An International Specialty Pharmaceutical Group
March 2021
Company profile
Recordati today
An international specialty pharmaceutical group (€ 1,448.9 million sales in 2020 and > 4,300 employees)
Specialty & Primary care ~78% of revenue
- Recordati is an important European player in specialty & primary care and OTC and a partner of choice for new product licenses
- Operations in the main European markets, in Russia, Poland and other Central and Eastern European countries, Turkey and in North Africa. Proprietary drugs sold worldwide either directly or through licensees
Drugs for the treatment of rare diseases ~22% of revenue
- A global presence and a preferred partner
- A richer product development pipeline prioritizing treatments for unmet medical needs
2020 Group financial highlights
- Revenue € 1,448.9 million, -2.2% (+0.4% CER)
- EBITDA(1) € 569.3 million or 39.3% of sales, up
4.7% - Operating income (EBIT) € 469.0 million or 32.4% of sales, up 0.8%
- Adjusted Net income(2) € 410.4 million or 28.3% of sales, up 7.3%
- Net debt € 865.8 million (pro-forma Net debt/EBITDA 1.5 - 1.6 x)
- Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, and non-recurring items
- Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, and non-recurring items, net of tax effects
2
Company profile
A history of growth, geographical expansion and business diversification
- A mainly Italian company until the end of the nineties
- International expansion strategy started in earnest in 1999
- Expansion through organic development and through acquisitions
- Progressive coverage of Western Europe, Central and Eastern Europe and other areas around the Mediterranean mainly through the acquisition of existing pharmaceutical companies
- Entry into the rare diseases segment following the acquisition of Orphan Europe end 2007
- Worldwide development of the rare diseases business ongoing
TREATMENTS FOR RARE DISEASES
22% of revenue* 26% of EBITDA*
A worldwide business
SPECIALTY & PRIMARY CARE
78% of Revenue* 74% of EBITDA*
Focus on Europe
Subsidiaries and direct selling organizations
Countries where Recordati products are sold (under license or export)
Subsidiaries and direct presence of orphan drug representatives | Commercial agreements and direct delivery | *Revenue and EBITDA percentages are those in FY 2020 | |
Company strategy
Group Objectives
Continuation of successful strategy
Steady organic growth from well diversified portfolio
Enhanced by accretive or strategic acquisitions in both SPC & Rare Diseases
Specialty & Primary Care
- Maintain steady volume-led growth from cash generative core products
- Reinforce current geographical footprint to remain a partner of choice
- Leverage additional new products on current organization
- Reinvest cash flow into accretive acquisitions
Rare Diseases
- Continue developing the existing portfolio of global brands
- Consolidation of Latin American and Asia/Pacific presence
- Launch new products / indications - Signifor®, Signifor® LAR, Isturisa®, Cystadrops® and Ledaga®
- Progress current R&D pipeline
- Invest in targeted BD and M&A to reinforce global portfolio
Exposure to Positive Macro Trends
Aging populations fuelling higher healthcare expenditure and greater prevalence of chronic disease
Recordati portfolio weighted towards age-related diseases: cardiology, urology, gastrointestinal…
Emerging market exposure driving strong local currency growth: Turkey, Russia, CEE and CIS
Significant unmet need remaining in Rare Diseases, with c.500 approved drugs to date vs. > 6,000 designated rare diseases1
4 | 1 Source: Third-party consulting firm |
Geographical breakdown of pharmaceutical* revenue
Other international sales 14.4%
(sales to licensees, exports, sales in ROW)
North Africa 2.9%
Other W. Europe 6.5%
Other CEE 6.5%
Portugal 3.1%
Turkey 5.7%
Spain 6.0%
U.S.A. 8.7%
Italy 19.0%
France 10.3%
Germany 9.7%
Russia, other CIS and
Ukraine 7.2%
* Excluding sales of pharmaceutical chemicals which | |
are € 48.9 million, up by 6,1% and represent 3.4% of | |
5 | total revenue. |
Data: Full year 2020 |
Pharmaceutical revenue (excluding Pharma Chemical) € 1,399.9 m
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Disclaimer
Recordati S.p.A. published this content on 25 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2021 14:47:09 UTC.