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Mardi 06 Mai 2008 à 17:36

- Chiffre d'affaires consolidé, 171,9 millions d'euros, + 5,2 %.

- Ventes pharmaceutiques, 163,4 millions d'euros, + 6,3 %.

- Ventes internationales, 116,7 millions d'euros, + 9,3 %.

- Résultat d'exploitation, 38,1 millions d'euros, + 2,9 %.

- Résultat net, 25,3 millions d'euros, + 7,4 %.

- Position financière nette* de 74,1 millions d'euros.

- Acquisition de FIC et de FIC Médical.

- Procédure de reconnaissance mutuelle pour l'approbation du nouveau produit basé sur la combinaison fixe de lercanidipine et d'énalapril dans L'Union Européenne terminée.

Milan, le 6 mai 2008 - Le Conseil d'Administration de Recordati S.p.A a approuvé les résultats consolidés du Groupe pour le premier trimestre 2008 préparés conformément aux normes IFRS et en particulier à la norme comptable internationale IAS34 Information financière intermédiaire.

First nine months financial highlights

- In the first quarter 2008 consolidated revenue is E 171.9 million, an increase of 5.2% over the same period of the preceding year. Pharmaceutical sales are E 163.4 million, an increase of 6.3% and include the Orphan Europe group of companies acquired at the end of 2007. The growth is to be attributed to international sales which are up 12.3% while sales in Italy are down by 4.1% mainly due to a negative price effect. Pharmaceutical chemicals sales are E 8.5 million, down by 12.9%.

- Operating income, at 22.2% of sales, is E 38.1 million, an increase of 2.9% over the first quarter of the preceding year. Gross margin continues to improve and now stands at 67.6% of sales due to a favourable product mix.

- Net income is E 25.3 million, an increase of 7.4% more than the increase in operating income due to an improved tax rate.

- The net financial position* at 31 March 2008 is a net debt of E 74.1 million, a reduction of E 23.0 million as compared to the net debt position at 31 December 2007 due to cash flow generated by operations which more than offset the investments MADE in the period. Shareholders' equity further improved and is E 412.8 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).

Business development news

- During January an exclusive license agreement was signed 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. Kentera® is on the market in a number of countries with current annual sales of over E 7 million. The acquisition of Kentera® reinforces Recordati's focus in the urology area where it is developing silodosin, indicated for the treatment of benign prostate hypertrophy, due for filing in Europe in the second half of 2008.

- 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. Frovatriptan is a selective 5HT1B/1D receptor agonist. Frovatriptan is distinguished from other triptans by its long half-life (26 hours) which ensures long-lasting clinical efficacy and reduces the recurrence rate of migraine attacks. The product is already approved in the licensed markets and is sold there by Menarini under a different brand. Recordati intends to launch its own brand in these countries in the next few months.

- Also in February the approval of Zan-Extra®, a fixed combination of lercanidipine and enalapril indicated for the treatment of hypertension, was obtained in Australia. The Therapeutic Goods Administration (TGA) notified licensee Solvay Biosciences of its decision to approve the registration of Zan-Extra® in its two dosage forms containing lercanidipine 10mg/enalapril 10mg and lercanidipine 10mg/enalapril 20mg. The launch in Australia of this new product originated by Recordati is planned to take place in May.

- In March the French companies FIC and FIC Médical which are dedicated to the registration and the promotion of pharmaceutical products on behalf of third party companies in Russia and other Commonwealth of Independent States (C.I.S.) countries were acquired. FIC Médical, headquartered in Paris, is present in Russia, Ukraine, Belarus, Kazakhstan and Georgia, and is planning to enter Armenia and Azerbaijan. The company's business is carried out by around 200 people, of which 150 are medical representatives. The price of the acquisition is E 12 million, of which E 9 million were paid upon signing the agreement while E 3 million are due over a period of three years contingent upon certain conditions. FIC Médical's organization will be the base upon which Recordati will develop its own presence in Russia and in the C.I.S. markets, driven, among others, by the enhancement of the product portfolio through the launch of its new original products.

- Also in March the mutual recognition process for the approval throughout the European Union, in Norway and in Iceland, of its new antihypertensive specialty based on a fixed combination of lercanidipine and enalapril was completed. Germany acted as Reference Member State and the 28 Concerned Member States decided to recognize the approval granted in 2006 by the German medicines agency (BfArM) of this new product in its two dosage forms containing lercanidipine 10mg/enalapril 10mg and lercanidipine 10mg/enalapril 20mg. The product is already on the market in Germany as from 2007 and sales are growing. Launches in all these countries, in which lercanidipine has already obtained the physicians' appreciation, will initiate gradually as from the second half of the year.

