Recordati 1st-qtr 2011 sales up 6.4%, despite generic lercandipine, pivastatin debut

Italian drugmaker Recordati SpA (REC: MI) has presented results for the first quarter of 2011 and its updated 2011-2013 Business Plan, which was approved by the board of directors. Consolidated revenue in the first quarter was 197.8 million euros ($286.9 million), up 6.4% compared to the same period of the preceding year, despite sales of its lead product, the antihypertensive Zanidip/Lercadip (lercanidipine) falling by 19.7% as a result of the entry of generics into the market following this product’s patent expiry in January 2010.

Operating income, at 22.4% of sales, was 44.3 million euros, an increase of 2.9%. Selling expenses increased 8.5% mainly to support the launch of the new products. Net income rose 4.8% to 31.4 million euros, higher than that recorded by operating income thanks to a lower tax rate.
Sales of the lercandipine fell 19.7% to 35.5 million euros, while turnover of the combination drug Zanipress (lercanidipine/enalapril) leapt 37% to 8.8 million euros. Recently-launched Urorec (silodosin) for benign prostatic hyperplasia had sales of 3.8 million euros. Sales of Recordati's orphan drugs segment, driven by Carbaglu (carglumic acid) for hyperammonemia, climbed 15.1% to 18.1 million euros.

Business plan update