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
* 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
* 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
* 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
* 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:
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
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
Studio Noris Morano
e-mail: firstname.lastname@example.org e-mail:
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:
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