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Mardi 27 Oct 2009 à 15:49

Chiffre d'affaires consolidé, 556,2 millions d'euros, + 9,4 %.

- Ventes pharmaceutiques, 535,6 millions d'euros, + 10,4 %.

- Ventes internationales, 398,2 millions d'euros, + 13,0 %.

- Résultat d'exploitation, 121,8 millions d'euros, + 9,5 %.

- Résultat net, 85,3 millions d'euros, + 11,3 %.

- Position financière nette* de 66,4 millions d'euros.

- Acquisition de Herbacos-Bofarma en République Tchèque.

- Zanextra® (lercanidipine+ énalapril) lancé en France.

- Almirall et Nycomed assureront respectivement le co-marketing de la silodosine en Espagne et en Italie. Pharmaplan assurera le marketing de la silodosine en Afrique du Sud.

- Accord avec Pharmathen pour une nouvelle formule à basse dose de lercanidipine.

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

- Objectifs pour l'exercice 2009 : un chiffre d'affaires d'environ 750 millions d'euros, un résultat d'exploitation supérieur à 160 millions d'euros et un résultat net supérieur à 110 millions d'euros.

Milan, 27 October 2009 - The Board of Directors of Recordati S.p.A. approved the Group's consolidated results for the first nine months 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. These financial statements are available on the company's website

First nine months financial highlights

- Consolidated revenue is E 556.2 million, an increase of 9.4% over the same period of the preceding year. Pharmaceutical sales are E 535.6 million, an increase of 10.4%, 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 (+13.9%). Pharmaceutical sales in Italy are up by 2.5%. Pharmaceutical chemicals sales are E 20.6 million, down by 11.2%. Over the period the group's international business is up by 13.0% and accounts for 71.6% of total revenue.

- Operating income, at 21.9% of sales, is E 121.8 million, an increase of 9.5% over the same period of the preceding year. R&D expenses grow by 17.2% reaching 8.9% of sales.

- Net income is E 85.3 million, an increase of 11.3%, higher than that recorded by operating income thanks to lower financial expenses.

- Net financial position* at 30 September 2009 records net debt of E 66.4 million, a reduction of E 14.6 million as compared to 31 December 2008 despite 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 484.3 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.

Three important license agreements were signed for the marketing and sales of silodosin, a new compound indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH). In April a co-marketing agreement for the Spanish market was signed with Almirall, the international pharmaceutical company based in Spain. Almirall will co-market silodosin together with Recordati España, the Spanish subsidiary of the Recordati group. At the end of July a further two agreements were signed, one with Nycomed S.p.A., the Italian subsidiary of the international pharmaceutical group, for the co-marketing of the product in Italy together with Recordati, and the other with Pharmaplan PTY Ltd, a South African pharmaceutical company, for the exclusive marketing and sales in South Africa of the product. Pharmaplan will be responsible for filing the NDA requesting marketing approval in this country. Pharmaplan is already Recordati's licensee for the sale of its original products Zanidip® (lercanidipine), Zaneril® (lercanidipine+enalapril) and Lomexin® (fenticonazole) in South Africa. In Europe 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.

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, the Netherlands, Belgium, Norway and Portugal.

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.

In July an agreement 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, was signed. The product is already on the market in Italy and in Portugal with overall annual sales of approximately E 13 million. TransAct LAT® is an original system for the administration of flurbiprofen, a well known and widely prescribed non steroidal anti-inflammatory drug (NSAID), which improves its tolerability profile. Recordati has an established franchise in pain and inflammation management and the addition of this product provides a valid further therapeutic OPTION for the medical practitioner.

Subsequent events and business outlook

The group's business performance was in line with expectations during October. Performance during the last quarter of the year is also expected to be positive. For the full year 2009 we confirm our revenue target of around E 750 million and expect to achieve operating income in excess of E 160 million and net income of over E 110 million, an improvement over our previous targets of E 155 million and E 105 million respectively.

Stock options granted

Furthermore, the Board of Directors resolved to grant 4,065,000 stock options under the 2006-2009 Stock Option Plan approved by the Shareholders' Meeting of 6 April 2006, to 101 group managers (see table attached). The options may be exercised only if certain consolidated net income objectives are reached. The strike price is the average market price of the share over the period between the date of grant and the same day of the preceding month. The characteristics of the plan are described in the information document issued on 17 September 2007 and available on the company's website call

Recordati will be hosting a conference call today 27 October 2009 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). The conference ID is 37452387 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 37452387. If conference operator assistance is required during the connection please digit * followed by 0 or call +44 1452 569 034. 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 2,950, 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 1,450 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(39)0248787393


