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-Chiffre d'affaires consolidé: 508, 2 millions d'euros, + 9,0 %.
- Ventes pharmaceutiques : 485,0 millions d'euros, + 10,1 %.
- Ventes internationales : 352,5 millions d'euros (69, 4% des ventes totales), + 12,5 %.
- Résultat d'exploitation : 111,3 millions d'euros, + 10,3 %.
- Résultat net : 76,6 millions d'euros, + 19,6 %.
- Position financière nette* de 43,5 millions d'euros.
-Acquisition de FIC et FIC Médical présents en Russie et dans les états de la CEI.
- Finalisation de la procédure de reconnaissance mutuelle pour l'approbation du nouveau produit basé sur la combinaison fixe de lercanidipine et d'énalapril dans L'Union Européenne.
- Vente de l'activité de Jaba Recordati au Portugal
- Evénements postérieurs : Obtention de la licence européenne pour la pitavastatine, un nouveau médicament pour réduire le cholestérol.
- Acquisition de Yeni Ilaç en Turquie.
- Présentation du business plan 2009-2011 le 18 décembre 2008.
Milan, 29 October 2008 - The Board of Directors of Recordati S.p.A. approved the first nine months 2008 financial report which was prepared pursuant to Article 154-ter of Legislative Decree 58/1998 and is consistent with applicable international financial accounting standards adopted by the European Union in EC Regulation 1606/2002 issued by the European Parliament and the Council of the European Union on 19 July 2002 - in particular, the requirements of IAS 34: Interim Reporting.
First nine months financial highlights
- In the first nine months 2008 consolidated revenue is E 508.2 million, an increase of 9.0% over the same period of the preceding year. Pharmaceutical sales are E 485.0 million, an increase of 10.1% and include the Orphan Europe group of companies acquired at the end of 2007. The growth is to be attributed to international sales which are up 16.5% while sales in Italy are down by 2.0% due to a negative price effect. Pharmaceutical chemicals sales are E 23.2 million, down by 10.8%.
- Operating income, at 21.9% of sales, is E 111.3 million, an increase of 10.3% over the first nine months of the preceding year. Gross margin reached 68.2% of sales due to a favourable product mix.
- Net income is E 76.6 million, an increase of 19.6% more than the increase in operating income thanks to a lower tax rate.
- The net financial position* at 30 September 2008 is a net debt of E 43.5 million, a reduction of E 53.6 million as compared to the net debt position at 31 December 2007. Shareholders' equity further increased and is E 426.2 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
- During January an exclusive license agreement was signed with a subsidiary of Watson Pharmaceuticals, Inc. a U.S. pharmaceutical company, for the marketing and sale in 29 European countries of Kentera®, a bi-weekly oxybutynin transdermal patch indicated for the symptomatic treatment of urge incontinence and/or increased urinary frequency and urgency as may occur in patients. Kentera® is on the market in a number of countries. The acquisition of Kentera® reinforces Recordati's focus in the urology area where it is developing silodosin, indicated for the treatment of benign prostate hypertrophy, due for filing in Europe in the fourth quarter of 2008.
- In February a semi-exclusive licensing agreement was entered into with Menarini, the leading Italian pharmaceutical group, for the marketing and sales of frovatriptan, a medicine belonging to the triptan group of drugs indicated for the acute treatment of migraine attacks with or without aura, in France and Greece. Frovatriptan is a selective 5HT1B/1D receptor agonist. Frovatriptan is distinguished from other triptans by its long half-life (26 hours) which ensures long-lasting clinical efficacy and reduces the recurrence rate of migraine attacks. The product is already approved in the licensed markets and is sold there by Menarini under a different brand. Recordati launched its own brand in France in September while the launch in Greece is expected to take place at the beginning of 2009.
