Rovi’s contract manufacturing business hit with lower-than-expected activity in Q4 2024

Rovi, the Spanish contract development and manufacturing organization, reported in a regulatory filing earlier this month that its 2024 earnings before interest, taxes, depreciation, and amortization (EBITDA) levels will be lower than the market consensus.

The company said that its EBITDA levels, a measure of corporate profitability that excludes financing, tax and non-cash expenses, will be lower — within a range of between 10% and 15% — than analysts’ consensus estimates for last year.

“This revision of the market consensus in relation to the EBITDA is due basically to lower expected activity in the contract manufacturing business (CDMO) during the fourth quarter of 2024,” Rovi said in its filing with the National Securities Market Commission, which is responsible for the oversight and regulation of the capital markets sector of the Spanish financial services industry.

Rovi’s full results for 2024 will be published on Feb. 25, according to the filing. “At that time, the company will provide information on the situation and an analysis of its guidance for 2025.”

According to its filing, Rovi said it continues to maintain its guidance for this year — a mid-single-digit sales decline — as previously announced.

In February 2022, Moderna expanded its collaboration with Rovi for the manufacture of COVID-19 mRNA vaccines. The 10-year agreement included a series of investments that were expected to increase Rovi’s manufacturing capacity across its facilities in Madrid, Spain.

Later that year, Moderna recalled more than 760,000 doses of its Spikevax COVID-19 vaccine made by Rovi after discovering one of the vials was contaminated.