Recordati 1st-qtr sales and profits see strong growth

Financial results achieved in the first quarter of 2017 testify to the continued growth of the group also in 2017, with revenues and profitability increasing significantly, noted Italian drugmaker Recordati (RECI: MI).

Consolidated revenue was 341.9 million euros ($372.7 million), up by 13.1% compared to the same period of the preceding year. International sales grow by 11.2%. Earnings before interest, taxes, depreciation and amortization (EBITDA), at 34.4% of sales, were 117.7 million euros, an increase of 18.9% over the first quarter of 2016 and operating income, at 31.4% of sales, was 107.3 million euros, an increase of 19.0%. Net income, at 23.0% of sales, was 78.5 million euros, an increase of 19.9% over the first quarter of 2016.

Sales of hypertension drugs Zanidip (lercanidipine) grew 5.5% to 36.9 million euros and Zanipress (lercanidipine + enalapril) rose 6.9% to 19.1 million euros. Urorec (silodosin), for the treatment of symptoms associated with prostatic hyperplasia, was up 8% at 23.8 million euros and cholesterol-lowerer Livazo (pitavastatin) revenues increased 7.1% at 9.6 million euros.