerable capital and time, and delays could affect the launch schedule for new products. 1
Competitive position
The annual report does not explicitly name the group's competitors. The positioning described centres on prescription medicines, healthcare and biotechnology, areas where competition comes from other pharmaceutical and biotechnology companies in Europe and beyond. The differentiation the company cites rests on industrial know-how and strategic collaborations rather than on a comparison with competitors.
- European generalist pharmaceutical companies
The annual report does not name specific competitors; the group operates in the same prescription and healthcare medicine categories.
- Biosimilar producers
Companies active in biosimilars compete in the biotechnology segment where the group is building its first proprietary product.
- Suppliers of biotechnological active ingredients
Firms specialised in recombinant proteins, antibodies and mRNA represent competition on the biotechnology manufacturing side.
- Advanced pharmaceutical technology companies
Players working on new formulation technologies and antimicrobial resistance compete for the same early-stage projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LABORATORIO REIG JOFRE, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.