Recordati falls after results miss in final quarter
Shares of Recordati (RECI: MI) fell over 3% on Monday, with the firm announcing fourth-quarter revenues of 355 million euros ($431 million), missing analysts’ expectations. The Financial Times’ consensus forecast for the quarter was 364 million euros.
The result brings annual revenues to 1.4 billion euros, a drop of 2.2% compared to 2019, a fact which the Italian drugmaker attributed to currency fluctuations.
Net income was down 3.8% at 355 million euros. However, factoring in non-recurring “Patent Box” tax benefits, the result represents growth of 3.2% on the prior period.
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