Recordati returns to growth, with first-half beating analysts' expectation
Italian drugmaker Recordati (RECI: MI) today posted financial results for the first half of 2021, showing the company is returning to growth.
Consolidated revenue, at 770.8 million euros ($909.5 million), was up by 1.4% (+4.9% at constant exchange rate) over the same period of the previous year reflecting adverse currency exchange rate effect of around 26.8 million euros and the contribution from Eligard (leuprorelin acetate) for 36.8 million euros (acquired under licence from Tolmar International in January). Revenues were ahead of consensus forecasts of 752 million euros.
Net of these effects, growth for the first half was at 0.1%, which, however, reflects the loss of exclusivity in 2020 of Urorec (silodosin) and Livazo (pitavastatin) decrease of 19.8 million euros and the impact of the pandemic, especially on seasonal flu medications.
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