Recordati dips, despite posting strong first-half results

30 July 2020

Shares of Italian drugmaker Recordati (RECI: MI) were down 2.7% at 45.85 euros today, after it released financials. Consolidated revenues in the first half of 2020 were 760.2 million euros ($895.5 million), up by 2.3% compared to the same period of the preceding year.

International sales grew 4.0%. Included is revenue of 32.8 million euros related to Signifor (pasireotide), Signifor LAR, consolidated starting October 24, 2019, and Isturisa (osilodrostat).

Earnings before interest, taxes, depreciation and amortization (EBITDA) were 311.1 million euros, or 40.9% of sales (37.6% in the first half of 2019), an increase of 11.4%. EBITDA excludes non-recurring costs related to the COVID-19 epidemiological emergency of 4.0 million euros, which comprise mainly donations to hospitals.

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