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olivLaw · European equity research

Laboratorios Farmacéuticos ROVI, S.A. ROVI.MC

Spain · BME Madrid · ISIN ES0157261019 · Vertical: Listed companies from Spain

69.05EUR+8.31% · 1 dayClose 05 Nov 2026

Rovi is a Spanish pharmaceutical company that manufactures and markets medicines, including heparin biosimilars and injectables, with plants in Spain. In fiscal 2025 consolidated revenue fell compared with the prior year, so the split between manufacturing and commercialisation is now closely watched by investors. The group reported 743.483 million EUR of consolidated revenue in 2025.

At the close of 05 Nov 2026, Laboratorios Farmacéuticos ROVI, S.A. (ROVI.MC) stock was 69.05 EUR (+8.31% on the day), with market capitalisation 3.5 bn EUR, P/E 25.1 on diluted EPS of 2.75 EUR over the last 12 months, dividend yield 1.35%, beta 0.49, 52-week range 53.65–85.55 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
3.5 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
25.1
Diluted EPS TTM 2.75 · TTM to 31 Dec 2025
E/P (TTM)
3.98%
TTM to 31 Dec 2025
Dividend yield
1.35%
DPS 12m 0.94
Beta (2y)
0.49
Volatility (1y) 29%
52-week range
53.6585.55

Price history

Loading chart…

Technical reading

RSI (14)
81.5
overbought (≥ 70)
Bollinger (20, 2)
54.97 – 66.20
above the upper band · %B 1.25 · band width 18.5%
SMA 50 / 200
59.52 / 66.01
mixed trend
MACD (12, 26, 9)
1.75 / 0.98
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+18.7%−0.6%+19.4 pp—
3 months+17.8%−4.2%+22.0 pp—
6 months+9.5%+4.3%+5.2 pp—
Year to date+8.7%+7.5%+1.2 pp—
1 year+19.8%+9.9%+9.9 pp+6.7%
3 years+44.9%+49.8%−5.0 pp+31.5%
5 years+21.4%+42.8%−21.5 pp—
Max drawdown (1y)
−37.3%
20 Apr 2026 → 14 Jul 2026
Max drawdown (5y)
−51.7%
30 Dec 2021 → 28 Dec 2022
Compound annual growth (5y)
+3.9%
EURO STOXX 50 +7.4%

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 23.1, max 23.6; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue829.5 m763.7 m743.5 m
Revenue YoYunavailable−7.9%−2.7%
Net income170.3 m136.9 m140.4 m
Net income YoYunavailable−19.6%+2.6%
Diluted EPS3.202.672.75
Diluted EPS YoYunavailable−16.6%+3.0%
net %20.5%17.9%18.9%
Free cash flow59.5 m79.2 m121.9 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
98.0 m EUR
Financial debt
93.2 m EUR
Net debt
-4.8 m EUR
Equity
675.5 m EUR
Total assets
955.7 m EUR
Debt / equity
0.14x
Current ratio
3.13x
ROE
22.3%
ROA
15.7%
FCF margin
16.4%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
829.5 m
2024
763.7 m
2025
743.5 m

