RECORDATI: VERY GOOD RESULTS IN THE FIRST HALF 2017. CONTINUED GROWTH IN SALES +10.7%, OPERATING INCOME +19.4%, NET INCOME +19.8%
(Thomson Reuters ONE) -
* Consolidated revenues ? 650.9 million, +10.7%.
* EBITDA((1)) ? 224.0 million, +19.1%
* Operating income ? 203.2 million, +19.4%.
* Net income ? 147.0 million, +19.8%.
* Net financial position((2)): net debt of ? 356.3 million.
* Shareholders' equity ? 991.1 million.
* Full year 2017 targets increased: sales between ? 1,290 and ? 1,300 million,
EBITDA((1)) between ? 450 and ? 460 million, operating income between ? 400
and ? 410 million and net income between ? 290 and ? 295 million.
Milan, 27 July 2017 - The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first half 2017 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 (www.recordati.com) and can also be viewed
on the authorized storage system 1Info (www.1Info.it). 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 (www.recordati.com) and can also be viewed on the authorized
storage system 1Info (www.1Info.it).
Financial highlights
* Consolidated revenues in the first half 2017 are ? 650.9 million, up by
10.7% compared to the same period of the preceding year. International sales
grow by 9.2%.
* EBITDA((1)), at 34.4% of sales, is ? 224.0 million, an increase of 19.1%
over the same period of the preceding year.
* Operating income, at 31.2% of sales, is ? 203.2 million, an increase of
19.4%.
* Net income, at 22.6% of sales, is ? 147.0 million, an increase of 19.8% over
the first half of 2016.
* Net financial position((2)) at 30 June 2017 records a net debt of ? 356.3
million compared to net debt of ? 198.8 million at 31 December 2016. During
the period dividends were distributed and the acquisition of the marketing
rights to the metoprolol based products from AstraZeneca was concluded for
an overall disbursement of ? 324.9 million. Shareholders' equity increases
to ? 991.1 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 January the European Union Commission granted the European marketing
authorization for its orphan medicinal product Cystadrops® 3.8mg/mL. Cystadrops®
is the first eye-drop solution containing cysteamine hydrochloride approved in
the European Union for "the treatment of corneal cystine crystal deposits in
adults and children from 2 years of age with cystinosis". The European
Commission had granted Cystadrops® orphan drug designation in November 2008.
Cystadrops® eye-drop solution was developed specifically for cystinosis patients
by Orphan Europe (Recordati Group). Cystinosis is a rare congenital lysosomal
storage disorder recognized as a severe life threatening condition. It is
characterized by an accumulation of cystine crystals which negatively affects
all organs in the body, especially the kidneys and eyes. Cystinosis benefits
from systemic treatment with cysteamine orally administered. However, oral
cysteamine does not adequately address ocular cystinosis because of the non-
vascularization of cornea. Without a proper, continued, local eye treatment,
cystine crystals accumulate in the cornea, leading to severe consequences and
possibly to blindness in the long term.
In February an exclusive worldwide licensing agreement covering the know-how
developed by the Meyer Hospital in Florence (Italy) for the development of a
treatment for pre-term babies affected by retinopathy of prematurity (ROP) was
signed. The treatment is currently being investigated in a phase II clinical
trial by the Meyer Hospital, while Recordati will complete the clinical
development and the regulatory steps necessary to obtain the marketing approval
for the drug. Retinopathy of prematurity (ROP) is a potentially blinding eye
disorder that primarily affects premature infants weighing about 1.25 kg or less
that are born before 31 weeks of gestation This disorder, which usually develops
in both eyes, is a rare condition, however presenting as one of the most common
causes of visual loss in childhood that can lead to lifelong vision impairment
and blindness. Furthermore, within the deal, Recordati shall support other Meyer
projects in the rare disease area over a period of three years based on a
mutually agreed plan. This collaboration between public and private institutions
recognizes the important results obtained by the internal research conducted by
the pediatric hospital in Florence.
In May Recordati signed an agreement with AstraZeneca for the acquisition of the
rights to Seloken®/Seloken® ZOK (metoprolol succinate) and associated Logimax®
fixed dose combination (metoprolol succinate and felodipine) treatments in
Europe. The transaction was successfully concluded on 30 June (on 10 July for
part of the transaction related to Romania). The consideration for the
acquisition of the assets is of $ 300 million (? 267 million). In addition,
royalties for the use of the existing product brands will be due to AstraZeneca
for an agreed period. Overall net sales in Europe in 2016 of the brands object
of the transaction are of around ? 100 million. Metoprolol succinate is a beta-
blocker mainly indicated for the control of a range of conditions including
hypertension, angina pectoris, disturbances of cardiac rhythm, maintenance
treatment after myocardial infarction, and functional heart disorders with
palpitations. It is a widely used drug in all European countries which will
enable us to reinforce our product portfolios in a number of our European
subsidiaries, in particular in Poland, France and Germany. Furthermore, existing
sales of the metoprolol brands will provide the base to enter new markets and
thus complete our European geographical footprint. Recordati has significant
experience in the marketing of treatments for cardiovascular disease with an
existing portfolio of medicines for hypertension and related conditions as well
as an established salesforce across European markets.
