- Chiffre d'affaires consolidé : 628,4 millions d'euros, + 9,1 %
- Ventes pharmaceutiques : 594,4 millions d'euros, + 10,5 %
- Ventes internationales : 424,8 millions d'euros, + 14,0 %
- Résultat d'exploitation (EBIT) : 131,5 millions d'euros, + 9,3 %
- Résultat net : 84,9 millions d'euros, + 14,6 %
- Objectifs pour 2008 : Chiffre d'affaires +10 %, EBIT +10 %, Résultat net +14% .
Milan, le 7 février 2008 - Le Conseil d'Administration de Recordati S.p.A a examiné les résultats consolidés préliminaires du Groupe pour l'exercice 2007. Les rapports financiers annuels de la société seront soumis au Conseil d'Administration le 5 mars 2008.
Full year 2007 financial highlights
- Consolidated revenue is E 628.4 million, an increase of 9.1% over the same period of the preceding year. Pharmaceutical sales are E 594.4 million, an increase of 10.5% and include the Portuguese business acquired at the end of 2006. Pharmaceutical chemical sales are E 34.0 million, down by 11.3%. International sales are E 424.8 million, an increase of 14.0%, and now represent 67.6% of total revenue. Sales in Italy are substantially in line with the preceding year (+0.1%), despite the price cuts imposed in the second half 2006.
- Operating income, at 20.9% of sales, is E 131.5 million, an increase of 9.3% over the preceding year. Gross margin improves further due to a favourable product mix and now stands at 67.2% of sales. S,G&A expenses increase by 8.1%, less than revenue growth. R&D expenditure is E 49.1 million, an increase of 8.2%. Other expense, net of other income, is E 5.5 million and includes E 2.9 million of non-recurring impairment costs.
- Net income is E 84.9 million, an increase of 14.6% more than the increase in operating income due to an improved tax rate.
"In 2007 revenue and profitability increased once again thanks to the continued development of our international business, the growth of our original antihypertensive drug lercanidipine and the careful management of the company's resources" declared Giovanni Recordati, Chairman and CEO. "In line with our strategy of expansion into new markets and reinforcement of our pipeline we acquired Orphan Europe, a European pharmaceutical group dedicated to the treatment of rare diseases. The orphan drug market has significant growth potential as the continuous scientific advances are enabling the development of adequate therapies for diseases which are currently not or under-treated. Furthermore, Orphan Europe enhances the group's know-how in the management of highly specialized products, a segment of growing importance in the current pharmaceutical environment. An important event for our future growth is also the successful completion of the double-blind portion of the phase III study of silodosin, a product which we expect to launch as from 2010."
Outlook for 2008
The Board of Directors also examined the budget for the current year. Recordati's objectives for 2008 are to grow sales and operating income by 10% and increase net income by 14%. Furthermore expenditure in R&D is expected to grow by 20%.
Meeting with the financial community
The full year 2007 preliminary results and the outlook for 2008 are being presented today by Recordati to the financial community and specialized press. The meeting will take place at 5.00 pm Italian time at the Italian Stock Exchange, Palazzo Mezzanotte, Piazza degli Affari 6, Milan.
The presentation can be downloaded from the website www.recordati.com (Investors / Company Presentations) as from 5.00 pm Italian time.
A simultaneous translation into English of the proceedings will be available via conference call. Dial-in numbers are:
France +33 170 700 532
Germany +49 69 2222 2225
Italy +39 02 802 09 11
UK +44 208 7929 750
USA +1 866 2396 425
Callers are invited to dial-in 10 minutes before conference time and ask for the Recordati conference call. If conference operator assistance is required during the connection please digit * followed by 0. A recording (Real Audio file) of the conference call will be placed on the website www.recordati.com.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), dedicated to the research, development, manufacturing and marketing of pharmaceuticals, with headquarters in Milan, Italy, operations in the main European countries, and a total staff of over 2,200. A European field force of over 1,100 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas. Recordati's current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research of new drug entities within the cardiovascular and urogenital therapeutic areas in which its research TEAM has proven scientific competence and a track record of discovery and development of original drugs, the most recent of which, lercanidipine, a latest generation calcium channel blocker for the treatment of hypertension, is the company's leading product. Consolidated revenue for 2006 was E 576.2 million, operating income was E 120.3 million and net income was E 74.0 million.
For further information:
Recordati website: www.recordati.com
Claudio Rossetti (Echo Comunicazione d'Impresa)
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.
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of E)
|Cost of sales||(206,350)||(192,011)||7.5|
|Research and development expenses||(49,122)||(45,395)||8.2|
|General & administrative expenses||(33,927)||(27,167)||24.9|
|Other income (expenses), net||(5,497)||(146)||n.s.|
|Financial income (expenses), net||(4,071)||(2,159)||88.6|
|Provision for income taxes||(42,560)||(44,151)||(3.6)|
|- of which International||424,779||372,754||14.0|
Pending completion of independent and statutory audits.
DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL REPORTS
The manager responsible for preparing the company's financial reports Fritz Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.