- In March the French companies FIC and FIC Médical which are dedicated to the registration and the promotion of pharmaceutical products on behalf of third party companies in Russia and other Commonwealth of Independent States (C.I.S.) countries were acquired. FIC Médical, headquartered in Paris, is present in Russia, Ukraine, Kazakhstan, Belarus, Azerbaijan, Georgia and Armenia. The company's business is carried out by around 200 people, of which 150 are medical representatives. The price of the acquisition is E 12 million, of which E 9 million were paid upon signing the agreement while E 3 million are due over a period of three years contingent upon certain conditions. FIC Médical's organization will be the base upon which Recordati will develop its own presence in Russia and in the C.I.S. markets, driven, among others, by the enhancement of the product portfolio through the launch of its new original products.
- Also in March the mutual recognition process for the approval throughout the European Union, in Norway and in Iceland, of Recordati's new antihypertensive specialty based on a fixed combination of lercanidipine and enalapril was completed. Germany acted as Reference Member State and the 28 Concerned Member States decided to recognize the approval granted in 2006 by the German medicines agency (BfArM) of this new product in its two dosage forms containing lercanidipine 10mg/enalapril 10mg and lercanidipine 10mg/enalapril 20mg. The product is already on the market in Germany as from 2007 and sales are growing. Launches in all these countries, in which lercanidipine has already obtained the physicians' appreciation, will initiate gradually as from the beginning of 2009. During May our licensee Solvay Biosciences launched this new combination product in Australia under the brand Zan-Extra®. This product, which is designed to meet the requirements of the modern guidelines for the treatment of hypertension, represents an important opportunity for the group to further develop its lercanidipine business, also in view of the compound's patent expiry in the main European countries at the beginning of 2010.
- During June Jaba Recordati's pharmaceutical manufacturing business, which includes third party production, in Sintra, Portugal was split out into a new company (Atlantic Pharma S.A.), 90% of which was subsequently sold to Tecnimede, a Portuguese pharmaceutical group. The transfer involved the property, plant and equipment, the 120 staff employed in manufacturing activities and the working capital allocated to production. The price of the transaction is E 25.1 million which gave rise to a E 8.3 million capital gain.
Subsequent events and business outlook
In October a new agreement with the Japanese pharmaceutical company Kowa for the marketing and sales of pitavastatin in France, Spain, Portugal, Greece, Ireland, Cyprus, Turkey, Russia and C.I.S. countries, as well as in Italy, was signed. Pitavastatin is a novel "statin" for the treatment of hypercholesterolaemia. The request for approval dossier was submitted by Kowa at the end of August in 7 of the EU countries covered by the agreement using the decentralized procedure (DCP). Seeking approval in the remaining countries will be Recordati's responsibility. Launch by Recordati in the territories covered by the new agreement is expected to take place as from the second half 2010.
An agreement for the acquisition of Yeni Ilaç, a Turkish pharmaceutical company with headquarters near Istanbul, was also signed in October. The price to be paid of E 48 million will be funded from existing liquidity. The closing of the transaction, expected to take place before the end of 2008, is subject to certain conditions, including clearance by the relevant competition authorities.
The group's business performance was in line with expectations during October. Performance during the fourth quarter of the year is also expected to be good and we are therefore confident that our objectives for the full year 2008 which are to achieve revenue and earnings growth of 10% and net income of E 100 million will be met.
Stock options granted
Furthermore, the Board of Directors resolved to grant 3,875,000 stock options under the 2006-2009 Stock Option Plan approved by the Shareholders' Meeting of 6 April 2006, to 95 group managers (see table attached). The options may be exercised only if certain consolidated net income objectives are reached. The strike price is the average market price of the share over the period between the date of grant and the same day of the preceding month. The characteristics of the plan are described in the information document issued on 17 September 2007 and available on the company's website http://www.recordati.com/rec_en/investors/releases/2007/2007-09-17/2007-09-17.pdf.
Management comments
"During the year important initiatives for the development of our group were undertaken", stated Giovanni Recordati, Chairman and Chief Executive Officer. "With the acquisition of FIC and now of Yeni Ilaç we have secured a direct presence in Russia and in Turkey, two fast growing pharmaceutical markets. With the approval of our new antihypertensive product and the license to pitavastatin obtained from Kowa we have reinforced our product portfolio. The transactions completed this year, together with the acquisition of Orphan Europe in 2007, and further ongoing initiatives which we expect to complete shortly, allow us to be confident of our development into the future. Therefore, on the 18th of December we will present our 2009-2011 business plan, which will illustrate the development of our business and our strategy for maintaining profitability in the future, to the financial community."