esef· 20 Oct 2026verified

Operating income
2023
220.3 m
2024
179.5 m
2025
185.8 m

esef· 20 Oct 2026verified

Depreciation & amortisation
2023
24.3 m
2024
28.0 m
2025
30.4 m

esef· 20 Oct 2026verified

EBITDA
2023
244.6 m ≈
2024
207.6 m ≈
2025
216.2 m ≈

esef· 20 Oct 2026derived

Interest expense
2023
948.0 k
2024
2.4 m
2025
2.8 m

esef· 20 Oct 2026verified

Pre-tax income
2023
220.4 m
2024
177.7 m
2025
183.3 m

esef· 20 Oct 2026verified

Income tax
2023
50.1 m
2024
40.8 m
2025
42.9 m

esef· 20 Oct 2026verified

Net income
2023
170.3 m
2024
136.9 m
2025
140.4 m

esef· 20 Oct 2026verified

Diluted EPS
2023
3.20
2024
2.67
2025
2.75

esef· 20 Oct 2026verified

Dividend per share
2023
1.30
2024
1.10
2025
0.94

esef· 20 Oct 2026verified

Balance sheet · EUR

Cash
2023
25.3 m
2024
27.2 m
2025
98.0 m

esef· 20 Oct 2026verified

Receivables
2023
143.3 m
2024
129.5 m
2025
177.5 m

esef· 20 Oct 2026verified

Inventories
2023
338.0 m
2024
330.0 m
2025
288.0 m

esef· 20 Oct 2026verified

Current assets
2023
509.3 m
2024
489.6 m
2025
566.7 m

esef· 20 Oct 2026verified

Property, plant & equipment, net
2023
253.7 m
2024
286.6 m
2025
330.7 m

esef· 20 Oct 2026verified

Goodwill
2023
—
2024
0
2025
2.7 m

esef· 20 Oct 2026verified

Intangibles (excl. goodwill)
2023
33.9 m
2024
34.0 m
2025
33.2 m

esef· 20 Oct 2026verified

Total assets
2023
799.9 m
2024
832.0 m
2025
955.7 m

esef· 20 Oct 2026verified

Accounts payable
2023
141.9 m
2024
125.3 m
2025
118.6 m

esef· 20 Oct 2026verified

Long-term debt
2023
52.2 m
2024
90.7 m
2025
93.2 m

esef· 20 Oct 2026verified

Current liabilities
2023
199.8 m
2024
156.7 m
2025
181.2 m

esef· 20 Oct 2026verified

Total liabilities
2023
256.4 m
2024
250.5 m
2025
280.2 m

esef· 20 Oct 2026verified

Equity
2023
543.5 m
2024
581.5 m
2025
675.5 m

esef· 20 Oct 2026verified

Shares outstanding at year end
2023
53.2 m
2024
51.3 m
2025
51.1 m

esef· 20 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
113.2 m
2024
138.3 m
2025
187.1 m

esef· 20 Oct 2026verified

Capex
2023
53.8 m
2024
59.1 m
2025
65.2 m

esef· 20 Oct 2026verified

Free cash flow
2023
59.5 m ≈
2024
79.2 m ≈
2025
121.9 m ≈

esef· 20 Oct 2026derived

Investing cash flow
2023
-52.0 m
2024
-81.1 m
2025
-68.5 m

esef· 20 Oct 2026verified

Financing cash flow
2023
-160.8 m
2024
-55.4 m
2025
-47.8 m

esef· 20 Oct 2026verified

Dividends paid
2023
69.0 m
2024
56.5 m
2025
47.8 m

esef· 20 Oct 2026verified

Share repurchases
2023
133.9 m
2024
89.7 m
2025
54.9 m

esef· 20 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
3.5%
computed by olivLawFY 2025
Net income growth (YoY)
2.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
3.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
54.0%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
29.1%
computed by olivLawFY 2025
EBIT margin
25.0%
computed by olivLawFY 2025
Net margin
18.9%
computed by olivLawFY 2025
FCF margin
16.4%
computed by olivLawFY 2025

Returns

ROE
22.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
15.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
21.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
24.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
34.0%
computed by olivLawFY 2025
Payout ratio (FCF)
39.2%
computed by olivLawFY 2025

Balance sheet

Net debt
-4.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-0.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
65.3x
computed by olivLawFY 2025

Liquidity

Current ratio
3.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
187.1 m EUR
computed by olivLawFY 2025
Capital expenditure
65.2 m EUR
computed by olivLawFY 2025
Free cash flow
121.9 m EUR
computed by olivLawFY 2025
FCF conversion
86.8%
computed by olivLawFY 2025
Cash conversion
86.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
75 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
3.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
3.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
25.1x
computed by olivLawFY 2025
P/E (TTM)
25.1x
computed by olivLawFY 2025
Earnings yield
4.0%
computed by olivLawFY 2025
P/B
5.3x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
16.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
19.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
4.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
28.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
3.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
1.4%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 62 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

69.05 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 3.5 bn EUR

Key indicators

Market capitalisation
3.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
25.1x
computed by olivLawFY 2025
P/B
5.3x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
16.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
22.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
18.9%
computed by olivLawFY 2025
Revenue growth (YoY)
-2.7%
computed by olivLawFY 2025
Dividend yield
1.4%
computed by olivLawFY 2025

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 20 Oct 2026
verified 90derived 4

Score by group

  • Quality78
  • Balance sheet100
  • Valuation22
  • Returns65

Estimated value range

Low
28.78
EUR per share
Mid
34.91
EUR per share
High
44.76
EUR per share
Price: 69.05 EUR
The price is above the range
Potential to the central value: -49.4% (value / price − 1)
Margin of safety: -97.8% (1 − price / value)
Agreement between methods: low · 3 methods used · 3 independent bases