On May 31, 2017, Recordati S.p.A. issued and privately placed a bond for a total
of ? 125.0 million with Pricoa Capital Group. The main terms and conditions
provide for a 2.07% fixed interest rate and a duration of 15 years with
repayment in annual instalments starting on 31 May 2025. The transaction, the
object of which is to provide the necessary liquidity to support the growth of
the group, was able to take advantage of the favourable market conditions.
In June Recordati signed an exclusive license agreement with MimeTech, an
Italian development stage company founded by scientists from the University in
Florence, for the development and subsequent commercialization on a global basis
of a low molecular weight peptidomimetic of human nerve growth factor (NGF) for
the treatment of neurotrophic keratitis, which already received an Orphan Drug
Designation in the EU. Additional indications linked to NGF defects are also
contemplated in the scope of the partnership. Under the terms of the agreement
Recordati made an upfront payment upon signature of the contract and further
milestone payments shall be linked to the development process and commercial
performance. Neurotrophic keratitis is a rare degenerative corneal disease which
in its more severe forms affects less than one person out of 10,000 worldwide,
and is initiated by an impairment of trigeminal nerve. Impairment or loss of
corneal sensory innervation is responsible for corneal epithelial defects,
ulcer, and perforation. The most common causes of loss of corneal innervation
are: viral infection (herpes simplex and herpes zoster keratoconjunctivitis),
chemical burns, physical injuries, and corneal surgery. Neuroma, meningioma, and
aneurysms may also determine a compression of the trigeminal nerve or ganglion
and produce an impairment of corneal sensitivity. Furthermore, systemic diseases
such as diabetes, multiple sclerosis, and leprosy may decrease sensory nerve
function or damage sensory fibres compromising corneal sensitivity. The corneal
epithelium is the first cell layer of the disease showing changes and defects,
with poor predisposition to self-healing. The progression of the disease may
lead to corneal ulcers, melting, and perforation leading to dramatic impairment
to patients' sight.
Subsequent events
During July Gedeon Richter Plc. was granted marketing authorization from the
European Commission for Reagila® (cariprazine), a novel antipsychotic for the
treatment of schizophrenia in adult patients, valid for all European Union
Member States. In August 2016 Richter and Recordati signed an exclusive license
agreement to commercialize cariprazine in Western Europe, Algeria, Tunisia and
Turkey.
Management Comments
"The financial results obtained in the first half of the year confirmed the
continued growth of the group, with revenues and profitability increasing
strongly", declared Andrea Recordati, Vice Chairman and CEO. "Furthermore,
important development initiatives for further growth were undertaken. In
addition to the marketing approval for Cystadrops® and the agreement with the
Meyer Hospital in Florence, an agreement was signed with AstraZeneca for the
acquisition of the European marketing rights to their metoprolol based products
which will contribute to significantly reinforce our presence in Europe. More
recently, an exclusive license agreement was signed with MimeTech for the
development and subsequent marketing on a global basis of a new compound for the
treatment of neurotrophic keratitis and, in July the European Commission
approved the marketing of Reagila®, a novel antipsychotic for the treatment of
schizophrenia in adults," continued Andrea Recordati. "The group's business
continued to perform very well during July and for the full year 2017, including
the consolidation as from this month of the sales of the metoprolol based
products acquired from AstraZeneca, our expectation is to achieve sales of
between ? 1,290 and 1,300 million, EBITDA of between ? 450 and 460 million, EBIT
of between ? 400 and 410 million and net income of between ? 290 and 295
million."
Conference call
Recordati will be hosting a conference call today 27 July 2017 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 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 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 2016 was ? 1,153.9 million, operating income was ? 327.4 million and net
income was ? 237.4 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media
Relations
Marianne Tatschke
Studio Noris Morano
(39)0248787393
(39)0276004736, (39)0276004745
e-mail: investorelations(at)recordati.it e-
mail: norismorano(at)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.
First half 2017 results:
http://hugin.info/143644/R/2123550/810005.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RECORDATI via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2017 - 11:24 Uhr
Sprache: Deutsch
News-ID 554133
Anzahl Zeichen: 16398
contact information:
Town:
MILANO
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 278 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"RECORDATI: VERY GOOD RESULTS IN THE FIRST HALF 2017. CONTINUED GROWTH IN SALES +10.7%, OPERATING INCOME +19.4%, NET INCOME +19.8%"
steht unter der journalistisch-redaktionellen Verantwortung von
RECORDATI (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
