MILAN, ITALY--(Marketwire - May 08, 2012) -
-- Consolidated revenue EUR 219.6 million, + 11.0%.
-- Operating income EUR 47.6 million, + 7.5%.
-- Net income EUR 33.8 million, + 7.5%.
-- Net financial position*: net debt of EUR 54.1 million.
-- Start of phase III clinical trials concerning REC 0482 (NX-1207), an
innovative BPH treatment.
-- Subsequent events: six OTC products acquired in Germany.
The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first quarter 2012 prepared in
with International Accounting Standards and International Financial
Standards (IAS/IFRS) and in particular as per IAS 34 requirements for
reporting. These financial statements will be available today at the
offices, at Borsa Italiana S.p.A. and on the company's website:
-- Consolidated revenue in the first quarter 2012 is EUR 219.6 million, up by
11.0% compared to the same period of the preceding year. International
grow by 14.5%.
-- Operating income, at 21.7% of sales, is EUR 47.6 million, an increase of
over the same period of the preceding year.
-- Net income at 15.4% of sales is EUR 33.8 million, an increase of 7.5% over
first quarter 2011.
-- Net financial position* at 31 March 2012 records a net debt of EUR 54.1
million. Shareholders' equity increases to EUR 630.2 million.
* Cash and short-term financial investments net of bank overdrafts and
medium/long-term loans which include the measurement at fair value of hedging
derivatives (fair value hedge).
Business development news
In February the activities for the preparation of a European Phase III
trial for REC 0482 (NX-1207), following the successful completion of
Scientific Advice meeting with the European Medicines Agency (EMA)
initiated. The pivotal controlled clinical trial will assess the efficacy
safety of a single TRUS-guided intraprostatic injection of the drug in
with lower urinary tract symptoms (LUTS) associated with BPH not
controlled by medical therapy. A European licensing agreement for
development and commercialization of NX-1207 was signed in 2010 by Recordati
Nymox Pharmaceutical Corporation. Under the terms of the agreement
received exclusive rights to develop and subsequently market and sell the
in Europe including Russia and the CIS, the Middle East, South Africa and
Maghreb area of North Africa.
NX-1207 is a novel patented drug developed by Nymox which is currently in
III trials in the U.S.A.. The drug is injected by a urologist in an
setting directly into the zone of the prostate where the enlargement occurs
involves little or no pain or discomfort. In clinical trials a single dose
NX-1207 has been found to significantly improve the signs and symptoms of
and showed evidence of long lasting benefit. Benign prostatic hyperplasia
or growth in prostate size associated with ageing, can seriously impact
health and quality of life of older men. It can lead to acute urinary
incontinence, and other serious consequences.
Subsequent events and business outlook
During April the marketing authorizations, the trademarks and additional
concerning six OTC pharmaceuticals for Germany were acquired from Cilag
International and McNeil GmbH & Co. oHG. The products acquired are JHP-
(mint oil indicated for digestive disorder, headache, cough and cold),
D (Diphenhydramine HCl indicated for sleep disorders),
(pseudoephedrine+triprolidine indicated for rhinitis and head colds),
Topical (salicylic acid solution, an anti-corn preparation), Tirgon®
for constipation) and Xitix® (vitamin C lozenges to treat vitamin C
Estimated 2012 sales for the six products are of around EUR 6 million.
The group's business performance was in line with expectations during April.
the full year 2012 we expect to achieve revenues between EUR 810 and
million, operating income between EUR 160 and EUR 170 million and net income
EUR 115 and EUR 120 million.
Stock options granted
As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations")
furthermore inform that today the Board of Directors, as proposed by
Remuneration Committee in its meeting of today, resolved to grant
stock options under the 2010-2013 Stock Option Plan approved by
Shareholders' Meeting of 13 April 2010, to 99 group managers (see
attached). The options may be exercised only if certain consolidated net
objectives are reached. The strike price, calculated by averaging the
price of the share over the period between the date of grant and the same day
the preceding month, is fixed at EUR 5.307 The characteristics of the plan
described in the information document issued on 5 March 2010 (the object of
third point of the Board's explanatory report on the 13 April 2010
Agenda) and available on the company's website:
Change of Company bylaws to incorporate rules regarding the so-called
Furthermore, the Board of Directors modified the company bylaws to bring them
line with rules contained in Law 120 dated 12 July 2011, and in particular
criteria which guarantee an equilibrium between the sexes in the
bodies of listed companies as prescribed by the T.U.F. (Consolidated law
financial intermediation) and the Issuers' Regulations, modified by
resolution number 18098 dated 8 Feburary 2012-
Recordati will be hosting a conference call today 8 May 2012 at 4.00 pm
time (3.00 pm London time, 10.00 am New York time). The dial-in numbers are:
Italy +39 02 8058811, toll free 800 213 858
UK +44 1 212818003, toll free 800 0156384
USA +1 718 7058794, toll free 855 2656959
France +33 170918703
Germany +49 65 255114451
Callers are invited to dial-in 10 minutes before conference time. If
operator assistance is required during the connection please digit * followed
0 or call +39 02 8061371. A recording of the conference call will be placed
the website www.recordati.com.
A set of slides which will be referred to during the call will be available
our website www.recordati.com under Investors/Company Presentations.
Recordati, established in 1926, is a European pharmaceutical group, listed
the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN
0003828271), with a total staff of over 3,200, dedicated to the
development, manufacturing and marketing of pharmaceuticals. It has
in Milan, Italy, operations in the main European countries, and a
presence in the new markets of Central and Eastern Europe. A European
force of around 1,700 medical representatives promotes a wide range
innovative pharmaceuticals, both proprietary and under license, in a number
therapeutic areas including a specialized business dedicated to treatments
rare diseases. Recordati's current and growing coverage of the
pharmaceutical market makes it a partner of choice for new product licenses
companies which do not have European marketing organizations. Recordati
committed to the research and development of new drug entities within
cardiovascular and urogenital therapeutic areas and of treatments for
diseases. Consolidated revenue for 2011 was EUR 762.0 million, operating
was EUR 163.5 million and net income was EUR 116.4 million.
Statements contained in this release, other than historical facts, are
"forward-looking statements" (as such term is defined in the Private
Litigation Reform Act of 1995). These statements are based on currently
available information, on current best estimates, and on assumptions believed
be reasonable. This information, these estimates and assumptions may prove to
incomplete or erroneous, and involve numerous risks and uncertainties, beyond
the Company's control. Hence, actual results may differ materially from those
expressed or implied by such forward-looking statements. All mentions and
descriptions of Recordati products are intended solely as information on the
general nature of the company's activities and are not intended to indicate
advisability of administering any product in any particular instance.
RECORDATI: GOOD FIRST QUARTER 2012 RESULTS (REVENUE +11.0%, NET INCOM:
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Source: RECORDATI via Thomson Reuters ONE