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: 12.72 – 62.52 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)28.78 – 44.76 (Mid 34.91)
    WACC 8.4% · starting FCFF 124.0 m EUR · terminal value share of EV 73%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 29.1%
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/E41.75 – 62.52 (Mid 54.67)
    18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7x
    ACS.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)12.72 – 17.34 (Mid 14.67)

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

Neutral profile · Score 62/100

FactorValueScoreWeight used
ROIC · Quality21.6%71 (vs peers)13%
Net margin · Quality18.9%86 (vs peers)8%
FCF conversion · Quality86.8%81 (on a fixed band)8%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-0.0x100 (on a fixed band)13%
Interest coverage · Balance sheet65.3x100 (on a fixed band)8%
Current ratio · Balance sheet3.1x100 (on a fixed band)5%
P/E (TTM) · Valuation25.1x27 (vs peers)13%
EV/EBITDA · Valuation16.3x0 (on a fixed band)13%
FCF yield · Valuation3.5%43 (on a fixed band)10%
Shareholder yield (distributions) · Returns2.9%42 (on a fixed band)8%
Payout ratio (FCF) · Returns39.2%100 (on a fixed band)5%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality78/100 · 3/3 factors with a value
  • Returns65/100 · 2/2 factors with a value
  • Valuation22/100 · 3/3 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

LABORATORIOS FARMACEUTICOS ROVI SA (ROVI.MC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 743.5 m EUR in 2025; YoY growth -2.7%; net margin 18.9%; ROE 22.7%; net debt/EBITDA -0.0x.

The estimated value range is 28.78–44.76 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 34.91 EUR, the price of 69.05 EUR leaves a potential of -49.4% (value / price − 1) and a margin of safety of -97.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 21.6%
  • Net margin: 18.9%
  • FCF conversion: 86.8%
  • Net debt / EBITDA: -0.0x
  • Interest coverage: 65.3x
  • Current ratio: 3.1x
  • Payout ratio (FCF): 39.2%

What contradicts it

  • P/E (TTM): 25.1x
  • EV/EBITDA: 16.3x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.

Versus the vertical median

Listed companies from Spain · same country · compared with 39 companies

Multiples and returns vs the median

P/E
25.1x
vertical median 20.3x
above median (+24.0%)
EV/EBITDA
16.3x
vertical median —
P/S
4.7x
vertical median 0.9x
above median (+457.0%)
P/B
5.3x
vertical median 2.5x
above median (+113.8%)
ROE
22.7%
vertical median 10.5%
above median (+116.4%)
Net margin
18.9%
vertical median 4.5%
above median (+316.4%)
EBIT margin
25.0%
vertical median 10.2%
above median (+145.4%)
Revenue YoY
-2.7%
vertical median 2.2%
below median (−219.9%)
Net debt/EBITDA
-0.0x
vertical median -0.2x
above median
Dividend yield
1.4%
vertical median 3.0%
below median (−54.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELE.MCEndesa SA46.9 bn21.426.4%10.5%+0.5%+43% / +134%
AENA.MCAena S.m.e. SA42.6 bn19.924.2%34.0%+8.9%+21% / +79%
AMS.MCAmadeus It Group Sociedad Anonima26.2 bn19.826.9%20.5%+6.1%−6% / −5%
ACS.MCAcs Actividades De Construccion Y Servicios, S.A.21.9 bn23.019.9%1.9%+19.7%+7% / +134%
ANA.MCAcciona SA11.7 bn14.516.9%4.0%+5.5%+24% / +66%
FCC.MCFomento De Construcciones Y Contratas S.A.5.0 bn30.35.3%1.7%+6.9%−8% / −14%
ROVI.MCLaboratorios Farmaceuticos Rovi SA3.5 bn25.122.7%18.9%−2.7%+16% / +23%
DIA.MCDistribuidora Internacional De Alimentacion SA2.7 bn20.6165.6%2.2%−2.7%+51% / +380,733%
CMO.MCCementos Molins S.A.2.5 bn13.614.3%18.0%−3.1%+31% / unavailable
ENO.MCElecnor SA2.4 bn21.910.5%2.5%+15.1%−3% / +58%
ALM.MCAlmirall S.A.2.4 bn51.13.1%4.2%+12.4%−11% / +32%
FAE.MCFaes Farma SA1.5 bn19.310.8%13.0%+23.7%+3% / +57%
AEDAS.MCAedas Homes SA1.0 bn17.157.8%7.0%−24.8%+0% / +38%
EDR.MCEdreams Odigeo SA574.4 m11.521.0%7.8%−0.4%+40% / −24%
EAT.MCAmRest Holdings SE506.0 m31.44.3%0.6%+0.1%−34% / −61%
ADX.MCAudax Renovables S.A.468.5 m23.99.3%1.0%−5.4%−23% / −18%
ATRY.MCAtrys Health, S.A.200.4 m—-49.5%-71.1%+8.5%−3% / −29%
ENER.MCEcoener, S.A.175.6 m32.24.2%6.4%+3.6%−34% / −6%
ADZ.MCAdolfo Dominguez SA62.9 m38.39.0%1.2%+1.8%+39% / +40%
DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A.44.8 m9.2152.3%10.0%+2.2%+19% / unavailable
EZE.MCGrupo Ezentis SA29.0 m——-9.3%+147.2%−30% / −37%
CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA17.3 m14.44.1%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 m0.010.0%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 ROVI.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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
37.88
Total return -44% · Per year -44%
67.22
Total return -1% · Per year -1%
101.59
Total return 49% · Per year 49%
3 years
31.67
Total return -51% · Per year -21%
63.70
Total return -4% · Per year -1%
106.41
Total return 59% · Per year 17%
5 years
26.47
Total return -57% · Per year -16%
60.36
Total return -6% · Per year -1%
111.46
Total return 70% · Per year 11%
What moves the 3-year price the most
  • Exit P/E± 15.92
  • Net margin± 11.15
  • Annual revenue growth± 9.82
  • Annual dilution± 0.94

