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Mercredi 06 Mai 2009 à 16:58


- Chiffre d'affaires consolidé de 183,7 millions d'euros, + 6,9 %.

- Ventes pharmaceutiques de 176,8 millions d'euros, + 8,2 %.

- Ventes internationales de 128,2 millions d'euros, + 11,7%.

- Résultat d'exploitation de 40,6 millions d'euros, + 6,5 %.

- Résultat net de 27,6 millions d'euros, + 9,3 %.

- Position financière nette* de 85,9 millions d'euros.

- Acquisition de Herbacos-Bofarma en République Tchèque.

- Evénements postérieurs : Zanextra® (lercanidipine+enalapril) lancé en France, Almirall assurera le co-marketing de la silodosine en Espagne.

Milan, 6 May 2009 - The Board of Directors of Recordati S.p.A. approved the Group's consolidated results for the first quarter 2009 prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IAS/IFRS) and in particular as per IAS 34 requirements for interim reporting.

First quarter financial highlights

- Consolidated revenue is E 183.7 million, an increase of 6.9% over the same period of the preceding year. Pharmaceutical sales are E 176.8 million, an increase of 8.2%, and include the consolidation of Yeni Ilaç, acquired at the end of 2008, and of Herbacos-Bofarma acquired in January 2009. The growth in sales comes exclusively from the international business (+12.9%) while sales in Italy are slightly down by 1.4%. Pharmaceutical chemicals sales are E 6.9 million, down by 18.9%. Over the period the group's international business is up by 11.7% and accounts for 69.8% of total revenue.

- Operating income, at 22.1% of sales, is E 40.6 million, an increase of 6.5% over the same period of the preceding year. R&D expenses grow by 14.4% reaching 8.3% of sales.

- Net income is E 27.6 million, an increase of 9.3%, higher than that recorded by operating income thanks to lower financial expenses.

- Net financial position* at 31 march 2009 records net debt of E 85.9 million, an increase of E 4.9 million as compared to 31 December 2008, mainly due to the cash outlay required for the acquisition of the Czech pharmaceutical company Herbacos-Bofarma at the end of January. Shareholders' equity increased to E 472.1 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).

Business development news

In January Herbacos-Bofarma, a Czech pharmaceutical company with headquarters in Pardubice, was acquired. The price paid was of around E 19 million. Herbacos-Bofarma is a well known pharmaceutical company operating in the Czech and Slovak markets with a significant portfolio of medicines in various therapeutic classes comprised mainly of analgesic, anti-inflammatory and dermatological products. Individual brands have a strong position in particular market segments. Herbacos-Bofarma employs 100 personnel, of which a sales and marketing network of 35 employees which has developed very good credentials with both pharmacists and physicians. The company is very solid financially. Sales have increased consistently over recent years and in 2008 are around E 12 million. The company's EBITDA margin is in line with that of the group. Herbacos-Bofarma, with a market share of around 2% in volumes, is well positioned to act as a platform for launching the new products in our pipeline on the Czech and Slovak markets.

Subsequent events and business outlook

In April a license agreement with Almirall, the international pharmaceutical company based in Spain, for the marketing and sales in Spain of silodosin, a new compound indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH) was signed. Almirall will co-market the product together with Recordati España, the Spanish subsidiary of the Recordati group. The marketing approval authorization (MAA) request for silodosin was submitted to the EMEA (European Medicines Agency), using the centralized approval procedure, during November 2008 and approval is expected in the first half 2010.

Also in April subsidiary Bouchara Recordati launched Zanextra® (lercanidipine+enalapril), the new antihypertensive treatment, in France, the largest market for lercanidipine worldwide. This new specialty is already available in Germany, Australia, Ireland, Finland, Denmark, Greece, South Africa and in the Netherlands.

The group's business performance was in line with expectations during April. Performance during the remaining quarters of the year is also expected to be positive allowing us to confirm our full year targets previously announced: revenues of around E 750 million, operating income of around E 155 million and net income of around E 105 million.

