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Mercredi 05 Mar 2008 à 15:52

- résultats 2007 : Chiffre d'affaire consolidé de 628,4 millions d'euros (+9,1 %), résultat d'exploitation (EBIT) de 131,5 millions d'euros (+9,3 %), résultat net de 84,9 millions d'euros (+14,6 %).

- Dividende proposé : 0,215 euro par action, soit une hausse de 16,2 % par rapport au dividende payé l'an dernier. Dividende total de 42,2 millions d'euros.

- Objectifs pour 2008 : Chiffre d'affaires +10 %, EBIT +10 %, résultat net +14 % .

Milan, le 5 mars 2008 - Le Conseil d'Administration de Recordati a approuvé les résultats consolidés pour l'année 2007 ainsi que les comptes de Recordati.

Faits marquants des comptes consolidés

- 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. The international pharmaceutical business grows by 16.5%, while sales in Italy are substantially in line with the preceding year despite the price cuts imposed during the second half of 2006. Sales of lercanidipine, Recordati's original antihypertensive drug, are up by 8.9%. Pharmaceutical chemical sales are E 34.0 million, down by 11.3% as compared to the preceding year.

- 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, at 13.5% of sales, is E 84.9 million, an increase of 14.6%, a higher growth than that of operating income due to an improved tax rate.

- The net financial position* at 31 December 2007 is a net debt of E 97.2 million (net cash position of E 22.4 million at 31 December 2006) as a result of the acquisition of Orphan Europe which required a cash outlay of E 135 million. Shareholders' equity further increased and is E 390.6 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).

2007 operations and company development highlights

During 2007 important initiatives for the development of the group were carried out.

- To begin with, the launch of our new antihypertensive product which associates lercanidipine and enalapril in a fixed combination initiated. In April it was launched in Germany under the brand Zanipress® by our subsidiary Merckle Recordati and by Meda, an international pharmaceutical company, as Zaneril®. In October the product, under the brand Carmen ACE®, was launched on the German market also by Berlin Chemie (Menarini group) who already markets lercanidipine there successfully. Licensing agreements for the sale of the new product in other markets were finalized and the agreement with Meda for the Spanish market is one of these.

- In January Recordati Ireland Ltd. initiated commercial operations in the Irish pharmaceutical market where Zanidip® (lercanidipine) is now promoted directly by this subsidiary following the termination of the agreement with the previous licensee. Furthermore, in April our subsidiary Recordati Hellas initiated sales of Lercadip® (lercanidipine) in Greece in both its 10 and 20mg dosage forms.

- In December the acquisition of Orphan Europe, a European pharmaceutical group with headquarters in Paris dedicated to the development, registration, marketing and distribution of unique drugs for the treatment of rare and orphan diseases, was finalized. Orphan Europe, that has subsidiaries in nine European countries and in the United Arab Emirates as well as representative offices in seven countries, currently markets ten products which target mostly chronic and life-threatening diseases and has other innovative drugs in development. 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. Public healthcare authorities in many countries are sensitive to the needs of patients suffering from these diseases and the social issue they represent. The acquisition of Orphan Europe fits well with Recordati's growth strategy based on the strengthening of its product portfolio and pipeline. The development of Stanate® and Infasurf®, two new neonatology products obtained under license, will surely benefit from the expertise which Orphan Europe is able to provide. Furthermore, Orphan Europe represents a unique opportunity to strengthen our R&D capabilities and to establish even closer relationships with academic researchers and eminent scientists.

- As regards our R&D activities, in September the double-blind portion of the phase III study of silodosin, licensed from Kissei, was successfully completed. Silodosin is a new selective alpha blocker for the treatment of symptoms associated with benign hypertrophy of the prostate, a condition affecting millions of male patients across the world. The study was designed to show superiority of silodosin over placebo and non-inferiority to tamsulosin in all parameters. Silodosin was found to be significantly superior to placebo in all parameters, with scores that were always equal to or better than those of tamsulosin. There were no safety issues. The drug is already successfully marketed in Japan by Kissei and Daiichi Sankyo. In the US the licensee Watson Pharmaceuticals filed for approval with the FDA in February 2008. Recordati is completing the long-term portion of the phase III study and plans to file for approval in Europe, and in other countries of the licensed territory, during the last quarter of 2008.

First two months 2008

- In January an exclusive license agreement was entered into with a subsidiary of Watson Pharmaceuticals, Inc., a U.S. pharmaceutical company, for the marketing and sale in 29 European countries of Kentera®, a bi-weekly oxybutynin transdermal patch indicated for the symptomatic treatment of urge incontinence and/or increased urinary frequency and urgency as may occur in patients.

- In February a semi-exclusive licensing agreement was entered into with Menarini, the leading Italian pharmaceutical group, for the marketing and sales of frovatriptan, a medicine belonging to the triptan group of drugs indicated for the acute treatment of migraine attacks with or without aura, in France and Greece.

- Also in February the approval of Zan-Extra®, a fixed combination of lercanidipine and enalapril indicated for the treatment of hypertension, was obtained by licensee Solvay Biosciences in Australia. The launch of this new product originated by Recordati is planned to take place in April.

- Group sales in the first two months of 2008 are in line with our expectations for the full year which are to grow sales and operating income by 10% and increase net income by 14%.


Based on the year's results the Board will propose a dividend of E 0.215 per existing share (E 0.185 per share last year) to be paid to the shares outstanding as from 24 April 2008 (trading ex-dividend as of 21 April 2008), excluding those shares in treasury stock. The overall amount of the 2007 proposed dividend is E 42.2 million compared to the 2006 dividend of E 37.0 million.

