MILAN, ITALY--(Marketwire - July 26, 2012) -
POSITIVE FIRST HALF 2012 RESULTS (REVENUE +4.7%, NET INCOME +1.5%) THANKS TO
GROWTH OF THE INTERNATIONAL BUSINESS (+9.1%)
* Consolidated revenue EUR 419.9 million, + 4.7%.
* Operating income EUR 90.2 million, + 2.3%.
* Net income EUR 63.3 million, + 1.5%.
* Net financial position*: net debt of EUR 66.6 million.
* Start of phase III clinical trials concerning REC 0482 (NX-1207), an
innovative BPH treatment.
* Six OTC products acquired in Germany.
The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first half 2012 prepared in accordance
International Accounting Standards and International Financial
Standards (IAS/IFRS) and in particular as per IAS 34 requirements for
reporting. These financial statements, together with the independent
report on the condensed half-year financial statements, will be
tomorrow, or at the latest within the legal deadline, at the company's
and on the company's website:
will also be available on the website of Borsa Italiana S.p.A..
* Consolidated revenue in the first half 2012 is EUR 419.9 million, up by
compared to the same period of the preceding year. International sales
* Operating income, at 21.5% of sales, is EUR 90.2 million, an increase of
over the same period of the preceding year.
* Net income at 15.1% of sales is EUR 63.3 million, an increase of 1.5% over
first half 2011.
* Net financial position* at 30 June 2012 records a net debt of EUR 66.6
million. During the period EUR 21.0 million were paid for the acquisition
six OTC products in Germany and dividends for a total of EUR 21.3 million
distributed. Shareholders' equity increases to EUR 646.8 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.
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
(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 first half of 2012 was positive thanks to the continued development of
Group's international business. In particular, our presence in Turkey
increased and our sales in Russia, where Recordati's original products
recently been launched, are growing significantly" declared Giovanni
Chairman and CEO. "The group's business performance was in line
expectations during July. For the full year 2012 we expect to achieve
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, in line with the
Recordati will be hosting a conference call today 26 July 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. Headquartered
Milan, Italy, Recordati has operations in the main European countries,
Central and Eastern Europe, and in Turkey. A field force of around
medical representatives promotes a wide range of innovative
both proprietary and under license, in a number of therapeutic areas including
specialized business dedicated to treatments for rare diseases. Recordati is
partner of choice for new product licenses from companies which do not have
European presence. Recordati is committed to the research and development
new drug entities within the cardiovascular and urogenital therapeutic areas
of treatments for rare diseases. Consolidated revenue for 2011 was EUR
million, operating income was EUR 163.5 million and net income was EUR
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
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,
the Company's control. Hence, actual results may differ materially from
expressed or implied by such forward-looking statements. All mentions
descriptions of Recordati products are intended solely as information on
general nature of the company's activities and are not intended to indicate
advisability of administering any product in any particular instance.
RECORDATI: POSITIVE FIRST HALF 2012 RESULTS:
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Source: RECORDATI via Thomson Reuters ONE