Another set of strong financials from Recordati

Italian pharma major Recordati (RECI: MI) saw its shares rise 3.6% to 45.57 euros yesterday, after it released a strong set of financial results for the first-nine months of 2023.

The company revealed that nine-month consolidated revenue was 1,556.2 million euros ($1,66.4 million), +13.0% compared  to the same period of 2022 or +13.8% on a like-for-like  basis at constant exchange rates (CER), driven by the excellent  performance of all business areas, with both Specialty and Primary Care and Rare Diseases continuing  to post double-digit organic growth (at CER).

Adjusted net income was € 406.6 million, +14.2% over the same period in 2022, at 26.1% of  revenue. Net income came in at 304.5 million euros, up 26.1% over the same period in 2022, at 19.6% of revenue, with the increase reflecting strong operating performance and the lower non-recurring expenses, absorbing  in the third quarter a non-monetary adjustment to the unwind of the fair value of acquired oncology  inventory due to the higher product sales, said Recordati.