Recordati says 9-month sales up 9.9%; net income leaps 19.5%

Italian drugmaker Recordati (REC: MI) has reported financial results for the first nine months of 2016, showing consolidated revenues of 862,4 million euros ($941.7 million), a rise of 9.9% compared with the like 2015 period. The company's shares were up 1.6% at 27.02 euros by end of trading today.

Earnings before interest, taxes, depreciation and amortization (EBITDA) at 2.5% of sales, was 280.0 million euros, an increase of 16.4% over the same period of the preceding year. Operating income, at 29.3% of sales, was 252.4 million euros, an increase of 18.5%. This result includes non-recurring expenses of € 8.6 million due to ancillary costs and charges for organizational restructuring related to the recent acquisitions of Italchimici and Pro Farma. Net income, at 1.1% of sales, was 182.3 million euros, an increase of 19.5% over the first nine months of 2015.