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Spain’s Rovi raises guidance after 2021 profit jumped 151% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. The Spanish pharmaceutical company Rovi’s logo is visible outside the lab of Moderna in San Sebastian de los Reyes in Spain, November 17, 2020. REUTERS/Marco Tr

MADRID (Reuters), Spanish pharmaceutical giant Rovi increased its 2022 revenue guidance after it reported a 151% rise in its annual net profits on Wednesday. It cited strong growth of contract manufacturing and specialty pharmaceuticals.

It expects an operating revenue increase of 15% to 20%, which is up from the previous forecast for mid single-digit growth.

According to the company, net profit rose to 153.1 million euro ($173.36million), up from 61.1 millions euros in 2021. Operating revenue went up 54%, to 648.7million.

Madrid-based Group has entered into a partnership. Moderna (NASDAQ) to make COVID-19 vaccine. Recently, it extended its contract with the U.S. Drugmaker to create future medications based upon similar mRNA technology.

Juan Lopez-Belmonte Encina, CEO of Moderna, described the results for 2021 as historic and predicted continued growth in specialty drugs. He also highlighted the potential benefits from the Moderna agreement.

“At the same time, we are confident of the potential of our current pipeline of R&D projects…since we trust they will be the company’s growth engine in the future,” he said.

($1 = 0.8832 euros)

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