RECORDATI : POSITIVE FIRST HALF 2012 RESULTS (REVENUE +4.7%, NET INCOME +1.5%)
POSITIVE FIRST HALF 2012 RESULTS (REVENUE +4.7%, NET INCOME +1.5%) THANKS TO THE
GROWTH OF THE INTERNATIONAL BUSINESS (+9.1%)
* Consolidated revenue € 419.9 million, + 4.7%.
* Operating income € 90.2 million, + 2.3%.
* Net income € 63.3 million, + 1.5%.
* Net financial position*: net debt of € 66.6 million.
* Start of phase III clinical trials concerning REC 0482 (NX-1207), an
innovative BPH treatment.
* Six OTC products acquired in Germany.
Milan, 26 July 2012 - The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first half 2012 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, together with the independent auditors'
report on the condensed half-year financial statements, will be available
tomorrow, or at the latest within the legal deadline, at the company's offices
and on the company's website:
http://www.recordati.com/investors/reports/2012.aspx?sc_lang=enand, furthermore,
will also be available on the website of Borsa Italiana S.p.A..
Financial highlights
* Consolidated revenue in the first half 2012 is € 419.9 million, up by 4.7%
compared to the same period of the preceding year. International sales grow
by 9.1%.
* Operating income, at 21.5% of sales, is € 90.2 million, an increase of 2.3%
over the same period of the preceding year.
* Net income at 15.1% of sales is € 63.3 million, an increase of 1.5% over the
first half 2011.
* Net financial position* at 30 June 2012 records a net debt of € 66.6
million. During the period € 21.0 million were paid for the acquisition of
six OTC products in Germany and dividends for a total of € 21.3 million were
distributed. Shareholders' equity increases to € 646.8 million.
* Cash and short-term financial investments net of bank overdrafts and
medium/long-term loans which include the measurement at fair value of hedging
derivatives (fair value hedge).
Business development news
In February the activities for the preparation of a European Phase III clinical
trial for REC 0482 (NX-1207), following the successful completion of a
Scientific Advice meeting with the European Medicines Agency (EMA) were
initiated. The pivotal controlled clinical trial will assess the efficacy and
safety of a single TRUS-guided intraprostatic injection of the drug in patients
with lower urinary tract symptoms (LUTS) associated with BPH not adequately
controlled by medical therapy. A European licensing agreement for the
development and commercialization of NX-1207 was signed in 2010 by Recordati and
Nymox Pharmaceutical Corporation. Under the terms of the agreement Recordati
received exclusive rights to develop and subsequently market and sell the drug
in Europe including Russia and the CIS, the Middle East, South Africa and the
Maghreb area of North Africa.
During April the marketing authorizations, the trademarks and additional assets
concerning six OTC pharmaceuticals for Germany were acquired from Cilag GmbH
International and McNeil GmbH & Co. oHG. The products acquired are JHP-Rödler®
(mint oil indicated for digestive disorder, headache, cough and cold), Betadorm®
D (diphenhydramine HCl indicated for sleep disorders), Rhinopront®
(pseudoephedrine+triprolidine indicated for rhinitis and head colds), Collomack®
Topical (salicylic acid solution, an anti-corn preparation), Tirgon® (bisacodyl
for constipation) and Xitix® (vitamin C lozenges to treat vitamin C deficiency).
Estimated 2012 sales for the six products are of around € 6 million.
Management Comments
"The first half of 2012 was positive thanks to the continued development of the
Group's international business. In particular, our presence in Turkey has
increased and our sales in Russia, where Recordati's original products have
recently been launched, are growing significantly" declared Giovanni Recordati,
Chairman and CEO. "The group's business performance was in line with
expectations during July. For the full year 2012 we expect to achieve revenues
between € 810 and € 830 million, operating income between € 160 and € 170
million and net income between € 115 and € 120 million, in line with the targets
already announced".
Conference call
Recordati will be hosting a conference call today 26 July 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 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 1 212818003, toll free 800 0156384
USA Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +1 718 7058794, toll free 855 2656959
France                       +33 170918703
Germany                  +49 65 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 a European pharmaceutical group, listed on
the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT
0003828271), with a total staff of over 3,200, dedicated to the research,
development, manufacturing and marketing of pharmaceuticals. Headquartered in
Milan, Italy, Recordati has operations in the main European countries, in
Central and Eastern Europe, and in Turkey. A field force of around 1,700
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 from companies which do not have a
European presence. Recordati is committed to the research and development of
new drug entities within the cardiovascular and urogenital therapeutic areas and
of treatments for rare diseases. Consolidated revenue for 2011 was € 762.0
million, operating income was € 163.5 million and net income was € 116.4
million.
For further information:
Recordati website:Â www.recordati.com
Investor Relations                                       Media
Relations
Marianne Tatschke                                       Ketchum
Pleon
(39)0248787393 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Cristina Risciotti,
(39)0262411919, cristina.risciotti@ketchum.it
e-mail: inver@recordati.it                                       Marzia
Ongaretti, (39)0262411915,
marzia.ongaretti@ketchum.it
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.
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