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RECORDATI: RECORDATI REPORTS EXCELLENT RESULTS IN THE FIRST HALF 2014

2014-07-29 13:05:00
Ticker Giełda ISIC Kraj Miasto
REC XMIL Italy MILANO








RECORDATI REPORTS EXCELLENT RESULTS IN THE FIRST HALF 2014. SALES +6.3%,

OPERATING INCOME +18.8% AND NET INCOME +18.1%.



* Consolidated revenue ? 507.6 million, + 6.3%.

* EBITDA((1)) ? 141.9 million, + 18.2%

* Operating income ? 121.8 million, + 18.8%.

* Net income ? 83.0 million, + 18.1%.

* Net financial position((2)):  net debt of ? 211.0 million.

* Vitaros?, an innovative product for the treatment of erectile dysfunction

licensed in from Apricus Biosciences.

* Acquisition of a further 23% of the share capital of Opalia Pharma S.A. in

Tunisia.

* Subsequent events: Orphan drug designation granted to Carbaglu? for the

treatment of organic acidemias in the U.S.A..





Milan, 29 July 2014 - The Board of Directors of Recordati S.p.A. approved the

Group's consolidated results for the first half 2014 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:

http://www.recordati.com/rec_en/investors/reports/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.it.



Financial highlights



* Consolidated revenue in the first half 2014 is ? 507.6 million, up by 6.3%

compared to the same period of the preceding year. International sales grow

by 8.6%.



* EBITDA((1)), at 27.9% of sales, is ? 141.9 million, an increase of 18.2%

over the same period of the preceding year.



* Operating income, at 24.0% of sales, is ? 121.8 million, an increase of

18.8%.



* Net income, at 16.4% of sales, is ? 83.0 million, an increase of 18.1% over

the first half of 2013.



* Net financial position((2)) at 30 June 2014 records a net debt of ? 211.0

million. Shareholders' equity increases to ? 772.1 million.





((1)) Earnings before interest, taxes, depreciation and amortization.

((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 (fair value hedge).



Business development news



In February an exclusive license agreement was entered into with Apricus

Biosciences Inc., a pharmaceutical company based in San Diego, U.S.A., for the

marketing and sales of Vitaros? (alprostadil), an innovative topical product for

the treatment of erectile dysfunction, in certain W. European countries

including, among others, Spain, EU member countries in Central and Eastern

Europe, Russia, Ukraine and the Commonwealth of Independent States (C.I.S.),

Turkey and certain African countries. Vitaros(?) is approved for the treatment

of erectile dysfunction by a number of European health authorities and by Health

Canada.  Vitaros(?) is a topically-applied cream formulation of alprostadil, a

vasodilator, which directly increases blood flow to the penis, causing an

erection. Alprostadil is an alternative to the PDE-5 inhibitors for difficult to

treat patients and Vitaros(?) offers a patient-friendly form versus other

alprostadil dosage forms.



In May the acquisition of a further 23% of the share capital of Opalia Pharma

S.A., a Tunisian pharmaceutical company with headquarters in Ariana, near Tunis,

was successfully concluded. This second tranche consists of share capital held

by Tunisian shareholders. In October 2013, following permission received from

the Tunisian anti-trust authorities, 67% of the share capital of Opalia Pharma

S.A. held by non-Tunisian shareholders was acquired. An amount of ? 22.6 million

were paid at the closing. In May 2014, following permission granted by the

Commission Supérieure des Investissements in Tunisia, a further 23% of the share

capital of Opalia Pharma S.A. was acquired. The price of this portion of shares

is of around ? 5.9 million of which ? 4.3 million already paid. Consequently, as

of today Recordati holds 90% of the share capital of Opalia Pharma S.A., while

the remaining 10% is held by Mrs. Alya El Hedda, one of the founders of Opalia

Pharma S.A. and current General Manager of the company.



Stock options granted



As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations") we

furthermore inform that the Board of Directors, as proposed by the Remuneration

Committee in its meeting of 23 July 2014, resolved to grant 6,095,000 stock

options under the 2014-2018 Stock Option Plan approved by the Shareholders'

Meeting of 17 April 2014, to 142 employees of Recordati S.p.A. and its

subsidiaries (see table attached). The options may be exercised only if certain

consolidated net income objectives are reached. The strike price, calculated by

averaging the market price of the share over the period between the date of

grant and the same day of the preceding month, is fixed at ? 12.29. The

characteristics of the plan are described in the information document comprising

the object of the fifth point of the Board's explanatory report on the 17 April

2014 Shareholder Meeting's Agenda and are available on the company's website:

http://www.recordati.it/investors/shareholders_meetings/2014sm.aspx?sc_lang=en



Conference call



Recordati will be hosting a conference call today 29 July 2014 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 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 an international pharmaceutical group, listed

on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT

0003828271), with a total staff of around 4,000, dedicated to the research,

development, manufacturing and marketing of pharmaceuticals. Headquartered in

Milan, Italy, Recordati has operations in the main European countries, in

Russia, in other Central and Eastern European countries, in Turkey, in North

Africa and in the United States of America.  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 within the

urogenital therapeutic area and of treatments for rare diseases.  Consolidated

revenue for 2013 was ? 941.6 million, operating income was ? 195.4 million and

net income was ? 133.7 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: inver@recordati.it                                        e-mail:

norismorano@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.





RECORDATI REPORTS EXCELLENT RESULTS IN THE FIRST HALF 2014:

http://hugin.info/143644/R/1841694/640921.pdf







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originality of the information contained therein.



Source: RECORDATI via GlobeNewswire

[HUG#1841694]





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