Laboratorios Farmaceuticos Rovi SA announced a downward revision to its full-year 2026 revenue guidance on Wednesday, attributing the change to reduced demand linked to an agreement with a global pharmaceutical partner and continued pricing pressure in its heparin portfolio.
The company now anticipates operating revenue growth in the low to mid-single-digit range for 2026, a cut from its prior outlook of high single-digit to low double-digit increases. The revised guidance reflects both lower partner orders for low molecular weight heparin and weakening pricing dynamics in that product area.
Rovi reported operating revenue for the first quarter of 2026 of 152.5 million, a 1.5% decline versus the year-ago period. Adjusted EBITDA fell 33% to 20.3 million, and the EBITDA margin narrowed to 13.3% from 19.6% a year earlier. Management attributed the margin compression in part to higher selling, general and administrative expenses and elevated research and development spending.
At the segment level, specialty pharmaceuticals revenue decreased 3% to 115 million as declines in the heparin franchise more than offset gains elsewhere. Okedi registered notable top-line growth, with sales up 37% to 17.2 million, which the company said was supported by a wider rollout across Europe.
By contrast, heparin sales dropped 12% to 61.4 million. Low molecular weight heparin was down 13% to 58.9 million; within that category, bemiparin sales declined 35%, driven by what Rovi described as international destocking and lower partner orders. The contract development and manufacturing organization business delivered 5% revenue growth, generating 37.4 million in the quarter.
Rovi completed the acquisition of a manufacturing site in Phoenix, Arizona from Bristol Myers Squibb on April 1, 2026. The company noted the closing occurred later than its previously communicated timeline of the first half of 2026.
On cost guidance, Rovi expects selling, general and administrative expenses - excluding the Phoenix site - to increase by a mid to high single-digit percentage. Gross margin improved to 62.3% from 58.5%, a change the company linked to the recognition of research and development grants, stronger Okedi sales, lower costs for low molecular weight heparin and higher contract manufacturing revenue.
Rovi also reiterated its clinical development plans, stating it intends to initiate two new multinational studies for Risperidone QUAR, including a Phase 3 efficacy trial. Patient enrollment for these studies is expected to begin by the fourth quarter of 2026.
Overall, the update highlights a mixed quarter: revenue and EBITDA weakness driven largely by the heparin franchise and partner behavior, offset in part by growth in other specialty products and the CDMO business, alongside margin improvement from specific accounting and product-cost factors.
Key financials (Q1 2026)
- Operating revenue: 152.5 million, down 1.5%
- EBITDA: 20.3 million, down 33%; EBITDA margin 13.3% (prior-year 19.6%)
- Specialty pharma revenue: 115 million, down 3%
- Okedi sales: 17.2 million, up 37%
- Heparin sales: 61.4 million, down 12%; low molecular weight heparin 58.9 million, down 13%
- CDMO revenue: 37.4 million, up 5%