Earnings Release • Feb 11, 2019
Earnings Release
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CONFERENCE CALL – 11 FEBRUARY 2019
Corporate products including drugs for rare diseases account for 67,7% of revenue
| (million Euro) | 2018 | 2017 | Change % |
|---|---|---|---|
| Zanidip® (lercanidipine) | 120.8 | 120.6 | 0.1 |
| Zanipress® (lercanidipine+enalapril) | 59.4 | 69.2 | (14.2) |
| Urorec® (silodosin) | 101.1 | 92.8 | 9.0 |
| Livazo® (pitavastatin) | 46.4 | 39.2 | 18.3 |
| Seloken®/Seloken® ZOK/Logimax® (metoprolol/metoprolol+felodipine) |
98.9 | 47.0 | n.s. |
| Other corporate products* | 274.0 | 270.4 | 1.4 |
| Drugs for rare diseases | 214.8 | 211.2 | 1.7 |
3 * Include the OTC corporate products for an amount of € 105.2 million in 2018 and € 102.5 million in 2017 (+2.6%).
Data: Full year 2018 Total revenue € 1,352.2 m
| (million Euro) | 2018 | 2017 | Change % |
|---|---|---|---|
| Italy | 265.7 | 251.0 | 5.8 |
| Germany | 136.8 | 122.4 | 11.7 |
| France | 131.8 | 124.7 | 5.7 |
| Russia, other CIS countries and Ukraine | 105.6 | 107.0 | (1.3) |
| U.S.A. | 101.0 | 109.6 | (7.8) |
| Spain | 88.9 | 82.2 | 8.1 |
| Turkey | 75.0 | 86.0 | (12.9) |
| Portugal | 41.7 | 40.4 | 3.1 |
| Other CEE countries | 65.3 | 47.0 | 39.1 |
| Other W. Europe countries | 59.0 | 52.9 | 11.7 |
| North Africa | 40.7 | 38.9 | 4.6 |
| Other international sales | 200.2 | 185.0 | 8.2 |
| TOTAL PHARMACEUTICALS | 1,311.6 | 1,247.2 | 5.2 |
| PHARMACEUTICAL CHEMICALS | 40.7 | 40.9 | (0.7) |
| (In local currency, millions) | 2018 | 2017 | Change % |
| Russia (RUB) | 6,166.6 | 5,916.6 | 4.2 |
| Turkey (TRY) | 402.5 | 334.0 | 20.5 |
| U.S.A. (USD) | 123.4 | 127.6 | (3.3) |
Net revenues in local currency in Russia and in Turkey exclude sales of products for rare diseases. Sales in the U.S.A. include sales in Canada.
| (million Euro) | 2018 | 2017 | Change % |
|---|---|---|---|
| Revenue | 1,352.2 | 1,288.1 | 5.0 |
| Gross Profit | 956.7 | 905.4 | 5.7 |
| as % of revenue | 70.7 | 70.3 | |
| SG&A Expenses | 401.2 | 396.4 | 1.2 |
| as % of revenue | 29.7 | 30.8 | |
| R&D Expenses | 109.7 | 100.3 | 9.4 |
| as % of revenue | 8.1 | 7.8 | |
| Other Income (Expense), net | (3.5) | (2.2) | 57.4 |
| as % of revenue | (0.3) | (0.2) | |
| Operating Income | 442.2 | 406.5 | 8.8 |
| as % of revenue | 32.7 | 31.6 | |
| Net Income | 312.4 | 288.8 | 8.2 |
| as % of revenue | 23.1 | 22.4 | |
| EBITDA | 499.1 | 454.7 | 9.8 |
| as % of revenue | 36.9 | 35.3 |
| (million Euro) | 31 Dec 2018 | 31 Dec 2017 | Change |
|---|---|---|---|
| Cash and short-term financial investments | 198.0 | 302.1 | (104.0) |
| Bank overdrafts and short-term loans | (16.9) | (16.6) | (0.3) |
| Loans – due within one year |
(135.3) | (51.7) | (83.6) |
| Loans – due after one year |
(634.2) | (615.6) | (18.7) |
| NET FINANCIAL POSITION | (588.4) | (381.8) | (206.6) |
| (million Euro) | 2018 Actual |
2019 Targets |
|---|---|---|
| Revenue | 1,352.2 | 1,430 - 1,450 |
| EBITDA | 499.1 | 520 - 530 |
| Operating income (EBIT) | 442.2 | 460 - 470 |
| Net Income | 312.4 | 330 - 335 |
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 presentation corresponds to the document results, books and accounting records.
Statements contained in this presentation, 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, 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 more than 4,100, 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 the United States of America and in North Africa. 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 with a focus on treatments for rare diseases. Consolidated revenue for 2017 is € 1,288.1 million, operating income is € 406.5 million and net income is € 288.8 million.
Contact Information Via M. Civitali 1 +39 02 48787393
Offices: Investor Relations: Website: Recordati S.p.A. Marianne Tatschke www.recordati.com 20148 Milano, Italy [email protected]
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