Subsequent events

- In April Orphan Europe (a Recordati group company) submitted an Original New Drug Application (NDA) for Carbaglu® (carglumic acid) to the U.S. FDA. The NDA provides for the safe and effective use of Carbaglu® in the treatment of hyperammonaemia due to an autosomal genetic disorder resulting in the deficiency of the liver enzyme N-acetylglutamate synthase (NAGS deficiency).

- Also in April two financing agreements were finalized with Italian and international banks of high standing. The two contracts provide for two revolving lines of credit for a period of two years and for an amount of E 50 million each. The interest rate agreed is the Euribor for the draw down period plus 40 basis points. These lines of credit include covenants which are in line with those already included in our current loan agreements.

Conference call

Recordati will be hosting a conference call today 6 May 2008 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). Dial-in numbers are:

Italy +39 02 802 09 11

UK +44 208 7929 750

USA +1 866 2396 425

France +33 170 700 532

Germany +49 69 2222 2225

A set of slides which will be referred to during the call will be available on our website under Investors/Company Presentations.

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

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 2,400. A European field force of over 1,300 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. 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  
Media Relations  
Marianne Tatschke   Claudio Rossetti (Echo Comunicazione d'Impresa)  
(39)0248787393   (39)02 62694736  
e-mail:   e-mail:  

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)

First quarter 2008  
First quarter 2007  
Change %  
REVENUE   171,87   163,43   5.2  
Cost of sales   -55,737   -54,418   2.4  
GROSS PROFIT   116,13   109,01   6.5  
Selling expenses   -53,218   -50,486   5.4  
Research and development expenses   -13,379   -12,968   3.2  
General & administrative expenses   -10,148   -8,357   21.4  
Other income (expenses), net   -1,237   -112   n.s.  
OPERATING INCOME   38,147   37,087   2.9  
Financial income (expenses), net   -2,256   -308   632.5  
PRE-TAX INCOME   35,891   36,779   (2.4)  
Provision for income taxes   -10,628   -13,259   (19.8)  
NET INCOME   25,263   23,52   7.4  
Attributable to:        
Equity holders of the parent   25,262   23,52   7.4  
Minority interests   1   0   n.s.  
First quarter 2008  
First quarter 2007  
Change %  
Basic   E 0.129   E 0.118   9.3  
Diluted   E 0.126   E 0.114   10.5  

Earnings per share (EPS) are based on average shares outstanding during each year, 196,372,301 in 2008 and 199,759,765 in 2007, net of average treasury stock which amounted to 11,472,355 in 2008 and 6,654,891 in 2007. Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.

First quarter 2008  
First quarter 2007  
Change %  
Pharmaceuticals   163,379   153,687   6.3  
Pharmaceutical chemicals   8,487   9,741   (12.9)  
TOTAL   171,866   163,428   5.2  
- of which International   116,675   106,307   9.3  


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   66,652   68,006  
Intangible assets   97,174   90,521  
Goodwill   255,752   243,942  
Equity investments   3,115   3,115  
Non-current receivables   1,522   1,46  
Deferred tax assets   20,651   21,044  
TOTAL NON-CURRENT ASSETS   444,866   428,088  
Inventories   79,882   74,737  
Trade receivables   134,764   134,454  
Other receivables   16,687   24,784  
Other current assets   7,993   3,247  
Short-term financial investments, cash and cash equivalents   115,149   89,382  
TOTAL CURRENT ASSETS   354,475   326,604  
TOTAL ASSETS   799,341   754,692  
Share capital   25,981   25,981  
Capital in excess of par value   78,952   78,952  
Treasury stock   -59,103   -59,103  
Hedging reserve   -775   -113  
Translation reserve   -5,957   -3,384  
Other reserves   25,703   25,529  
Retained earnings   322,711   237,876  
Net income for the year   25,262   84,865  
GROUP SHAREHOLDERS' EQUITY   412,774   390,603  
Minority interest   9   8  
SHAREHOLDERS' EQUITY   412,783   390,611  
Loans due after one year   75,792   77,25  
Employees' termination pay   20,391   20,431  
Deferred tax liabilities   9,6   9,601  
Other non-current liabilities   1,374   0  
Trade payables   85,138   80,343  
Other payables   52,473   40,868  
Tax liabilities   16,944   15,762  
Other current liabilities   576   346  
Provisions   10,01   10,076  
Change in fair value of hedging derivatives (cash flow hedge)   775   113  
Change in fair value of hedging derivatives (fair value hedge)   8,263   7,556  
Loans due within one year   2,693   2,939  
Bank overdrafts   102,529   98,796  
TOTAL CURRENT LIABILITIES   279,401   256,799  
TOTAL EQUITY AND LIABILITIES   799,341   754,692  


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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