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Mardi 28 Jul 2009 à 15:01

-Chiffre d'affaires consolidé, 379,3 millions d'euros, + 8,9 %.

- Ventes pharmaceutiques, 365,1 millions d'euros, + 10,1 %.

- Ventes internationales, 269,1 millions d'euros, + 12,5 %.

- Résultat d'exploitation, 82,5 millions d'euros, + 8,8 %.

- Résultat net, 57,7 millions d'euros, + 10,1 %.

- Position financière nette* de 101,1 millions d'euros.

- Acquisition de Herbacos-Bofarma en République Tchèque.

- Zanextra® (lercanidipine+ énalapril) lancé en France. Almirall assurera le co-marketing de la silodosine en Espagne. Accord avec Pharmathen pour une nouvelle formule à basse dose de lercanidipine.

- Evénements postérieurs : Accord avec Amdipharm pour le marketing et la vente en Italie et au Portugal de TransAct LAT®.

Milan, 28 July 2009 - The Board of Directors of Recordati S.p.A. approved the half-yearly financial report which was prepared pursuant to Article 154-ter of Legislative Decree 58/1998 and is consistent with applicable international financial accounting standards adopted by the European Union in EC Regulation 1606/2002 issued by the European Parliament and the Council of the European Union on 19 July 2002 - in particular, the requirements of IAS 34: Interim Reporting. The half-year financial statements are available on the company's website

First half financial highlights

- Consolidated revenue is E 379.3 million, an increase of 8.9% over the same period of the preceding year. Pharmaceutical sales are E 365.1 million, an increase of 10.1%, 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 mainly from the international pharmaceutical business (+13.4%). Pharmaceutical sales in Italy are up by 2.5%. Pharmaceutical chemicals sales are E 14.2 million, down by 14.8%. Over the period the group's international business is up by 12.5% and accounts for 71.0% of total revenue.

- Operating income, at 21.8% of sales, is E 82.5 million, an increase of 8.8% over the same period of the preceding year. R&D expenses grow by 20.4% reaching 8.9% of sales.

- Net income is E 57.7 million, an increase of 10.1%, higher than that recorded by operating income thanks to lower financial expenses.

- Net financial position* at 30 June 2009 records net debt of E 101.1 million, an increase of E 20.1 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 and to the distribution of dividends in April for an amount of E 49.3 million. Shareholders' equity increased to E 457.4 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.

In April a license agreement was signed 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). 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 during April Recordati's subsidiary Bouchara Recordati launched Zanextra® (lercanidipine + enalapril), its new antihypertensive treatment, in France, the largest market for lercanidipine worldwide. This new specialty is also available in Germany, Australia, Ireland, Finland, Denmark, Greece, Spain, South Africa and in the Netherlands.

During June a new agreement was concluded with Pharmathen S.A., a Greek pharmaceutical company, covering the exclusive, global and permanent license for Pharmathen's patent and technology as applied to lercanidipine IR (Immediate Release). The new lercanidipine formulation developed by Pharmathen will be available in two dosages: 8 mg and 16 mg. The increased bioavailability as compared to the formulation currently on the market allows for dosage reduction. Recordati filed for marketing approval of this new lercanidipine formulation in a few European countries using the decentralized procedure and intends to eventually obtain approval in all countries where lercanidipine is currently marketed.

Subsequent events and business outlook

During July an agreement was signed with Amdipharm, an international pharmaceutical group, for the marketing and sales in Italy and Portugal of TransAct LAT® (local action transcutaneous), a transdermal patch containing 40 mg of flurbiprofen indicated for the symptomatic relief of localized pain involving the musculoskeletal system. The product is already on the market in Italy and in Portugal with overall annual sales of approximately E 13 million.

The group's business performance was in line with expectations during July. Performance during the second half 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 28 July 2009 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). Dial-in numbers are:

Italy +39 071 2861848

UK +44 (0) 2071086320

USA 18663534838

France +33 (0) 170718437

Germany +49 (0) 6922222253

A set of slides which will be referred to during the call will be available on our website under Investors/Company Presentations: are invited to dial-in 10 minutes before conference time and request the Recordati conference call. If conference operator assistance is required during the connection please call +39 071 2189800 or 800.238.472 (only within Italy). 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

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)

