Strong sales and earnings growth for Recordati in first-half 2019

Italian drugmaker Recordati (RECI: MI) has posted financials for the first half of 2019, showing that consolidated revenues grew 6.8% year-on-year to 743.3 million euros ($828.0 million), with international sales up 6.9%.

Earnings before interest, tax, depreciation and amortization (EBITDA), at 37.6% of sales, were 279.3 million euros, an increase of 7.4% over the first half of 2018. Operating income, at 32.6% of sales, was 242.6 million euros, an increase of 4.6%. Net income, at 23.4% of sales, was 174.3 million euros, an increase of 6.1% over the first half of 2018.

“The financial results obtained in the first half of the year confirm the continued growth of the Group,” said chief executive Andrea Recordati, adding: “Furthermore, important initiatives were undertaken aimed at growing our rare diseases business globally. In addition to the exclusive license to Juxtapid [lomitapide] in Japan, in July an agreement was signed for the acquisition of two products, Signifor [pasireotide] and Signifor LAR, as well as an innovative investigational drug, osilodrostat, for rare diseases in the area of endocrinology. This transaction is a key step in the achievement of our three-year business plan as we are very confident in the further growth opportunity of the Signifor franchise and excited by the growth potential of osilodrostat on a worldwide basis. These two products together could generate annual peak sales in excess of $200 million.”