Rankings Pharma & medtech Rovi
Rovi
85
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin−5
- Quality of growth−4
- Multiples vs own history−4
Strengths
- New CDMO contracts+2
- Future product+1
- Net cash+1
How the score is built
From 100 to 85, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 63.95 EUR
- Median analyst target
- 74.00 EUR
- Upside to median
- +15.7%
- Analysts
- 9
- Target range
- 64.20 – 83.00 EUR
- 52-week change
- +3%
- P/E (trailing)
- 17.7
- Forward P/E
- 20.5
- PEG
- 1.37
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −4Quality of growthRevenue has fallen from EUR 829.5m in 2023 to 763.8m (2024) and 743.5m (2025), after the covid production for Moderna fell away; operating profit has fallen from 253.7m (2022) to 173.1m (2025), and analysts expect a further fall in 2026.
- −5MarginThe operating margin has fallen from 31.0% (2022) to 23.3% (2025) and 19.5% TTM; excluding the badwill gain, adjusted EBITDA fell 10% in H1 2026 even though revenue rose 9%.
- −1ROICROIC has fallen from 43.0% (2022) and 32.2% (2023) to 17.0% TTM, because large investments in CDMO capacity are not yet fully utilised.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyForward P/E 20.6 vs 19.0–21.6 in 2023–2025 and EV/EBITDA 16.8 vs 13.5–17.1 – at the top of the range for a company with falling earnings; excluding badwill, trailing P/E is about 25, and P/S 4.0 is above the 2022–2023 level (2.4–3.9).
- −2FCF yieldThe FCF yield of 5.9% TTM is helped by inventory reduction; in 2023–2025 it was only 1.9–3.8% (P/FCF 27–54).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−9 of −35
- −3Lowered guidanceIn May 2026 the 2026 revenue growth guidance was cut from high single to low double digit to low to mid single digit due to lower demand from a global pharma customer and price pressure on heparin; Q1 EBITDA fell 33%, and the stock fell 16% on the day.
- −2Licence risk and regulationThe licence agreement for Neparvis (Novartis; EUR 56.7m in sales in 2025) is to be settled in October, and a German healthcare reform creates uncertainty about Okedi, where Germany accounted for EUR 8.4m in H1.
- −2Customer concentrationThe CDMO business rests on a few large customers (Moderna, BMS, Roche, Novo Nordisk); BMS alone accounted for about 13% of CDMO revenue in H1, and the decline in Moderna volume has already cost revenue.
- −2Governance and controlFree float is only about 16m of 51m shares (about 32%); the López-Belmonte family holds control, and liquidity in the stock is low (about 77,000 shares a day).
Plus
Only documented strengths. · 3 findings+4 of +15
- +2New CDMO contractsBought BMS' plant in Phoenix (April 2026) with a five-year manufacturing agreement with a minimum payment of USD 50m a year (take-or-pay, about USD 250m in total) and has new agreements with Roche and Novo Nordisk; CDMO sales rose 38% in H1.
- +1Future productThe in-house developed long-acting antipsychotic Okedi grew 27% to EUR 34m in H1 2026.
- +1Net cashNet cash of EUR 22.5m at the end of June 2026 vs net debt of 21.9m at year-end; interest cover 38x and debt/equity 0.15.
Caveats
What the score does not capture, or where the data is weak.
The TTM result is lifted by a one-off income (badwill) of EUR 62.4m from the purchase of the BMS plant in Phoenix: reported H1 net profit +113%, but adjusted EBITDA −10% to EUR 58.8m. Trailing P/E 16.6 is therefore too low; without badwill it is about 25. Analysts expect EPS of EUR 2.47 in 2026 (−10%). TTM FCF (EUR 179m) is helped by inventory reduction (53m). Share purchases and sales (66m vs. 64m) are a liquidity agreement/treasury shares; the share count is unchanged, so no plus for buybacks. Price targets were cut in May (e.g. 83.5 → EUR 64.2), but several have not been updated since. Not investigated: the remaining volume and duration of the Moderna contract.
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