MADRID – Spanish pharmaceutical group Rovi raised its 2022 revenue guidance as it posted a 151% jump in annual net profit on Wednesday, citing strong growth in contract manufacturing and specialty pharmaceuticals.
The company said it expects operating revenue growth of between 15% and 20% this year, up from a previous forecast for mid-single-digit growth.
Net profit surged to 153.1 million euros ($173.36 million) in 2021 from 61.1 million euros, while operating revenue jumped 54% to 648.7 million, the company said.
The Madrid-based group, which has a partnership with Moderna to manufacture COVID-19 vaccine, recently expanded its contract with the U.S. drugmaker to produce future medicines based on similar mRNA technology.
Describing the 2021 results as “historic”, CEO Juan Lopez-Belmonte Encina forecast continued growth in specialty pharmaceuticals and stressed the potential of the agreement with Moderna.
“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)
(Reporting by Nathan Allen; editing by Jason Neely)
