First-half 2024 double-digit growth seen for Recordati

Italian pharma major Recordati (RECI: MI) today release financials for the first half of 2024, showing that consolidated new revenue was 1,185.7 million euros ($1.28 billion), up 13.5% versus the first half of 2023 or 10.2% on a like-for-like basis at constant exchange rates (CER).

The growth was driven by strong business momentum across both Specialty & Primary Care and Rare Diseases. The adverse impact of FX for the first half of 2024 was 22.2 million euros (-2.1%), easing primarily due to the stabilization of the Turkish lira (which de-valued sharply in the second quarter of 2023). Specialty & Primary Care revenue totaled 754.8 million euros in the first half of 2024, growing 12.8% or 7.6% on a like-for-like basis at CER.

Adjusted operating income was 370.4 million euros for the first half of 2024, up 9.5% over the previous year, and 31.2% of net revenue versus 32.4% in the same period last year. Earnings before interest, tax, depreciation and amortization (EBITDA) was 452.9 million euros, up 11.5% compared to the first half of 2023. Adjusted net income was 301.0`million euros, at 25.4% of revenue, up by 4.7% year-on-year.