Conference call

Recordati will be hosting a conference call today 6 May 2009 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). The conference ID is 97528909 and dial-in numbers are:

Italy +39 02 36005955

UK +44 (0) 1452 587 427

USA 18665516755

France +33 (0) 170751217

Germany +49 (0) 6922227071

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 state the ID number 97528909. If conference operator assistance is required during the connection please digit * followed by 0 or call +44 1452 553 456. A recording 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),with a total staff of over 2,900, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European field force of over 1,400 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 and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. Consolidated revenue for 2008 was E 689.6 million, operating income was E 144.7 million and net income was E 100.4 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 2009  
First quarter 2008  
Change %  
REVENUE   183,687   171,866   6.9  
Cost of sales   (60,158)   (55,737)   7.9  
GROSS PROFIT   123,529   116,129   6.4  
Selling expenses   (54,857)   (53,218)   3.1  
Research and development expenses   (15,300)   (13,379)   14.4  
General & administrative expenses   (10,918)   (10,148)   7.6  
Other income (expenses), net   (1,819)   (1,237)   47.0  
OPERATING INCOME   40,635   38,147   6.5  
Financial income (expenses), net   (1,451)   (2,256)   (35.7)  
PRE-TAX INCOME   39,184   35,891   9.2  
Provision for income taxes   (11,565)   (10,628)   8.8  
NET INCOME   27,619   25,263   9.3  
Attributable to:        
Equity holders of the parent   27,618   25,262   9.3  
Minority interests   1   1   0.0  
First quarter 2009  
First quarter 2008  
Change %  
Basic   E 0.140   E 0.129   8.5  
Diluted   E 0.136   E 0.126   7.9  

Earnings per share (EPS) are based on average shares outstanding during each year, 197,035,301 in 2009 and 196,372,301 in 2008, net of average treasury stock which amounted to 11,472,355 in both years. Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.

First quarter 2009  
First quarter 2008  
Change %  
Pharmaceuticals   176.804   163,379   8.2  
Pharmaceutical chemicals   6.883   8,487   (18.9)  
TOTAL   183.687   171,866   6.9  
- of which International   128.165   114,724   11.7  


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   57,076   57,969  
Intangible assets   95,495   92,635  
Goodwill   301,707   289,822  
Equity investments   7,532   7,532  
Non-current receivables   5,230   5,199  
Deferred tax assets   22,001   22,650  
TOTAL NON-CURRENT ASSETS   489,041   475,807  
Inventories   89,206   83,087  
Trade receivables   149,562   137,015  
Other receivables   16,801   22,741  
Other current assets   9,184   2,346  
Fair value of hedging derivatives (fair value hedge)   718   0  
Short-term financial investments, cash and cash equivalents   62,777   94,951  
TOTAL CURRENT ASSETS   328,248   340,140  
TOTAL ASSETS   817,289   815,947  
Share capital   26,063   26,063  
Capital in excess of par value   81,320   81,320  
Treasury stock   (59,103)   (59,103)  
Hedging reserve   (4,057)   (2,532)  
Translation reserve   (7,032)   (7,096)  
Other reserves   25,947   25,733  
Retained earnings   381,344   280,920  
Net income for the year   27,618   100,424  
GROUP SHAREHOLDERS' EQUITY   472,100   445,729  
Minority interest   14   13  
SHAREHOLDERS' EQUITY   472,114   445,742  
Loans due after one year   84,422   81,409  
Employees' termination pay   19,389   19,624  
Deferred tax liabilities   7,680   7,399  
Other non-current liabilities   2,239   3,189  
Trade payables   86,695   88,598  
Other payables   43,695   47,147  
Tax liabilities   16,785   10,278  
Other current liabilities   357   385  
Provisions   14,896   15,094  
Fair value of hedging derivatives (cash flow hedge)   4,057   2,532  
Fair value of hedging derivatives (fair value hedge)   0   1,505  
Loans due within one year   2,780   2,201  
Bank overdrafts   62,180   90,844  
TOTAL CURRENT LIABILITIES   231,445   258,584  
TOTAL EQUITY AND LIABILITIES   817,289   815,947  


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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