Conference call
Recordati will be hosting a conference call today 29 October 2008 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). The conference ID is 68407080 and dial-in numbers are:
Italy +39 02 36005955
UK +44 (0) 1452 587 427
USA 18665516755
France +33 (0) 170751217
Germany +49 (0) 6922227071
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 state the ID number 68407080. If conference operator assistance is required during the connection please digit * followed by 0 or call +44 1452 553 456. 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 2,400. A European field force of over 1,300 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'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 2007 was E 628.4 million, operating income was E 131.5 million and net income was E 84.9 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 E)
+------------------------------------+-------------------------+-------------------------+-----------+
| INCOME STATEMENT | First nine months 2008 | First nine months 2007 | Change % |
+------------------------------------+-------------------------+-------------------------+-----------+
| REVENUE | 508,242 | 466,407 | 9.0 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Cost of sales | (161,629) | (150,452) | 7.4 |
+------------------------------------+-------------------------+-------------------------+-----------+
| GROSS PROFIT | 346,613 | 315,955 | 9.7 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Selling expenses | (160,871) | (150,955) | 6.6 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Research and development expenses | (42,272) | (36,867) | 14.7 |
+------------------------------------+-------------------------+-------------------------+-----------+
| General & administrative expenses | (29,484) | (24,667) | 19.5 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Other income (expenses), net | (2,716) | (2,569) | 5.7 |
+------------------------------------+-------------------------+-------------------------+-----------+
| OPERATING INCOME | 111,270 | 100,897 | 10.3 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Financial income (expenses), net | (5,842) | (3,127) | 86.8 |
+------------------------------------+-------------------------+-------------------------+-----------+
| PRE-TAX INCOME | 105,428 | 97,770 | 7.8 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Provision for income taxes | (28,843) | (33,733) | (14.5) |
+------------------------------------+-------------------------+-------------------------+-----------+
| NET INCOME | 76,585 | 64,037 | 19.6 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Attributable to: | | | |
+------------------------------------+-------------------------+-------------------------+-----------+
| Equity holders of the parent | 76,582 | 64,037 | 19.6 |
+------------------------------------+-------------------------+-------------------------+-----------+
| Minority interests | 3 | 0 | n.s. |
+------------------------------------+-------------------------+-------------------------+-----------+
+---------------------+-------------------------+-------------------------+-----------+
| EARNINGS PER SHARE | First nine months 2008 | First nine months 2007 | Change % |
+---------------------+-------------------------+-------------------------+-----------+
| Basic | E 0.390 | E 0.321 | 21.5 |
+---------------------+-------------------------+-------------------------+-----------+
| Diluted | E 0.383 | E 0.313 | 22.4 |
+---------------------+-------------------------+-------------------------+-----------+
Earnings per share (EPS) are based on average shares outstanding during each year, 196,588,403 in 2008 and 199,428,481 in 2007, net of average treasury stock which amounted to 11,472,355 in 2008 and 7,452,602 in 2007. Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.
