MILAN, ITALY--(Marketwire - February 09, 2012) -
* Consolidated revenue EUR 762.0 million, + 4.7%.
* Operating income EUR 163.5 million, + 5.6%.
* Net income EUR 116.4 million, + 7.2%.
* Net financial position*: net debt of EUR 55.7 million.
* Procto-Glyvenol® acquired from Novartis Consumer Health
* Initial launches in Europe of Livazo® (pitavastatin)
* Extension of the use of Carbaglu® (carglumic acid) to treat
hyperammonaemia due to one of the three main organic acidemias
* Acquisition of the Turkish pharmaceutical company Frik Ilac
* 2012 targets announced.
Milan, 9 February 2012 - The Board of Directors of Recordati S.p.A. examined
preliminary consolidated results for 2011. The company's annual
reports will be submitted to the Board for approval on 8 March 2012.
* Consolidated revenue in 2011 is EUR 762.0 million, up by 4.7% compared to
preceding year. Pharmaceutical sales are EUR 733.6 million, an increase of
4.5% while pharmaceutical chemicals sales are EUR 28.4 million, an
* Operating income, at 21.5% of sales, is EUR 163.5 million, an increase of
5.6% over the preceding year.
* Net income at 15.3% of sales is EUR 116.4 million, an increase of 7.2%,
than that recorded by operating income thanks to lower financial expenses
and a lower tax rate.
* Net financial position*at 31 December 2011 records a net debt of EUR 55.7
million following the acquisition of the Turkish company Frik Ilac and of
the new product Procto-Glyvenol® in addition to the payment of
a total of EUR 93.1 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).
"During the year just ended important results were obtained to support
growth and further internationalization of the group", declared
Recordati, Chairman and CEO. "The acquisition of Dr. F. Frik Ilac A.S.,
Turkish pharmaceutical company with headquarters in Istanbul, was
concluded. This is the second acquisition Recordati has made in Turkey, where
acquired Yeni Ilac in December 2008. The full rights to the product
Glyvenol®, indicated for the localized treatment of hemorrhoids, were
from Novartis Consumer Health for a number of countries, mainly in Central
Eastern Europe. The European roll-out of Livazo® (pitavastatin), a novel
indicated for the reduction of elevated levels of cholesterol, started with
launches in Spain and in Portugal. Orphan Europe, Recordati's
dedicated to treatments for rare diseases, received European approval to
the use of Carbaglu® (carglumic acid) to treat hyperammonaemia due to
the three main organic acidaemias. For 2012, taking into account the
slow-down of the economy in Europe and the difficulty in estimating the
of the new pharmaceutical cost containment measures under discussion,
targets are to achieve sales of between EUR 810 and EUR 830 million,
income of between EUR 160 and EUR 170 million and net income of between EUR
115 and EUR
Declaration by the Manager responsible for preparing the company's
The manager responsible for preparing the company's financial reports,
Squindo, declares, pursuant to paragraph 2 of Article 154-bis of
Consolidated Law on Finance, that the accounting information contained in
press release corresponds to the document results, books and accounting
Recordati will be hosting a conference call today 9 February 2012 at 4.00
Italian time (3.00 pm London time, 10.00 am New York time). The dial-in
Italy +39 02 8058811, toll free 800 089 737
UK +44 1 212818003, toll free +44 80802389561
USA +1 718 7058794, toll free 866 63 203 28
France +33 170918703, toll free +33 808 510
Germany +49 69 22221528
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 2,800, 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 1,400 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 2010 was EUR 728.1 million, operating
was EUR 154.8 million and net income was EUR 108.6 million.
Statements contained in this release, other than historical facts, are
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
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.
POSITIVE PRELIMINARY 2011 RESULTS. SALES +4.7%, EBIT +5.6%,:
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originality of the information contained therein.
Source: RECORDATI via Thomson Reuters ONE