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

Rovi is a Spanish pharmaceutical company that manufactures and markets medicines, including heparin biosimilars and injectables, with plants in Spain. In fiscal 2025 consolidated revenue fell compared with the prior year, so the split between manufacturing and commercialisation is now closely watched by investors 1. The group reported 743.483 million EUR of consolidated revenue in 2025 1.

SWOT

Strengths

  • The company has an integrated structure of manufacturing and commercialisation, allowing it to leverage both third-party services and its own products.
  • EU revenue rose in 2025, showing the ability to expand sales in regulated markets.
  • Continued investment in its own Spanish plants suggests sustained technical capacity over time.

Weaknesses

  • Profit in the commercialisation segment fell sharply in 2025 compared with the prior year, signalling margin pressure.
  • Consolidated revenue fell in 2025 compared with 2024, indicating dependence on volumes in certain markets.
  • Concentration of production in a few Spanish plants increases exposure to local risks, including climate-related ones.

Opportunities

  • Development of new biosimilars and expansion of filling capacity could open new manufacturing contracts.
  • Growth in EU sales could offset the decline in other regions if the trend continues.
  • The new 2026-2030 sustainability plan could attract partners who value ESG practices.

Threats

  • Price pressure and reimbursement policies in public health systems could reduce medicine revenue.
  • Climate risks such as water stress could cause production interruptions at plants in southern Spain.
  • Competition from biosimilar and generic producers could affect market share and margins.

Risks

  • Water stress at Granada plantsmedium

    Two Granada plants face a significant climate risk of water stress in the medium and long term, which could lead to production interruptions if supply falls 1.

  • Higher cost of CO2 emissionslow

    The company identifies the rising price of CO2 as its largest transition risk, which could increase operating costs linked to fossil fuels, mainly in the long term 1.

  • Decline in OECD country revenuemedium

    Revenue from OECD countries fell in 2025, which could affect results if the trend does not reverse 1.

  • Estimates for commercial provisionsmedium

    Provisions for returns, discounts and public health system contributions are estimated on historical experience, and changes in these estimates could influence reported results 1.

  • Recoverability of intangible assetslow

    Indefinite-life intangibles and goodwill are reviewed annually for impairment, and a change in estimated cash flows could require adjustments 1.

Investment thesis

What would need to be true (bull case)

  • If expansion in the European market continues, growth in EU revenue could offset the decline in other regions and support group profitability.
  • Investment in new production lines and biosimilars could open additional revenue sources in the coming years.
  • The integrated structure between manufacturing and commercialisation may provide stability if one activity slows.