+---------------------------+-------------------------+-------------------------+-----------+
| COMPOSITION OF REVENUE | First nine months 2008 | First nine months 2007 | Change % |
+---------------------------+-------------------------+-------------------------+-----------+
| Pharmaceuticals | 485,020 | 440,378 | 10.1 |
+---------------------------+-------------------------+-------------------------+-----------+
| Pharmaceutical chemicals | 23,222 | 26,029 | (10.8) |
+---------------------------+-------------------------+-------------------------+-----------+
| TOTAL | 508,242 | 466,407 | 9.0 |
+---------------------------+-------------------------+-------------------------+-----------+
| - of which International | 352,479 | 313,262 | 12.5 |
+---------------------------+-------------------------+-------------------------+-----------+
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of E)
+------------------------------------+---------------------+---------------------+-----------+
| INCOME STATEMENT | Third quarter 2008 | Third quarter 2007 | Change % |
+------------------------------------+---------------------+---------------------+-----------+
| REVENUE | 160,055 | 145,909 | 9.7 |
+------------------------------------+---------------------+---------------------+-----------+
| Cost of sales | (50,403) | (47,094) | 7.0 |
+------------------------------------+---------------------+---------------------+-----------+
| GROSS PROFIT | 109,652 | 98,815 | 11.0 |
+------------------------------------+---------------------+---------------------+-----------+
| Selling expenses | (48,816) | (47,089) | 3.7 |
+------------------------------------+---------------------+---------------------+-----------+
| Research and development expenses | (14,292) | (11,856) | 20.5 |
+------------------------------------+---------------------+---------------------+-----------+
| General & administrative expenses | (9,192) | (7,422) | 23.8 |
+------------------------------------+---------------------+---------------------+-----------+
| Other income (expenses), net | (1,888) | (1,179) | n.s. |
+------------------------------------+---------------------+---------------------+-----------+
| OPERATING INCOME | 35,464 | 31,269 | 13.4 |
+------------------------------------+---------------------+---------------------+-----------+
| Financial income (expenses), net | (1,454) | (2,229) | (34.8) |
+------------------------------------+---------------------+---------------------+-----------+
| PRE-TAX INCOME | 34,010 | 29,040 | 17.1 |
+------------------------------------+---------------------+---------------------+-----------+
| Provision for income taxes | (9,852) | (9,938) | (0.9) |
+------------------------------------+---------------------+---------------------+-----------+
| NET INCOME | 24,158 | 19,102 | 26.5 |
+------------------------------------+---------------------+---------------------+-----------+
| Attributable to: | | | |
+------------------------------------+---------------------+---------------------+-----------+
| Equity holders of the parent | 24,157 | 19,102 | 26.5 |
+------------------------------------+---------------------+---------------------+-----------+
| Minority interests | 1 | 0 | n.s. |
+------------------------------------+---------------------+---------------------+-----------+
+---------------------------+---------------------+---------------------+-----------+
| COMPOSITION OF REVENUE | Third quarter 2008 | Third quarter 2007 | Change % |
+---------------------------+---------------------+---------------------+-----------+
| Pharmaceuticals | 153,471 | 139,063 | 10.4 |
+---------------------------+---------------------+---------------------+-----------+
| Pharmaceutical chemicals | 6,584 | 6,846 | (3.8) |
+---------------------------+---------------------+---------------------+-----------+
| TOTAL | 160,055 | 145,909 | 9.7 |
+---------------------------+---------------------+---------------------+-----------+
| - of which International | 113,203 | 100,073 | 13.1 |
+---------------------------+---------------------+---------------------+-----------+
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of E)
+--------------------------------------------------------------+-------------+-------------+
| ASSETS | 30.09.2008 | 31.12.2007 |
+--------------------------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------------------------+-------------+-------------+
| Property, plant and equipment | 55,784 | 68,006 |
+--------------------------------------------------------------+-------------+-------------+
| Intangible assets | 83,410 | 90,521 |
+--------------------------------------------------------------+-------------+-------------+
| Goodwill | 249,783 | 243,942 |
+--------------------------------------------------------------+-------------+-------------+
| Equity investments | 4,837 | 3,115 |
+--------------------------------------------------------------+-------------+-------------+
| Non-current receivables | 1,233 | 1,460 |
+--------------------------------------------------------------+-------------+-------------+
| Deferred tax assets | 21,263 | 21,044 |
+--------------------------------------------------------------+-------------+-------------+
| TOTAL NON-CURRENT ASSETS | 416,310 | 428,088 |
