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  • Consolidated revenues € 696.1 million, +6.9%.
  • EBITDA (1) € 260.0 million, +16.1%
  • Operating income € 231.9 million, +14.1%.
  • Net income € 164.2 million, +11.7%.
  • Net financial position (2):  net debt of € 556.4 million.
  • Shareholders’ equity € 927.2 million.

Milan, 26 July 2018 – The Board of Directors of Recordati S.p.A. approved the Group’s consolidated results for the first half 2018 prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IAS/IFRS) and in particular as per IAS 34 requirements for interim reporting. These financial statements will be available today at the company’s offices and on the company’s website ( and can also be viewed on the authorized storage system 1Info ( The independent auditors’ report on the consolidated condensed half-year financial statements will be available within the legal deadline at the company’s offices and on the company’s website ( and can also be viewed on the authorized storage system 1Info (

Financial highlights

  • Consolidated revenues in the first half of 2018 are € 696.1 million, up by 6.9% compared to the same period of the preceding year. International sales grow by 8.2%.
  • EBITDA (1), at 37.4% of sales, is € 260.0 million, an increase of 16.1% over the same period of the preceding year.
  • Operating income, at 33.3% of sales, is € 231.9 million, an increase of 14.1%.
  • Net income, at 23.6% of sales, is € 164.2 million, an increase of 11.7% over the first half of 2017.
  • Net financial position (2) at 30 June 2018 records a net debt of € 556.4 million compared to net debt of € 381.8 million at 31 December 2017. During the period own shares were purchased for an overall disbursement of € 169.8 million, dividends were distributed for an amount of € 87.1 million. Furthermore, the Italian company Natural Point S.r.l. was acquired for a value of € 75 million. Shareholders’ equity is € 927.2 million.


(1) Operating income before depreciation, amortization and write down of both tangible 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.

Corporate development news

In April an agreement with Mylan for the acquisition of the rights to Cystagon® (cysteamine bitartrate), indicated for the treatment of proven nephropathic cystinosis in children and adults, for certain territories, including Europe, was concluded. The product was previously commercialized by Orphan Europe (a Recordati group company) under license from Mylan. The definitive acquisition of the rights allows the Group to continue offering this life-saving treatment to patients.

In June Recordati acquired 100% of the share capital of Natural Point S.r.l., an Italian company, based in Milan, active in the food supplements market. The company realized sales of € 15 million in 2017 and has an excellent profitability profile. The signing and closing of the transaction took place at the same time. Natural Point was established in 1993 with the objective of promoting a culture of healthy use of food supplements. It offers a wide portfolio of very efficacious supplements in highly bioavailable formulations, produced with safe active ingredients, to improve health and well-being. The company’s main product is a particular formulation of magnesium carbonate and citric acid that has the characteristic of being easily assimilated into the body, apart from its having an agreeable flavor.

Management Comments

“The financial results obtained in the first half of the year confirm the continued growth of the Group, with further improvement of its profitability”, declared Andrea Recordati, CEO. “In addition, important initiatives for the future development of the group were concluded. The definitive acquisition of the rights to Cystagon® from Mylan allows us to continue and expand the development of this product and to ensure the availability of this life-saving treatment to patients. The acquisition of Natural Point represents a good opportunity to enhance our presence in the market for food supplements and the Natural Point brands are a valid addition to our portfolio in Italy”, continued Andrea Recordati. “The growth of Group’s business continued during July and for the full year 2018, we confirm the objective to achieve sales ranging from € 1,350 million to € 1,370 million, EBITDA of between € 490 and € 500 million, EBIT of between € 430 and 440 million and net income of between € 310 and 315 million.”

Conference call

Recordati will be hosting a conference call today 26 July 2018 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 800 213 858
UK                                +44 1 212818003, toll free 800 0156384
USA                             +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

A set of slides which will be referred to during the call will be available on our website 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 in the main European countries, in Russia, other Central and Eastern European countries, Turkey, North Africa, the United States of America, Canada, Mexico and in some South American countries.  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 2017 was € 1,288.1 million, operating income was € 406.5 million and net income was € 288.8 million.

For further information:

Recordati website:

Investor Relations                                                                       Media Relations                    
Marianne Tatschke                                                                     Studio Noris Morano                                                           
(39)0248787393                                                                          (39)0276004736, (39)0276004745
e-mail:                                        e-mail:

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.

Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)

INCOME STATEMENTFirst half 2018First half 2017Change %
REVENUE696,054 650,868 6.9 
  Cost of sales(203,013)(196,742)3.2 
GROSS PROFIT493,041 454,126 8.6 
  Selling expenses(172,793)(168,521)2.5 
  Research and development expenses(53,627)(47,152)13.7 
  General & administrative expenses(33,140)(33,841)(2.1)
  Other income (expenses), net(1,550)(1,414)9.6 
OPERATING INCOME231,931 203,198 14.1 
  Financial income (expenses), net(8,458)(6,991)21.0 
PRE-TAX INCOME223,473 196,207 13.9 
  Provision for income taxes(59,285)(49,220)20.4 
NET INCOME164,188 146,987 11.7 
Attributable to:   
Equity holders of the parent164,164 146,967 11.7 
Minority interests24 20 20.0 

EARNINGS PER SHAREFirst half 2018First half 2017Change %

Earnings per share (EPS) are based on average shares outstanding during each year, 205,053,284 in 2018 and 205,984,391 in 2017, net of average treasury stock which amounted to 4.071.872 shares in 2018 and to 3.140.765 shares in 2017.
Diluted earnings per share is calculated taking into account stock options granted to employees.

COMPOSITION OF REVENUEFirst half 2018First half 2017Change %
Total revenue696,054650,8686,9

Pending the completion of independent audit.

Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)

INCOME STATEMENTSecond Quarter 2018Second Quarter 2017Change %
REVENUE329,554 308,928 6.7 
  Cost of sales(93,725)(90,933)3.1 
GROSS PROFIT235,829 217,995 8.2 
  Selling expenses(81,106)(79,900)1.5 
  Research and development expenses(25,963)(23,985)8.2 
  General & administrative expenses(16,768)(16,708)0.4 
  Other income (expenses), net(592)(1,475)(59.9)
OPERATING INCOME111,400 95,927 16.1 
  Financial income (expenses), net(3,602)(5,207)(30.8)
PRE-TAX INCOME107,798 90,720 18.8 
  Provision for income taxes(30,202)(22,248)35.8 
NET INCOME77,596 68,472 13.3 
Attributable to:   
Equity holders of the parent77,584 68,462 13.3 
Minority interests12 10 20.0 

COMPOSITION OF REVENUESecond Quarter 2018Second Quarter 2017Change %
Total revenue329,554308,9286.7

Pending the completion of independent audit.

Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)

Property, plant and equipment101,182103,009
Intangible assets556,210540,565
Equity investments19,59324,171
Non-current receivables5,7765,944
Deferred tax assets77,09769,162
TOTAL NON-CURRENT ASSETS1,361,4491,282,722
Trade receivables264,909244,117
Other receivables28,75039,730
Other current assets8,3684,836
Fair value of hedging derivatives (cash flow hedge)4,1693,825
Short-term financial investments, cash and cash equivalents154,632302,077
TOTAL ASSETS2,015,4162,056,407

EQUITY AND LIABILITIES30.06.2018 31.12.2017 
Share capital26,141 26,141 
Capital in excess of par value83,719 83,719 
Treasury stock(162,627)(17,029)
Hedging reserve(8,341)(5,867)
Translation reserve(139,411)(124,004)
Other reserves37,639 40,684 
Retained earnings925,764 822,154 
Net income for the period164,164 288,762 
Interim dividend0 (87,470)
Minority interest171 147 
SHAREHOLDERS’ EQUITY927,219 1,027,237 
Loans due after one year586,988 612,462 
Employees’ termination pay21,218 21,093 
Deferred tax liabilities16,379 17,554 
Other non-current liabilities2,516 2,515 
Trade payables137,420 141,740 
Other payables83,725 82,779 
Tax liabilities55,550 24,373 
Other current liabilities830 486 
Provisions52,169 48,322 
Fair value of hedging derivatives (cash flow hedge)9,685 9,559 
Loans due within one year59,437 51,710 
Bank overdrafts62,280 16,577 

Pending the completion of independent audit.


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 documental results, books and accounting records.

Thursday, July 26, 2018 - 06:30