RECORDATI: PRELIMINARY 2019 RESULTS CONFIRM CONTINUED GROWTH OF SALES AND PROFITS. SALES +9.6%. EBITDA +9.0%
14 Febbraio 2020 - 2:11PM
RECORDATI: PRELIMINARY 2019 RESULTS CONFIRM CONTINUED GROWTH OF
SALES AND PROFITS. SALES +9.6%. EBITDA +9.0%
RECORDATI: PRELIMINARY 2019 RESULTS
CONFIRM CONTINUED GROWTH OF SALES AND PROFITS.
SALES +9.6%. EBITDA +9.0%.
- Consolidated revenues € 1,481.8 million, +9.6%.
- EBITDA (1) € 544.0 million, +9,0%.
- Operating income € 465.3 million, +5.2%.
- Net income € 368.8 million, +18.1%, includes an extraordinary
tax benefit of € 27.0 million from the so-called “patent box”
agreed with the Italian tax authorities in December 2019. Excluding
this benefit net income would have been € 341.9 million,
+9.4%.
- Net financial position (2): net debt of € 902.7
million.
- Acquisition of global rights to Signifor®, Signifor® LAR
(pasireotide) and Isturisa® (osilodrostat) from Novartis completed
on 23 October 2019. Isturisa® approved in EU in January 2020 for
Cushing’s syndrome.
- Objectives for 2020 target further growth of revenues and
EBITDA(1) in line with the three year business plan.
Milan, 14 February 2020 – The Board of Directors
of Recordati S.p.A. examined the preliminary consolidated results
for 2019 and 2020 objectives. The company’s definite
consolidated annual financial reports will be submitted to the
Board for approval on 18 March 2020.
Financial
highlights
- Consolidated revenues in 2019 are € 1,481.8
million, up by 9.6% compared to the preceding year. International
sales grow by 10.7%.
- EBITDA (1), at 36.7% of sales, is € 544.0
million, an increase of 9.0% over 2018.
- Operating income, at 31.4% of sales, is €
465.3 million, an increase of 5.2% over the preceding year.
- Net income, at 24.9% of sales, is € 368.9
million, a significant increase of 18.1% over 2018, due to
operating income growth and to the tax benefit from the so-called
“patent box” agreed with the Italian tax authorities in December
2019. The total benefit amounts to € 35.3 million of which € 27
million from previous years and € 8.3 million related to 2019.
Excluding benefit related to prior years net income would have been
€ 341.9 million, up 9.4% and 23.1% of sales.
- Net financial position (2) at 31 December 2019
records a net debt of € 902.7 million compared to net debt of €
588.4 million at 31 December 2018 reflecting dividends distributed
for an amount of € 190.9 million and payments for an important
acquisition, milestones and licenses for a total of € 425
million.
(1) Net income before net interest, provision
for taxes, depreciation, amortization and write down of both
property, plant and equipment and intangible assets.(2) Cash and
short-term financial investments less bank overdrafts and
medium/long-term loans which include the measurement at fair value
of hedging derivatives.
Management Comments
“During the year just ended significant results
were obtained and important transactions concluded for the growth
and the reinforcement of our group” declared Andrea Recordati,
Chief Executive Officer. “Thanks to the quality of our product
portfolio we grow in all the main geographic areas both with our
Specialty and Primary Care business as well as with our business
dedicated to rare diseases. To further reinforce the Group, the
most significant transaction is the agreement with Novartis for the
acquisition of worldwide rights to Signifor® and Signifor® LAR® for
the treatment of Cushing’s disease and acromegaly. The agreement,
which was completed in October, also covers the acquisition of
worldwide rights to Isturisa® (osilodrostat), an investigational
innovative drug for the treatment of endogenous Cushing’s syndrome,
approved by the European Commission in January 2020 and filed in
the USA. These important additions to our product portfolio of
treatments for severe rare diseases represent a fundamental step in
the execution of our strategy to become a true global player in the
treatment of rare diseases and to continue providing innovative
therapeutic solutions for patients with rare serious conditions and
unmet medical needs,” continued Andrea Recordati. “We are very
pleased with the success and excellent results obtained in 2019.
Going forward we will continue to develop the business, both
organically as well as through a focused acquisition strategy, with
the objective of strengthening our product portfolio and further
reinforcing our pipeline, especially in the rare disease business
segment. 2020 is going to be an important year of investment behind
these new opportunities and of continued growth, in which we aim to
achieve sales ranging from € 1,550 million to € 1,580 million,
EBITDA of between € 580 and € 590 million, EBIT of between € 490
and € 500 million and net income of between € 360 and € 370
million.”
Declaration by the Manager responsible
for preparing the company’s financial reports
The manager responsible for preparing the
company’s financial reports, Fritz Squindo, declares, pursuant to
paragraph 2 of Article 154-bis of the Consolidated Law on Finance,
that the accounting information contained in this press release
corresponds to the document results, books and accounting
records.
Conference call
Recordati will be hosting a conference call
today 14 February at 4:00 pm Italian time (3:00 pm
London time, 10:00 am New York time). The dial-in numbers are:
Italy
+39 02 8058811, toll free 800 213 858UK
+44 1 212818003, toll free 800 0156384USA
+1 718 7058794, toll free 855 2656959 France
+33 170918703 Germany
+49 69
255114451
Callers are invited to dial-in 10 minutes before
conference time. If conference operator assistance is
required during the connection, please digit * followed by 0 or
call +39 02 8061371. A recording of the conference call will
be placed on the website www.recordati.com.
A set of slides which will be referred to during
the call will be available on our website www.recordati.com under
Investors/Company Presentations.
Recordati, established in 1926,
is an international pharmaceutical group, listed on the Italian
Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT
0003828271), with a total staff of more than 4,100, dedicated to
the research, development, manufacturing and marketing of
pharmaceuticals. Headquartered in Milan, Italy, Recordati has
operations throughout the whole of Europe, including Russia,
Turkey, North Africa, the United States of America, Canada, Mexico,
some South American countries, Japan and Australia. An
efficient field force of medical representatives promotes a wide
range of innovative pharmaceuticals, both proprietary and under
license, in a number of therapeutic areas including a specialized
business dedicated to treatments for rare diseases. Recordati is a
partner of choice for new product licenses for its territories.
Recordati is committed to the research and development of new
specialties with a focus on treatments for rare diseases.
Consolidated revenue for 2018 was € 1,352.2 million, operating
income was € 442.2 million and net income was € 312.4 million.
For further information:
Recordati website: www.recordati.com
Investor Relations
Media
Relations
Marianne
Tatschke
Studio Noris
Morano
(39)0248787393
(39)0276004736, (39)0276004745e-mail: investorelations@recordati.it
e-mail:
norismorano@studionorismorano.com
Statements contained in this release, other than historical facts,
are "forward-looking statements" (as such term is defined in the
Private Securities Litigation Reform Act of 1995). These statements
are based on currently available information, on current best
estimates, and on assumptions believed to be reasonable. This
information, these estimates and assumptions may prove to be
incomplete or erroneous, and involve numerous risks and
uncertainties, beyond the Company’s control. Hence, actual results
may differ materially from those expressed or implied by such
forward-looking statements. All mentions and descriptions of
Recordati products are intended solely as information on the
general nature of the company’s activities and are not intended to
indicate the advisability of administering any product in any
particular instance.
- Preliminary 2019 results and 2020 targets
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