+--------------------------------------------------------------+-------------+-------------+
| | | |
+--------------------------------------------------------------+-------------+-------------+
| Inventories | 83,172 | 74,737 |
+--------------------------------------------------------------+-------------+-------------+
| Trade receivables | 132,702 | 134,454 |
+--------------------------------------------------------------+-------------+-------------+
| Other receivables | 17,485 | 24,784 |
+--------------------------------------------------------------+-------------+-------------+
| Other current assets | 4,675 | 3,247 |
+--------------------------------------------------------------+-------------+-------------+
| Fair value of hedging derivatives (cash flow hedge) | 27 | 0 |
+--------------------------------------------------------------+-------------+-------------+
| Short-term financial investments, cash and cash equivalents | 127,011 | 89,382 |
+--------------------------------------------------------------+-------------+-------------+
| TOTAL CURRENT ASSETS | 365,072 | 326,604 |
+--------------------------------------------------------------+-------------+-------------+
| TOTAL ASSETS | 781,382 | 754,692 |
+--------------------------------------------------------------+-------------+-------------+
+-------------------------------------------------------+-------------+-------------+
| EQUITY AND LIABILITIES | 30.09.2008 | 31.12.2007 |
+-------------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------------+-------------+-------------+
| Share capital | 26,037 | 25,981 |
+-------------------------------------------------------+-------------+-------------+
| Capital in excess of par value | 80,549 | 78,952 |
+-------------------------------------------------------+-------------+-------------+
| Treasury stock | (59,103) | (59,103) |
+-------------------------------------------------------+-------------+-------------+
| Hedging reserve | 27 | (113) |
+-------------------------------------------------------+-------------+-------------+
| Translation reserve | (4,363) | (3,384) |
+-------------------------------------------------------+-------------+-------------+
| Other reserves | 25,665 | 25,529 |
+-------------------------------------------------------+-------------+-------------+
| Retained earnings | 280,780 | 237,876 |
+-------------------------------------------------------+-------------+-------------+
| Net income for the year | 76,582 | 84,865 |
+-------------------------------------------------------+-------------+-------------+
| GROUP SHAREHOLDERS' EQUITY | 426,174 | 390,603 |
+-------------------------------------------------------+-------------+-------------+
| Minority interest | 11 | 8 |
+-------------------------------------------------------+-------------+-------------+
| SHAREHOLDERS' EQUITY | 426,185 | 390,611 |
+-------------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------------+-------------+-------------+
| Loans due after one year | 76,302 | 77,250 |
+-------------------------------------------------------+-------------+-------------+
| Employees' termination pay | 20,035 | 20,431 |
+-------------------------------------------------------+-------------+-------------+
| Deferred tax liabilities | 7,113 | 9,601 |
+-------------------------------------------------------+-------------+-------------+
| Other non-current liabilities | 1,406 | 0 |
+-------------------------------------------------------+-------------+-------------+
| TOTAL NON-CURRENT LIABILITIES | 104,856 | 107,282 |
+-------------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------------+-------------+-------------+
| Trade payables | 84,864 | 80,343 |
+-------------------------------------------------------+-------------+-------------+
| Other payables | 41,058 | 40,868 |
+-------------------------------------------------------+-------------+-------------+
| Tax liabilities | 18,434 | 15,762 |
+-------------------------------------------------------+-------------+-------------+
| Other current liabilities | 548 | 346 |
+-------------------------------------------------------+-------------+-------------+
| Provisions | 11,208 | 10,076 |
+-------------------------------------------------------+-------------+-------------+
| Fair value of hedging derivatives (cash flow hedge) | 0 | 113 |
+-------------------------------------------------------+-------------+-------------+
| Fair value of hedging derivatives (fair value hedge) | 6,790 | 7,556 |
+-------------------------------------------------------+-------------+-------------+
| Loans due within one year | 2,378 | 2,939 |
+-------------------------------------------------------+-------------+-------------+
| Bank overdrafts | 85,061 | 98,796 |
+-------------------------------------------------------+-------------+-------------+
| TOTAL CURRENT LIABILITIES | 250,341 | 256,799 |
+-------------------------------------------------------+-------------+-------------+
| TOTAL EQUITY AND LIABILITIES | 781,382 | 754,692 |
+-------------------------------------------------------+-------------+-------------+
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.
TABLE NO.1 to outline 7 of Attachment 3A of Regulation no. 11971/1999
see table in attachment
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