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Edison Issues Outlook on Laboratorios Farmacéuticos ROVI (ROVI)

LONDON, UK / ACCESSWIRE / May 9, 2018 / Laboratorios Farmacéuticos ROVI's (ROVI) (LSE: 0ILL) (FSE: 41L) investment case rests on the growth opportunities in its speciality pharmaceuticals portfolio, in particular the ongoing European roll-out of its biosimilar enoxaparin. However, over the next 12-18 months we expect increased investor interest in the proprietary ISM-patented R&D pipeline. Risperidone ISM or DORIA, a long-acting injectable (LAI) for schizophrenia, is due to read out data in Q219 from the ongoing Phase III PRISMA-3 trial. DORIA's potential US and EU approval (2020) and launch (2021) will validate ROVI's long-acting formulation capabilities. With peak sales opportunities of US$411m (US and EU), this high gross margin product will be highly value enhancing to ROVI's long-term profit growth. We value ROVI at €1.16bn or €23.3/share.

Our increased valuation is €1.16bn (€23.3/share) from €0.96bn previously. We now separately value the Phase III asset, Risperidone ISM (DORIA), which we include on a risk-adjusted basis. Compared to ROVI's current portfolio of drugs and footprint, the US opportunity for DORIA is large and a key valuation driver (accounting for 16% of our valuation; EU DORIA accounts for 9%).

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All reports published by Edison are available to download free of charge from its website

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Dr. Susie Jana, +44 (0)20 3077 5700
Dr. Daniel Wilkinson, +44 (0)20 3077 5734

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SOURCE: Edison

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