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
accordance
with International Accounting Standards and International Financial
Reporting
Standards (IAS/IFRS) and in particular as per IAS 34 requirements for
interim
reporting. These financial statements will be available today at the
company's
offices, at Borsa Italiana S.p.A. and on the company's website:
http://www.recordati.com/rec_en/investors/reports/
Financial highlights
-- 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
sales
grow by 14.5%.
-- Operating income, at 21.7% of sales, is EUR 47.6 million, an increase of
7.5%
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
the
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
clinical
trial for REC 0482 (NX-1207), following the successful completion of
a
Scientific Advice meeting with the European Medicines Agency (EMA)
were
initiated. The pivotal controlled clinical trial will assess the efficacy
and
safety of a single TRUS-guided intraprostatic injection of the drug in
patients
with lower urinary tract symptoms (LUTS) associated with BPH not
adequately
controlled by medical therapy. A European licensing agreement for
the
development and commercialization of NX-1207 was signed in 2010 by Recordati
and
Nymox Pharmaceutical Corporation. Under the terms of the agreement
Recordati
received exclusive rights to develop and subsequently market and sell the
drug
in Europe including Russia and the CIS, the Middle East, South Africa and
the
Maghreb area of North Africa.
NX-1207 is a novel patented drug developed by Nymox which is currently in
Phase
III trials in the U.S.A.. The drug is injected by a urologist in an
office
setting directly into the zone of the prostate where the enlargement occurs
and
involves little or no pain or discomfort. In clinical trials a single dose
of
NX-1207 has been found to significantly improve the signs and symptoms of
BPH,
and showed evidence of long lasting benefit. Benign prostatic hyperplasia
(BPH),
or growth in prostate size associated with ageing, can seriously impact
the
health and quality of life of older men. It can lead to acute urinary
retention,
incontinence, and other serious consequences.
Subsequent events and business outlook
During April the marketing authorizations, the trademarks and additional
assets
concerning six OTC pharmaceuticals for Germany were acquired from Cilag
GmbH
International and McNeil GmbH & Co. oHG. The products acquired are JHP-
Rödler®
(mint oil indicated for digestive disorder, headache, cough and cold),
Betadorm®
D (Diphenhydramine HCl indicated for sleep disorders),
Rhinopront®
(pseudoephedrine+triprolidine indicated for rhinitis and head colds),
Collomack®
Topical (salicylic acid solution, an anti-corn preparation), Tirgon®
(bisacodyl
for constipation) and Xitix® (vitamin C lozenges to treat vitamin C
deficiency).
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.
For
the full year 2012 we expect to achieve revenues between EUR 810 and
EUR 830
million, operating income between EUR 160 and EUR 170 million and net income
between
EUR 115 and EUR 120 million.
Stock options granted
As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations")
we
furthermore inform that today the Board of Directors, as proposed by
the
Remuneration Committee in its meeting of today, resolved to grant
4,650,000
stock options under the 2010-2013 Stock Option Plan approved by
the
Shareholders' Meeting of 13 April 2010, to 99 group managers (see
table
attached). The options may be exercised only if certain consolidated net
income
objectives are reached. The strike price, calculated by averaging the
market
price of the share over the period between the date of grant and the same day
of
the preceding month, is fixed at EUR 5.307 The characteristics of the plan
are
described in the information document issued on 5 March 2010 (the object of
the
third point of the Board's explanatory report on the 13 April 2010
Meeting's
Agenda) and available on the company's website:
http://www.recordati.it/rec_en/investors/regulated_information/stock_options/
Change of Company bylaws to incorporate rules regarding the so-called
"pink
quotas"
Furthermore, the Board of Directors modified the company bylaws to bring them
in
line with rules contained in Law 120 dated 12 July 2011, and in particular
the
criteria which guarantee an equilibrium between the sexes in the
governing
bodies of listed companies as prescribed by the T.U.F. (Consolidated law
on
financial intermediation) and the Issuers' Regulations, modified by
Consob's
resolution number 18098 dated 8 Feburary 2012-
Conference call
Recordati will be hosting a conference call today 8 May 2012 at 4.00 pm
Italian
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
conference
operator assistance is required during the connection please digit * followed
by
0 or call +39 02 8061371. A recording of the conference call will be placed
on
the website www.recordati.com.
A set of slides which will be referred to during the call will be available
on
our website www.recordati.com under Investors/Company Presentations.
Recordati, established in 1926, is a European pharmaceutical group, listed
on
the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN
IT
0003828271), with a total staff of over 3,200, dedicated to the
research,
development, manufacturing and marketing of pharmaceuticals. It has
headquarters
in Milan, Italy, operations in the main European countries, and a
growing
presence in the new markets of Central and Eastern Europe. A European
field
force of around 1,700 medical representatives promotes a wide range
of
innovative pharmaceuticals, both proprietary and under license, in a number
of
therapeutic areas including a specialized business dedicated to treatments
for
rare diseases. Recordati's current and growing coverage of the
European
pharmaceutical market makes it a partner of choice for new product licenses
from
companies which do not have European marketing organizations. Recordati
is
committed to the research and development of new drug entities within
the
cardiovascular and urogenital therapeutic areas and of treatments for
rare
diseases. Consolidated revenue for 2011 was EUR 762.0 million, operating
income
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
Securities
Litigation Reform Act of 1995). These statements are based on currently
available information, on current best estimates, and on assumptions believed
to
be reasonable. This information, these estimates and assumptions may prove to
be
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
the
advisability of administering any product in any particular instance.
RECORDATI: GOOD FIRST QUARTER 2012 RESULTS (REVENUE +11.0%, NET INCOM:
http://hugin.info/143644/R/1609788/511422.pdf
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originality of the information contained therein.
Source: RECORDATI via Thomson Reuters ONE
[HUG#1609788]
