Recordati S.p.A. : RESULTATS POSITIFS POUR LE PREMIER TRIMESTRE 2007. CHIFFRE D'AFFAIRES : 163,4 MILLIONS D'EUROS, EBIT : 37,1 MILLIONS D'EUROS, RESULTAT NET : 23,5 MILLIONS D'EUROS

• Chiffre d'affaires consolidé, 163,4 millions d'euros, + 1,1 %.
• Ventes pharmaceutiques, 153,7 millions d'euros, + 0,7%.
• Ventes internationales, 106,3 millions d'euros, + 8,2%
• Résultat d'exploitation, 37,1 millions d'euros, + 7,6%.
• Résultat net, 23,5 millions d'euros, + 10,4%.
• Position de trésorerie nette de 42,5 millions d'euros.

Milan, le 3 mai 2007 – Le Conseil d'Administration de Recordati S.p.A a approuvé les résultats consolidés du Groupe pour le premier trimestre 2007 préparés conformément à la norme comptable internationale IAS34 Information financière intermédiaire.

Faits financiers marquants

• In the first quarter consolidated revenue is € 163.4 million, an increase of 1.1% over the same period of the preceding year. Pharmaceutical sales are € 153.7 million, an increase of 0.7%, and include the recently acquired Portuguese business. Pharmaceutical chemicals sales are € 9.7 million, an increase of 6.3%. International sales are € 106.3 million, an increase of 8.2%, and now represent 65% of total revenue. Sales in Italy are down by 10.0% mainly due to the price cuts imposed in the second half 2006.

• Operating income, at 22.7% of sales, is € 37.1 million, an increase of 7.6% over the first quarter of the preceding year. The operating margin improvement is mainly due to the reduction in selling expenses while R&D expenditure increased by 10.5%.

• Net income is € 23.5 million, an increase of 10.4%, more than the increase in operating income due to lower financial expenses and an improved tax rate.

• The net financial position at 31 March 2007 is cash positive by € 42.5 million, an increase of € 20.1 million over that at 31 December 2006 which is to be attributed to cash flow generated by operations. Shareholders' equity increased and is € 390.3 million.

Business development news

• In January Recordati Ireland Ltd. initiated commercial operations in the Irish pharmaceutical market where Zanidip® (lercanidipine) is now promoted directly by this subsidiary following the termination of the agreement with the previous licensee.

• In February a non-exclusive agreement was signed with Meda, an international pharmaceutical company, for the marketing and sale in Germany of our new antihypertensive drug which combines lercanidipine and enalapril. The product was launched in April by our subsidiary Merckle Recordati under the brand Zanipress® and by Meda as Zaneril®.

Management comments

"The Group's first quarter results were particularly positive and the best ever achieved in a single quarter" declared Giovanni Recordati, Chairman and CEO. "The significant contribution of our international business is further confirmation of the validity of our international development strategy which we will continue to pursue with even more conviction".

Conference call

Recordati will be hosting a conference call today 3 May 2007 at 4:00 pm Italian time, 3:00 pm London time and 10:00 am New York time. Dial-in numbers are:

Italy +39 02 802 09 11
UK +44 208 7929 750
USA +1 866 2396 425
France +33 170 700 532
Germany +49 69 2222 2225

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.

Callers are invited to dial-in 10 minutes before conference time and ask for the Recordati conference call. If conference operator assistance is required during the connection please digit * followed by 0. A recording of the conference call will be placed on the website www.recordati.com .

Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), dedicated to the research, development, manufacturing and marketing of pharmaceuticals, with headquarters in Milan, Italy, operations in the main European countries, and a total staff of over 2,000. A European field force of over 1,000 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas. Recordati's current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research of new drug entities within the cardiovascular and urogenital therapeutic areas in which its research team has proven scientific competence and a track record of discovery and development of original drugs, the most recent of which, lercanidipine, a latest generation calcium channel blocker for the treatment of hypertension, is the company's leading product. Consolidated revenue for 2006 was € 576.2 million, operating income was € 120.3 million and net income was € 74.0 million.

For further information:

Recordati website: www.recordati.com

Investor Relations
Marianne Tatschke
(39)0248787393
e-mail: [email protected]

Media Relations
Claudio Rossetti (Echo Comunicazione d'Impresa)
(39)02 62694736
e-mail: [email protected]

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.

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