UPDATE: Recordati posts strong sales and earnings growth for 1st-qtr

Italian drugmaker Recordati (REC: MI) saw its shares gain 2.1% to 42.31 euros by early afternoon, as the company released first-quarter 2022 financial results.

Consolidated net revenue in the first quarter was 419.4 million euros ($443.7 million), compared to 384.8 million euros in the first quarter of last year (+9.0% or +10.9% at constant exchange rates), reflecting the recovery in relevant markets (especially with regard to Cough & Cold and OTC products), the robust performance of rare disease business, and the greater contribution from Eligard (leuprorelin acetate), licensed in January 2021.

Net income at 96.7 million euros, was up 7.6%, accounting for 23.1% of revenue. The increase is due to higher operating income and the lower incidence of financial charges due to lower FX losses. Adjusted net income was 116.3 million euros, up by 11.4% over the same period in 2021, at 27.7% of revenue.