← Back

Rovi: ROVI's 2025 Earnings: A Year of Margin Expansion and Strategic Growth Initiatives

ROVI reported total revenue of EUR 756.1 million for 2025, a 1% decrease from the previous year, while operating revenue decreased 3% to EUR 743.5 million. However, the company's gross margin expanded by 3.9 percentage points to 66.5%, driven by the recognition of revenue associated with the R&D aid awarded by the CDTI for the LAISOLID project. EBITDA increased 4% to EUR 216.2 million, and EBIT rose 4% to EUR 185.8 million. Net profit grew 3% to EUR 140.4 million, with EPS coming in at EUR 2.75, beating analyst estimates. The company's actual EPS was '1' relative to the estimates at '0.61' is not found in the context.

ROVI.MC

EUR 84.65

3.17%

A-Score: 4.8/10

Publication date: February 25, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue & Profitability in 2025: Total revenue declined 1% to EUR 756.1M, but EBITDA rose 4% to EUR 216.2M and net profit increased 3% to EUR 140.4M, driven by improved gross margin (66.5%, +3.9 pts).
  • Dividend Proposal: EUR 0.9594 per share (total EUR 49M+) proposed, reflecting strong financial position and capital return commitment.
  • 2026 Strategic Priorities: Vertical integration, CDMO expansion (ROIS Phoenix integration), and R&D focus on ISM platform with key clinical trial milestones (e.g., Letrozole Phase III starting Q2 2026).
  • Heparin Market Challenges: Expected 2026 sales decline due to stock saturation and aggressive pricing by Chinese competitors, offset by cost efficiency initiatives.
  • CapEx & Growth Plans: 2026 CapEx guidance similar to 2025 (EUR 62M), supporting CDMO scaling and BMS partnership potential post-ROIS Phoenix acquisition.

Financial Highlights and Guidance

The company's financial performance was characterized by a decline in revenue, but an improvement in profitability metrics. Javier López-Belmonte, Chief Financial Officer, highlighted the company's strong position, ready to capture the next wave of growth in 2026. The proposed dividend distribution of over EUR 49 million, equivalent to EUR 0.9594 per share, reflects the company's commitment to returning value to shareholders.

Outlook and Growth Drivers

ROVI's outlook for 2026 includes strengthening the heparin division, advancing towards becoming a fully vertically integrated company, securing the supply chain, and improving competitiveness. In the CDMO business, 2026 will be a pivotal year with the full integration of ROIS Phoenix into the network and the continued execution of capital investments. Analysts estimate next year's revenue growth at 18.4%, indicating a significant acceleration in growth.

Valuation and Metrics

With a P/E Ratio of 35.0, P/B Ratio of 6.82, and EV/EBITDA of 22.76, ROVI's valuation multiples indicate a premium valuation. However, the company's ROE of 20.65% and ROIC of 16.14% suggest strong profitability. The Dividend Yield of 1.13% provides a relatively stable return for investors. As the company executes its growth initiatives, investors will be watching to see if ROVI can deliver on its promises and justify its valuation.

Rovi's A-Score