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 nine months 2009  
First nine months 2008  
Change %  
REVENUE  556,187  508,242  9.4  
Cost of sales  (177,026)  (161,629)  9.5  
GROSS PROFIT  379,161  346,613  9.4  
Selling expenses  (168,62)  (160,871)  4.8  
Research and development expenses  (49,522)  (42,272)  17.2  
General & administrative expenses  (32,222)  (29,484)  9.3  
Other income (expenses), net  (6,95)  (2,716)  155.9  
OPERATING INCOME  121,847  111,27  9.5  
Financial income (expenses), net  (4,459)  (5,842)  (23.7)  
PRE-TAX INCOME  117,388  105,428  11.3  
Provision for income taxes  (32,111)  (28,843)  11.3  
NET INCOME  85,277  76,585  11.3  
Attributable to:        
Equity holders of the parent  85,272  76,582  11.3  
Minority interests  5  3  66.7  
First nine months 2009  
First nine months 2008  
Change %  
Basic  E 0,433  E 0,39  11.0  
Diluted  E 0,419  E 0,383  9.4  

Earnings per share (EPS) are based on average shares outstanding during each year, 197,155,264 in 2009 and 196,588,403 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 nine months 2009  
First nine months 2008  
Change %  
Pharmaceuticals  535,573  485,02  10.4  
Pharmaceutical chemicals  20,614  23,222  (11.2)  
TOTAL  556,187  508,242  9.4  
- of which International  398,206  352,479  13.0  
Third quarter 2009  
Third quarter 2008  
Change %  
REVENUE  176,886  160,055  10.5  
Cost of sales  (55,769)  (50,403)  10.6  
GROSS PROFIT  121,117  109,652  10.5  
Selling expenses  (53,293)  (48,816)  9.2  
Research and development expenses  (15,84)  (14,292)  10.8  
General & administrative expenses  (9,783)  (9,192)  6.4  
Other income (expenses), net  (2,854)  (1,888)  51.2  
OPERATING INCOME  39,347  35,464  10.9  
Financial income (expenses), net  (1,699)  (1,454)  16.9  
PRE-TAX INCOME  37,648  34,01  10.7  
Provision for income taxes  (10,112)  (9,852)  2.6  
NET INCOME  27,536  24,158  14.0  
Attributable to:        
Equity holders of the parent  27,533  24,157  14.0  
Minority interests  3  1  200.0  
Third quarter 2009  
Third quarter 2008  
Change %  
Pharmaceuticals  170,447  153,471  11.1  
Pharmaceutical chemicals  6,439  6,584  (2.2)  
TOTAL  176,886  160,055  10.5  
- of which International  129,08  113,203  14.0  
Property, plant and equipment  55,69  57,969  
Intangible assets  103,777  92,635  
Goodwill  303,75  289,822  
Equity investments  7,478  7,532  
Non-current receivables  3,871  5,199  
Deferred tax assets  21,014  22,65  
TOTAL NON-CURRENT ASSETS  495,58  475,807  
Inventories  86,751  83,087  
Trade receivables  140,432  137,015  
Other receivables  15,035  22,741  
Other current assets  4,913  2,346  
Short-term financial investments, cash and cash equivalents  75,783  94,951  
TOTAL CURRENT ASSETS  322,914  340,14  
TOTAL ASSETS  818,494  815,947  
Share capital  26,095  26,063  
Capital in excess of par value  82,274  81,32  
Treasury stock  (59,103)  (59,103)  
Hedging reserve  (4,597)  (2,532)  
Translation reserve  (4,107)  (7,096)  
Other reserves  26,031  25,733  
Retained earnings  332,38  280,92  
Net income for the period  85,272  100,424  
GROUP SHAREHOLDERS' EQUITY  484,245  445,729  
Minority interest  18  13  
SHAREHOLDERS' EQUITY  484,263  445,742  
Loans due after one year  80,684  81,409  
Employees' termination pay  19,058  19,624  
Deferred tax liabilities  7,02  7,399  
Other non-current liabilities  6,165  3,189  
Trade payables  75,981  88,598  
Other payables  44,166  47,147  
Tax liabilities  18,364  10,278  
Other current liabilities  319  385  
Provisions  16,374  15,094  
Fair value of hedging derivatives (cash flow hedge)  4,597  2,532  
Fair value of hedging derivatives (fair value hedge)  2,115  1,505  
Loans due within one year  2,543  2,201  
Bank overdrafts  56,845  90,844  


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.

You will find in attachment the complete release.

Copyright Hugin

The appendixes relating to the press release are available on: Ce communiqué de presse est diffusé par Hugin. L'émetteur est seul responsable du contenu de ce communiqué.


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