First half 2009  
First half 2008  
Change %  
REVENUE   379,301   348,187   8.9  
Cost of sales   (121,257)   (111,226)   9.0  
GROSS PROFIT   258,044   236,961   8.9  
Selling expenses   (115,327)   (112,055)   2.9  
Research and development expenses   (33,682)   (27,980)   20.4  
General & administrative expenses   (22,439)   (20,292)   10.6  
Other income (expenses), net   (4,096)   (828)   n.s.  
OPERATING INCOME   82,500   75,806   8.8  
Financial income (expenses), net   (2,760)   (4,388)   (37.1)  
PRE-TAX INCOME   79,740   71,418   11.7  
Provision for income taxes   (21,999)   (18,991)   15.8  
NET INCOME   57,741   52,427   10.1  
Attributable to:        
Equity holders of the parent   57,739   52,425   10.1  
Minority interests   2   2   0.0  
First half 2009  
First half 2008  
Change %  
Basic   E 0.293   E 0.267   9.7  
Diluted   E 0.283   E 0.262   8.0  

Earnings per share (EPS) are based on average shares outstanding during each year, 197,089,168 in 2009 and 196,469,158 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 half 2009  
First half 2008  
Change %  
Pharmaceuticals   365.126   331,549   10.1  
Pharmaceutical chemicals   14.175   16,638   (14.8)  
TOTAL   379.301   348,187   8.9  
- of which International   269.126   239,276   12.5  

Pending the 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)

Second quarter  
Second quarter 2008  
Change %  
REVENUE   195,614   176,321   10.9  
Cost of sales   (61,099)   (55,489)   10.1  
GROSS PROFIT   134,515   120,832   11.3  
Selling expenses   (60,470)   (58,837)   2.8  
Research and development expenses   (18,382)   (14,601)   25.9  
General & administrative expenses   (11,521)   (10,144)   13.6  
Other income (expenses), net   (2,277)   409   n.s.  
OPERATING INCOME   41,865   37,659   11.2  
Financial income (expenses), net   (1,309)   (2,132)   (38,6)  
PRE-TAX INCOME   40,556   35,527   14.2  
Provision for income taxes   (10,434)   (8,363)   24.8  
NET INCOME   30,122   27,164   10.9  
Attributable to:        
Equity holders of the parent   30,121   27,163   10.9  
Minority interests   1   1   n.s.  
Second quarter  
Second quarter 2008  
Change %  
Pharmaceuticals   188,322   168,170   12.0  
Pharmaceutical chemicals   7,292   8,151   (10.5)  
TOTAL   195,614   176,321   10.9  
- of which International   140,961   124,552   13.2  

Pending the 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   55,865   57,969  
Intangible assets   91,888   92,635  
Goodwill   303,570   289,822  
Equity investments   7,529   7,532  
Non-current receivables   5,238   5,199  
Deferred tax assets   21.276   22,650  
TOTAL NON-CURRENT ASSETS   485,366   475,807  
Inventories   91,989   83,087  
Trade receivables   148,567   137,015  
Other receivables   17,947   22,741  
Other current assets   6,827   2,346  
Short-term financial investments, cash and cash equivalents   65,577   94,951  
TOTAL CURRENT ASSETS   330,907   340,140  
TOTAL ASSETS   816,273   815,947  
Share capital   26,095   26,063  
Capital in excess of par value   82,274   81,320  
Treasury stock   (59,103)   (59,103)  
Hedging reserve   (3,811)   (2,532)  
Translation reserve   (4,061)   (7,096)  
Other reserves   25,856   25,733  
Retained earnings   332,380   280,920  
Net income for the year   57,739   100,424  
GROUP SHAREHOLDERS' EQUITY   457,369   445,729  
Minority interest   15   13  
SHAREHOLDERS' EQUITY   457,384   445,742  
Loans due after one year   81,882   81,409  
Employees' termination pay   19,245   19,624  
Deferred tax liabilities   7,472   7,399  
Other non-current liabilities   2,257   3,189  
Trade payables   86,480   88,598  
Other payables   41,315   47,147  
Tax liabilities   16,234   10,278  
Other current liabilities   428   385  
Provisions   14,958   15,094  
Fair value of hedging derivatives (cash flow hedge)   3,811   2,532  
Fair value of hedging derivatives (fair value hedge)   1,661   1,505  
Loans due within one year   2,746   2,201  
Bank overdrafts   80,399   90,844  
TOTAL CURRENT LIABILITIES   248,033   258,584  
TOTAL EQUITY AND LIABILITIES   816,273   815,947  

Pending the 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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