BUZZ-Rovi 2024 EBITDA outlook misses market consensus, shares plummet
Shares in Laboratorios Rovi ROVI.MC fall 16%, set for their worst day in nearly 15 years, after the Spanish pharmaceutical company said it expected its 2024 EBITDA to come lower than market consensus
It forecasts its 2024 EBITDA to be between 10% and 15% lower than 2024 EBITDA levels expected by market consensus, due to anticipated lower activity in its contract manufacturing (CDMO) business in Q4
Rovi also said it maintains its guidance for 2025
"We expect a negative reaction because the impact on EBITDA is relevant and because it will once again raise doubts about its CDMO business, which today is the most relevant," says Sabadell broker in a note
The lower demand of Covid-19 vaccines from Moderna MRNA.O, that Rovi manufactures, would be the main reason for the lower activity in Q4, says a Renta 4 analyst
The company is due to report its full year results on February 25
Shares at their lowest level since December 2023
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