Recordati 1st-qtr revenues rise 12% as income leaps more than 20%

Italian drugmaker Recordati (RECI: MI) has reported consolidated revenues for the first quarter of 2020 are 429.2 million euros ($472 million), up 12.1% compared to the same period of the preceding year.

Net income, at 25.9% of sales, came in at 111.2 million euros, up 20.7% over the first quarter of 2019, thanks to increase in operating income, lower financial expenses and reduction of the effective tax rate. Adjusted net income, at 29.2% of sales, was € 125.2 million, an increase of 23.5%.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was 172.9 million euros, or 40.3% of sales (37.6% in the first quarter of 2019), an increase of 20.1%. EBITDA excludes non-recurring costs related to the COVID-19 epidemiological emergency of 2.0 million euros, which comprise mainly donations to hospitals.