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Recordati S.p.A Board Of Directors Approves 2014 Objectives


1/16/2014 9:06:08 AM

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MILANO, Italy, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Milan, 16 January 2014 - Recordati announces the approval by the Board of Directors of its 2014 budget. Revenues are expected to be more than € 1 billion, growing by around 8%, thanks mainly to the consolidation of Opalia Pharma and Laboratorios Casen Fleet acquired in 2013. Organic growth will be impacted by the termination of the license agreement for Entact® (escitalopram) in Italy as a result of the product's patent expiry, and of the license agreement for Adagen® (pegademase bovine) in the major markets. The operating margin is expected to increase thanks mainly to an improvement in gross margin as a result of the high margin associated with the newly acquired products and the low margin generated by the terminated products. SG&A expenses are expected to remain stable as percent of sales while R&D expenditure is expected to grow to around 9% of sales. Therefore, operating income is expected to be more than € 220 million, with a margin on sales of 22%, and net Income to be more than € 150 million with a margin on sales of 15%. No new acquisitions are included in the 2014 objectives.

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