What would break the thesis

  • The fall in consolidated revenue and commercial segment profit in 2025 could indicate persistent margin pressure.
  • Dependence on Spanish plants and the associated climate risks could lead to costly interruptions.
  • Price pressure from public health systems could limit revenue growth from medicines.

What to watch

  • Evolution of OECD country revenue2026
  • Margin of the commercialisation segment2026
  • Commissioning of new vial filling lines2026
  • Implementation of the 2026-2030 ESG Master Plan2030

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

According to the consolidated annual report for the year ended 31 December 2025, the group has two operating segments: manufacturing, which completes pharmaceutical production for external entities and makes products for other group companies, and commercialisation, which covers the purchase and sale of pharmaceutical products and research and development 1. The manufacturing segment generated 269.499 million EUR from external customers in 2025, while commercialisation generated 473.885 million EUR 1. Geographically, Spain accounted for 285.353 million EUR of revenue in 2025 1.

Production is concentrated in Spain, where the company has invested in several plants, including the injectables facilities in Madrid and San Sebastian de los Reyes, as well as Alcala de Henares and Granada 1. The company also reports investment in a new vial filling line of 33.3 million EUR in 2025, although these investments do not automatically translate into additional revenue 1. The company states that its low molecular weight heparin biosimilar development is amortised over 20 years, a period linked to pharmaceutical patent duration 1.

Consolidated assets totalled 955.691 million EUR at 31 December 2025, and the net book value of property, plant and equipment was 330.735 million EUR 1. Consolidated profit stood at 140.364 million EUR in 2025, with EBITDA of 216.218 million EUR 1. Operational management sits with a Management Committee of seventeen executives 1.

Segments

Manufacturing

The manufacturing segment had total segment revenue of 494.126 million EUR in 2025, of which 269.499 million EUR came from external customers, and segment profit was 157.110 million EUR 1. Its revenue comes from contracts for completing production and from making products for sale by other group companies 1.

Commercialisation

The commercialisation segment generated 473.885 million EUR of external revenue in 2025, making it the largest segment by external sales, and it also includes research and development activities 1. Its profit was much lower, at 19.911 million EUR, compared with 41.458 million EUR in fiscal 2024 1.

Market context

The pharmaceutical market in which Rovi operates includes generic and biosimilar medicines, with a focus on injectables and low molecular weight heparins, where the company has obtained marketing authorisations in several European Union countries 1. Revenue from European Union countries rose to 174.289 million EUR in 2025 from 146.107 million EUR in 2024, indicating expansion in the European market 1. Revenue from OECD countries fell in 2025, which matters for assessing exposure to external markets 1.

The European pharmaceutical industry is governed by health authorisation requirements and by price and reimbursement pressures, which can influence the margins of generic and biosimilar producers 1. Companies that depend on manufacturing contracts and sales in regulated markets can be affected by changes in public health policy, including contributions to public health systems that Rovi provisions in its accounts 1.

Trends

  • Growth of EU market revenuetailwind

    Revenue from the European Union rose in 2025, suggesting that expansion in European markets could offset the decline in OECD countries if the trend holds 1.

  • Decline in OECD country revenueheadwind

    Revenue from OECD countries fell in 2025 compared with 2024, which could weigh on short-term results if this market does not recover 1.

  • Investment in production capacitymixed

    Investment in plants and new production lines, such as the vial filling line, can strengthen manufacturing capacity but may strain cash flow if revenue does not grow in parallel 1.

  • Climate risks for plantsheadwind

    The company has identified water stress risk for its Granada plants, where production interruptions could occur if water supply falls 1.

Competitive position

The annual report does not explicitly name competitors, but its biosimilar and injectables production places it in competition with other European and international producers of generic and biosimilar medicines 1. In manufacturing, Rovi competes for production completion contracts with other pharmaceutical service providers 1.

  • European biosimilar producers

    European companies active in biosimilars and generic medicines that compete in the same injectables and heparin markets, not identified in the source.

  • Contract pharmaceutical service providers

    Companies offering production completion services that could compete for the manufacturing segment's contracts.

  • International generic medicine producers

    Global companies active in generic medicines that may compete in EU and OECD markets.

  • Low molecular weight heparin producers

    Direct competitors in the heparin segment, where the company has developed an enoxaparin biosimilar.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Laboratorios Farmacéuticos ROVI, 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.

Laboratorios Farmacéuticos ROVI, S.A. (ROVI.MC): stock, results, valuation and forecast · olivLaw