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Recordati S.p.A: Positive First Half 2012 Results (Revenue +4.7%, Net Income +1.5%)


7/26/2012 9:01:16 AM

MILAN, ITALY--(Marketwire - July 26, 2012) -

POSITIVE FIRST HALF 2012 RESULTS (REVENUE +4.7%, NET INCOME +1.5%) THANKS TO THE 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 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, together with the independent auditors' report on the condensed half-year financial statements, will be available tomorrow, or at the latest within the legal deadline, at the company's offices and on the company's website: http://www.recordati.com/investors/reports/2012.aspx?sc_lang=enand, furthermore, will also be available on the website of Borsa Italiana S.p.A..

Financial highlights

* Consolidated revenue in the first half 2012 is EUR 419.9 million, up by 4.7% compared to the same period of the preceding year. International sales grow by 9.1%.

* Operating income, at 21.5% of sales, is EUR 90.2 million, an increase of 2.3% 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 the 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 of six OTC products in Germany and dividends for a total of EUR 21.3 million were 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 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.

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.

Management Comments

"The first half of 2012 was positive thanks to the continued development of the Group's international business. In particular, our presence in Turkey has increased and our sales in Russia, where Recordati's original products have recently been launched, are growing significantly" declared Giovanni Recordati, Chairman and CEO. "The group's business performance was in line with expectations during July. 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, in line with the targets already announced".

Conference call

Recordati will be hosting a conference call today 26 July 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. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Central and Eastern Europe, and in Turkey. A 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 is a partner of choice for new product licenses from companies which do not have a European presence. 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: POSITIVE FIRST HALF 2012 RESULTS: http://hugin.info/143644/R/1629624/521997.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: RECORDATI via Thomson Reuters ONE

[HUG#1629624]


For further information:

Recordati website: www.recordati.com

Investor Relations
Marianne Tatschke
(39)0248787393
e-mail: Email Contact

Media Relations
Ketchum Pleon
Cristina Risciotti
(39)0262411919
Email Contact
Marzia Ongaretti
(39)0262411915
Email Contact


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