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Spanish Rovi's net profit doubles boosted by COVID vaccines

Spanish Rovi's net profit doubles boosted by COVID vaccines
Spanish Rovi's net profit doubles boosted by COVID vaccines   -   Copyright  Thomson Reuters 2021
By Reuters

MADRID – Spanish pharmaceutical firm Rovi said on Wednesday its net profit for the first nine months of the year doubled, boosted by its manufacturing of COVID-19 vaccines for U.S.-based Moderna, and unveiled a share buy-back programme.

Net profits rose to 98.9 million euros ($114.54 million), up from 46.8 million euros in the same period a year earlier, as revenues from its manufacturing for other pharmaceutical groups, including Moderna, almost tripled to 180 million euros.

Rovi, which originally bottled and finished the Moderna vaccine for most markets outside the United States, signed a contract in April with the U.S. company to also manufacture active ingredients for the vaccine.

Rovi said it would start a share buy-back programme on Wednesday worth up to 125 million euros.

Rovi raised its outlook again and said it now expects its operating income to rise between 40% and 45% this year thanks to the Moderna vaccine, up from a previous target of between 35% and 40%.

($1 = 0.8635 euros)