Chiesi sees revenues hit 565M euros

Italy's Chiesi group says that provisional financial results for 2005 marked its third consecutive year of increased turnover as its net sales revenues rose to 565.0 million euros ($672.8 million), 8% higher than in 2004.

Paulo Chiesi, vice president of the Parma-headquartered firm, said that the company's growth had been led by both its R&D program, in which it has invested 71.0 million euros or 12.5% of its turnover during the year, and its range of developmental pipeline products. Mr Chiesi added that the group had completed 10 new Mutual Recognition Procedures and had received around 90 new marketing authorizations for its products, two thirds of which came from European Union regulatory bodies.