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    REC   IT0003828271

RECORDATI

(REC)
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Ultima presentazione del gruppo

11/09/2021 | 03:43am EST

An International Specialty Pharmaceutical Group

November 2021

Recordati Today - Summary Overview

Business Overview

Recordati Snapshot - FY 2020

International specialty pharmaceutical group:

  • Well diversified footprint
  • Strong vertical integration

Specialty and Primary Care Division (78% sales):

  • Prescription products: well-established, branded portfolio of prescription drugs focused on core therapeutic areas across cardiovascular, urology, gastrointestinal and central nervous system (57% sales)
  • OTC: marketing of branded OTC products primarily in Europe (18% sales)
  • Chemicals: production of active pharmaceutical ingredients ("API") sold to third party pharmaceutical companies (3% sales)
  • Direct operations in all European markets, in Russia and C.I.S., Turkey and North Africa

€1.45bn

€569m

€355m

~150

> 4,300

Net

EBITDA(1)

Net Income

Markets

Employees

Revenue

Specialty & Primary Care

Rare Disease

€1,129.5m Revenue

€319.4m Revenue

EBITDA margin 37.3%

EBITDA margin 46.4%

EBIT margin 30.9%

EBIT margin 37.5%

Rare Diseases Division (22% sales):

  • Treatments for rare diseases, particularly metabolic deficiencies and rare endocrine conditions of a genetic origin
  • Active product development pipeline
  • Worldwide business (US, EMEA and RoW)

8 manufacturing facilities (of which 2 API production sites) and a specialised packaging and distribution facility dedicated to rare diseases

  • Pharma Production in Italy, Turkey, France, Tunisia, Spain, and Czech Republic
  • API Manufacturing in Ireland and Italy

By Geography (2)

By Therapeutic Area (2)

Other

North

international

Cardiovascular

sales 14.4%

31.3%

Africa

Italy 19.0%

Gastro & metabolism

2.9%

Other W.

23.2%

Europe 6.5%

France

CEE 6.5%

10.3%

Portugal

Germany

Other 13.3%

Genito-urinary

11.2%

3.1%

9.7%

Central nervous

Turkey

Russia, other CIS

system 4.2%

Respiratory 6.2%

5.7%

Spain

U.S.A.

and Ukraine

Endo *

Musculoskeletal

6.0%

7.2%

6.2%

8.7%

4.4%

(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill,

2 and non-recurring items. (2) Breakdown based on pharmaceutical sales; * Endo 2020 includes direct Recordati sales only (net margin transfer from Novartis excluded) Based on FY 2020 reported financials

A proven and sustainable Business Model…

Pursue Accretive and Growth Deals

  • Strong M&A track record of product and corporate acquisitions as well as licensing to complement portfolio
  • Disciplined approach, with focus on long term value creation (mix of growth and accretive deals)

Minimize development risk

  • Selective R&D investments with majority of net revenue coming from mature products and products sourced externally via licensing and BD

Well Diversified Revenue Base

  • Very broad portfolio and diversified footprint minimizes exposure to single product/ market combination
  • Limited exposure to single reimbursement systems

Focus on Volume-Led Growth

Organic growth primarily fueled by volume-

driven growth rather than price

Good exposure to markets with positive growth outlook (Turkey, Russia, North Africa)

Carefully manage LOEs

Proven successful strategy of stabilising key products post LOE, through active promotion

No major LOE exposure over the next 5 years

Control Supply

Fully vertical integrated platform from API

to sale for key products, driving margin and

protecting the supply chain

3

c.60% of volumes manufactured by

Recordati plants

…that has delivered consistent growth and margin improvement

Sales and profitability driven by organic growth and successful BD

(million Euro)

CAGR (10-20): +7%

1,482

1,449

1,352

1,288

1,154

1,048

942

987

39%

37%

37%

828

35%

762

728

30%

32%

28%

25%

25%

23%

24%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Net revenue

EBITDA %

4

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

  • Preserve the value of established brands with steady volume- led organic growth from core products
  • Reinforce current geographical footprint to remain a partner of choice
  • Leverage additional new products on the current organisation
  • Reinvest cash flow in accretive acquisitions

Rare Diseases

  • Continue developing the existing portfolio of global brands
  • Consolidation of Latin American and Asia/Pacific presence
  • Drive growth of recent launches - Signifor®, Signifor® LAR, Isturisa®, Cystadrops®, Ledaga® & Juxtapid®
  • Progress current R&D pipeline
  • Invest in targeted BD and M&A to reinforce global portfolio

Enablers

  • High SoV in key Primary and Specialty Care markets
  • Locally empowered know- how
  • Omnichannel approach

Capabilities

  • ~1,900 sales FTEs in 30+ countries
  • Fully integrated Pharma Co
  • Proven track record of acquisitions integration

Enablers

  • 80+ new hires on board to support Endo franchise
  • Numerous patient advocacy partnerships
  • Global branding

Capabilities

  • Direct presence in US, Europe and Asia
  • Patient access
  • Disease awareness programs

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 long term local currency growth: Turkey, Russia, CEE and CIS

Significant unmet need remaining in Rare Diseases, with c.500 approved drugs to date vs. > 7,000 designated rare diseases

5

Questo è un estratto del contenuto originale. Per continuare a leggere, accedi al documento originale.

Disclaimer

Recordati S.p.A. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 08:42:09 UTC.


© Publicnow 2021
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Last Close Price 51,20 €
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