Recordati's 2014 earnings up 20%

Italian pharma company Recordati (RECI: MI) saw earnings for 2014 soar by 20%, and is aiming to hit 1 billion euros in profits this year. Revenue was up 4.9% on 2014, now standing at 987.3 million euros ($1.12 billion).

Net income was up 20.6% to 161.2 million euros. Earnings before interest, taxes, depreciation and amortization for the year was 273.8 million euros, an increase of 19% on the previous year.

Giovanni Recordati, chief executive of the company, said: “During the year just ended important initiatives were undertaken for the future development of the company and significant group margin improvement was obtained. In the future we expect to further improve on the profitability margins achieved in 2014”