Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

RECORDATI : Positive Preliminary 2012 Results. Sales +8.7%, EBIT +2.1%, Net Income +1.8%

MILAN, ITALY -- (Marketwire) -- 02/13/13 --


* Consolidated revenue EUR 828.3 million, + 8.7%.

* Operating income EUR 167.0 million, + 2.1%.

* Net income EUR 118.5 million, + 1.8%.

* Net financial position*: net debt of EUR 153.5 million.

* Six OTC products acquired in Germany.

* Acquisition of Farma-Projekt and a portfolio of products in Poland.

* Acquisition of a portfolio of OTC products in Russia.

* Graspa®, a new cancer treatment in development, licensed from Erytech in Europe.

* Acquisition of Dentosan® oral care line in Italy.

* Subsequent events: Acquisition of a portfolio of treatments for rare diseases in the USA successfully concluded.

* 2013 targets and plan for 2015 announced.

The Board of Directors of Recordati S.p.A. examined the preliminary consolidated results for 2012 and the 2013-2015 plan. The company's definite consolidated annual financial reports will be submitted to the Board for approval on 7 March 2013.

Financial highlights

* Consolidated revenue in 2012 is EUR 828.3 million, up by 8.7% compared to the preceding year. Pharmaceutical sales are EUR 797.4 million, an increase of 8.7% while pharmaceutical chemicals sales are EUR 30.9 million, an increase of 8.9%.

* Operating income, at 20.2% of sales, is EUR 167.0 million, an increase of 2.1% over the preceding year. Fourth quarter results include non-recurring costs related to the acquisition of the European rights to Graspa® (EUR 5 million) and to the restructuring of our sales organization.

* Net income at 14.3% of sales is EUR 118.5 million, an increase of 1.8%.

* Net financial position* at 31 December 2012 records a net debt of EUR 153.5 million as compared to a net debt of EUR 55.7 million at 31 December 2011. During the year EUR 21.0 million were paid for the acquisition of six OTC products in Germany, EUR 14.3 million overall were paid for the acquisitions in Poland of the pharmaceutical company Farma-Projekt plus a portfolio of products, EUR 67.2 million were paid for the acquisition of a product portfolio in Russia and dividends for a total of EUR 61.4 million were distributed.


* 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).

Management comments

"During the year just ended important transactions were concluded and significant results were obtained for the growth and further internationalization of the group", declared Giovanni Recordati, Chairman and CEO. "During April the marketing authorizations, the trademarks and additional assets concerning six OTC pharmaceuticals for Germany were acquired. In August he acquisition of 100% of the share capital of Farma-Projekt Sp. z o.o., a Polish pharmaceutical company with headquarters in Krakow, was successfully concluded and a portfolio of products for the Polish market was acquired from Labormed. In October the Dentosan® oral care line of products was acquired in Italy. In November the acquisition of all rights to five product lines on the Russian market was successfully concluded. Also in November our subsidiary Orphan Europe and Erytech Pharma, a French biopharmaceutical company, entered into an agreement granting Orphan Europe the exclusive rights for the commercialization and distribution of Graspa® for the treatment of Acute Lymphoblastic Leukemia (ALL) and Acute Myeloid Leukemia (AML) in Europe. In December an agreement for the acquisition of all rights concerning a portfolio of products indicated for the treatment of rare and other diseases and marketed mainly in the United States of America, from Lundbeck LLC was signed. The transaction was concluded successfully in January and Recordati Rare Diseases Inc. was established in the USA. For 2013, our targets are to achieve sales of more than EUR 920 million, operating income of more than EUR 185 million and net income of more than EUR 128 million. The objectives in our business plan are to achieve sales of between EUR 1.025 and EUR 1.075 million, operating income of between EUR 210 and EUR 220 million and net income of between EUR 140 and EUR 150 million."

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.

Meeting with the financial community and specialized press

Recordati S.p.A. will be hosting a meeting with the financial community and specialized press today, Tuesday 12 February 2013, at 4 pm at the headquarters of Borsa Italiana, Palazzo Mezzanotte, Piazza degli Affari 6, Milan. At the meeting Recordati's preliminary full year 2012 results will be presented and the Group's development strategy and objectives for the period 2013-2015 will be discussed.

A simultaneous translation into English of the proceedings will be available via conference call. 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 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 3,300, 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 more than 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 EUR 762.0 million, operating income was EUR 163.5 million and net income was EUR 116.4 million.

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 : POSITIVE PRELIMINARY 2012 RESULTS. : http://hugin.info/143644/R/1677693/547267.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: RECORDATI via Thomson Reuters ONE

[HUG#1677693]

For further information:

Recordati website: www.recordati.com

Investor Relations
Marianne Tatschke
(39)0248787393
e-mail: Email Contact


Media Relations
Ketchum
Cristina Risciotti
(39)0262411919
Email Contact
Marzia Ongaretti
(39)0262411915
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...