Other Board resolutions

The Board also resolved to submit to the Annual and Extraordinary Shareholders' Meetings the following proposals:

- to appoint the members of the Board of Directors;

- to appoint the Statutory Auditors and elect their President;

- to renew the authorization to buy back and dispose of Recordati shares until the Annual Shareholders' meeting convened to approve the 2008 accounts;

- to modify the company bylaws to comply with changes in the Issuers' Regulations.

The proposal to renew the authorization to buy back and dispose of Recordati shares would continue granting the Board the possibility of using shares for equity acquisitions or as consideration for strategic agreements; of allowing the company to invest in its own shares; and of servicing current and future stock OPTION plans with existing rather than new shares. The company would be allowed to purchase up to 20,000,000 Recordati existing ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of E 120 million. The purchase price must be at least equal to the shares' nominal value (E 0.125) and must not exceed the average official Stock Exchange price recorded over the 5 trading days prior to the transaction, plus 5%. Possible purchases must comply with the Issuers' Regulations. The company currently has 11,472,355 shares in Treasury stock which amounts to 5.5197% of the current share capital.

Annual Meeting of Shareholders

The Board of Directors convened the Annual Shareholders' Meeting to be held on first call on Friday, 11 April 2008, at 10.00 a.m., and on second call on Monday, 14 April 2008, at 10.00 a.m., at the company's registered offices. Shareholders will be called upon to:

- approve the 2007 accounts and the dividend to be distributed;

- appoint the members of the Board of Directors;

- appoint the Statutory Auditors and elect their President;

- renew the authorization to buy back and dispose of Recordati shares until the Annual Shareholders' meeting convened to approve the 2008 accounts;

- modify articles 12, 16 and 27 of the company bylaws.

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 2007 was E 628.4 million, operating income was E 131.5 million and net income was E 84.9 million.

For further information:

Recordati website:

Investor Relations

Marianne Tatschke



Media Relations

Claudio Rossetti (Echo Comunicazione d'Impresa)

(39)02 62694736


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)

Change %  
REVENUE   628,435   576,186   9.1  
Cost of sales   (206,350)   (192,011)   7.5  
GROSS PROFIT   422,085   384,175   9.9  
Selling expenses   (202,043)   (191,126)   5.7  
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.  
OPERATING INCOME   131,496   120,341   9.3  
Financial income (expenses), net   (4,071)   (2,159)   88.6  
PRE-TAX INCOME   127,425   118,182   7.8  
Provision for income taxes   (42,560)   (44,151)   (3.6)  
NET INCOME   84,865   74,031   14.6  
EARNINGS PER SHARE   2007   2006   Change %  
Basic   E 0.427   E 0.370   15.4  
Diluted   E 0.417   E 0.359   16.2  

Earnings per share (EPS) are based on average shares outstanding during each year, 198,557,743 in 2007 and 200,053,683 in 2006, net of average treasury stock which amounted to 8,495,866 in 2007 and 5,720,085 in 2006. Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.

Pending completion of independent and statutory audits.


Summary of consolidated results prepared in accordance with the International Accounting

Standards and International Financial Reporting Standards (IAS/IFRS)

(thousands of E)

Property, plant and equipment   68,006   71,916  
Intangible assets   90,521   92,490  
Goodwill   243,942   129,771  
Equity investments   3,115   696  
Non-current receivables   1,460   1,268  
Deferred tax assets   21,044   18,798  
TOTAL NON-CURRENT ASSETS   428,088   314,939  
Inventories   74,737   74,670  
Trade receivables   134,454   123,418  
Other receivables   24,784   11,002  
Other current assets   3,247   1,789  
Short-term financial investments, cash and cash equivalents   89,382   145,029  
TOTAL CURRENT ASSETS   326,604   355,908  
TOTAL ASSETS   754,692   670,847  
Share capital   25,981   25,802  
Capital in excess of par value   78,952   73,165  
Treasury stock   (59,103)   (30,653)  
Hedging reserve   (113)   (1,081)  
Translation reserve   (3,384)   336  
Other reserves   25,529   24,926  
Retained earnings   237,876   200,276  
Net income for the year   84,865   74,031  
GROUP SHAREHOLDERS' EQUITY   390,603   366,802  
Minority interest   8   0  
SHAREHOLDERS' EQUITY   390,611   366,802  
Loans due after one year   77,250   83,697  
Employees' termination pay   20,431   22,587  
Deferred tax liabilities   9,601   9,402  
Other non-current liabilities   0   5,645  
Trade payables   80,343   71,537  
Other payables   40,868   32,159  
Tax liabilities   15,762   22,076  
Other current liabilities   346   413  
Provisions   10,076   16,479  
Change in fair value of hedging derivatives (cash flow hedge)   113   1,081  
Change in fair value of hedging derivatives (fair value hedge)   7,556   3,949  
Loans due within one year   2,939   20,446  
Bank overdrafts   98,796   14,574  
TOTAL CURRENT LIABILITIES   256,799   182,714  
TOTAL EQUITY AND LIABILITIES   754,692   670,847  

Pending completion of independent and statutory audits.


Summary of results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)

(thousands of E)

Var. %  
Net revenue   259,745   273,400   (5.0)  
Operating income   60,473   64,888   (6.8)  
Pre-tax income   68,050   80,958   (15.9)  
Net income   50,376   50,631   (0.5)  
Non-current assets   301,032   180,849  
Current assets   221,743   273,281  
Total assets   522,775   454,130  
Shareholders' equity   261,842   268,948  
Non-current liabilities   92,116   100,958  
Current liabilities   168,817   84,224  
Total liabilities and Shareholders' equity   522,775   454,130  

Pending completion of independent and statutory audits.


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.

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