Recordati posts strong financial results for 2023

Italian pharma major Recordati (RECI: MI) saw its shares dip 1.5% to 51.30 euros today, despite releasing a strong set of financial results for full year 2023.

Consolidated net revenue for FY 2023 was 2,082.3 million euros ($2,250 million), up 12.4% versus FY 2022 or +14.0% on a like-for-like basis at CER (+9.6% excluding Türkiye), at the high end of the guidance range upgraded in May 2023. This was driven by strong business momentum across both Specialty & Primary Care and Rare Diseases, which continued to grow at double-digit levels (at constant exchange rates: CER), Recordati noted.

Earnings before interest, tax, depreciation and amortization (EBITDA) were 769.6 million euros for FY 2023, up 14.4% as compared to FY 2022, and 37.0% of net revenue (versus 36.3% for full year 2022), reflecting stronger operating leverage.