MILAN, ITALY--(Marketwire - October 25, 2012) -
* Consolidated revenue EUR 620.3 million, + 6.8%.
* Operating income EUR 132.4 million, + 2.7%.
* Net income EUR 93.1 million, + 1.2%.
* Net financial position*: net debt of EUR 44.6 million.
* Start of phase III clinical trials concerning REC 0482 (NX-1207), an
innovative BPH treatment.
* Six OTC products acquired in Germany
* Acquisition of Farma-Projekt and a portfolio of products in Poland
* Subsequent events: Agreement signed for the acquisition of a portfolio
OTC products in Russia
* Interim 2012 dividend of EUR 0.20 per share to be distributed.
The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first nine months 2012
accordance with International Accounting Standards and International
Reporting Standards (IAS/IFRS) and in particular as per IAS 34
interim reporting. These financial statements will be available today
company's offices and on the company's website:
and can also be viewed on the website of Borsa Italiana S.p.A.
* Consolidated revenue in the first nine months 2012 is EUR 620.3
million, up by
6.8% compared to the same period of the preceding year. International
grow by 11.0%.
* Operating income, at 21.3% of sales, is EUR 132.4 million, an increase
2.7% over the same period of the preceding year.
* Net income at 15.0% of sales is EUR 93.1 million, an increase of 1.2%
first nine months of 2011.
* Net financial position* at 30 September 2012 records a net debt of EUR
million. During the period EUR 21.0 million were paid for the
six OTC products in Germany, EUR 14.3 million overall were paid for the
acquisitions in Poland of the pharmaceutical company Farma-Projekt plus
portfolio of products and dividends for a total of EUR 21.3 million
distributed. Shareholders' equity increases to EUR 674.9 million.
* Cash and short-term financial investments net of bank overdrafts and
medium/long-term loans which include the measurement at fair value of
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
Scientific Advice meeting with the European Medicines Agency (EMA)
initiated. The pivotal controlled clinical trial will assess the
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
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
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
JHP-Rödler® (mint oil indicated for digestive disorder, headache,
cough and cold), Betadorm®
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.
In August he acquisition of 100% of the share capital of Farma-Projekt
o.o., a Polish pharmaceutical company with headquarters in Krakow,
successfully concluded. The value of the transaction (enterprise value)
PLN 71.0 million (approx. EUR 17.4 million) of which PLN 50.8 million
12.5 million) were paid at the closing. Of the remaining balance a portion
be paid in tranches on future dates and a portion comprises the company's
Farma-Projekt operates on the Polish pharmaceutical market since
markets drugs belonging to a variety of therapeutic areas, mainly
and urological treatments as well as dietary supplements. The company
around 135 personnel, of which 84 are dedicated to sales and marketing.
2011 were of around PLN 47 million (approx. EUR 11.5 million).
Subsequent events and business outlook
In October the agreements covering the acquisition of all rights to five
lines on the Russian and CIS market: Alfavit, Qudesan, Vetoron,
Carnitone, were signed. The value of the transaction, which will be funded
existing liquidity, is of RUB 2.7 billion (approx. EUR 67.2 million). The
of the operation, expected to take place before year-end, is subject to
conditions. The brands of the products acquired, which are OTC
and dietary supplements, are very well known in Russia. Total annual
the five product lines are of around RUB 1.0 billion (approx. EUR 24.9
Recordati will also enter into cooperation agreements with Akvion
continue manufacturing the acquired products and for commercial
The group's business performance was in line with expectations during
For the full year 2012 we confirm our expectations to achieve revenues
810 and EUR 830 million, operating income between EUR 160 and EUR 170
million and net
income between EUR 115 and EUR 120 million.
The Board of Directors resolved to distribute an interim dividend
the financial year 2012 amounting to EUR 0.20 (before withholding tax)
outstanding share, excluding shares in treasury stock. The interim dividend
be paid, through the authorised intermediaries, as from November 22,
coupon No. 10 to be presented on November 19, 2012.
The Independent Auditor's opinion on the distribution of the interim
also available at the Company's registered offices as per article
the Italian Civil Code.
The Directors' Report and financial statements of Recordati S.p.A. as at 30
2012, on which the Board of Directors based its resolution to
abovementioned interim dividend, are available at the Company's
offices and published on the Company's website (www.recordati.com).
documents may also be viewed on Borsa Italiana S.p.A.'s website.
Recordati will be hosting a conference call today 25 October at 4.00 pm
time (3.00 pm London time, 10.00 am New York time). The dial-in numbers
+39 02 8058811
toll free 800 213 858
+44 1 212818003
toll free 800 0156384
+1 718 7058794
toll free 855 2656959
+49 65 255114451
Callers are invited to dial-in 10 minutes before conference time. If
operator assistance is required during the connection please digit *
0 or call +39 02 8061371. A recording of the conference call will be
the website www.recordati.com.
A set of slides which will be referred to during the call will be
our website www.recordati.com under Investors/Company Presentations.
Recordati, established in 1926, is a European pharmaceutical group,
the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM,
0003828271), with a total staff of over 3,200, dedicated to the
development, manufacturing and marketing of pharmaceuticals.
Milan, Italy, Recordati has operations in the main European
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
specialized business dedicated to treatments for rare diseases. Recordati
partner of choice for new product licenses from companies which do not
European presence. Recordati is committed to the research and
new drug entities within the cardiovascular and urogenital therapeutic
of treatments for rare diseases. Consolidated revenue for 2011 was EUR
million, operating income was EUR 163.5 million and net income was
Statements contained in this release, other than historical facts, are
"forward-looking statements" (as such term is defined in the
Litigation Reform Act of 1995). These statements are based on
available information, on current best estimates, and on assumptions
be reasonable. This information, these estimates and assumptions may prove
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
descriptions of Recordati products are intended solely as information
general nature of the company's activities and are not intended to
advisability of administering any product in any particular instance.
RECORDATI: POSITIVE FIRST NINE MONTHS 2012 RESULTS:
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Source: RECORDATI via Thomson Reuters ONE