Recordati Industria Chimica e Farmaceutica

Investor Presentation • Feb 13, 2025

FULL YEAR 2024 PRELIMINARY RESULTS

Milan, February 13th 2025

Rob Koremans Chief Executive Officer

Luigi La Corte Chief Financial Officer

FY 2024 RESULTS AT TOP END OF UPGRADED TARGETS

• Continued excellent momentum of the Group achieving results at top end of upgraded guidance. Net Revenue at € 2,341.6 million, +12.4% vs PY or +9.2% like-for-like¹ at CER; adverse FX impact of € 26.9 million (-1.3%):
  • o SPC at € 1,449.2 million, +10.3% vs PY or +5.7% like-for-like¹ at CER, driven by strong growth of Urology franchise (incl. € 112 million from Avodart® and Combodart® / Duodart®2 ) with double-digit growth of Eligard® and robust Cardio performance
  • o RRD at € 833.9 million, +16.7% vs PY or +15.7% like-for-like¹ at CER, driven by continued strength of Endocrinology +32.8% and Hema-Oncology +26.1% (Enjaymo® sales in December of € 10.9 million ), with Metabolic starting to stabilize
• EBITDA³ of € 865.8 million, +12.5% vs PY or 37.0% margin reflecting strong revenue partially offset by accelerated investments to support Rare Diseases growth drivers and by product mix
• Adjusted Net Income⁴ of € 568.9 million, +8.4% vs PY or 24.3% margin, thanks to strong operating performance absorbing increased financial expenses (including FX losses of € 9.3 million) and higher tax rate
• Free Cash Flow⁵ of € 535.1 million (+€ 79.1 million vs PY); leverage at just below 2.4x EBITDA pro-forma⁶
• Acquisition of global rights for Enjaymo® from Sanofi closed at the end of November 2024; integration on track
• ESG efforts recognized with inclusion in FTSE4GOOD Index series and with the confirmation of an "A" rating by MSCI
• Peak year sales targets raised for key Rare Diseases products: Isturisa® € 500-600 million, Signifor® € 150-200 million, Qarziba®/Sylvant® € 300-350 million; Enjaymo® € 250-300 million (unchanged)
• Updated 3-year plan and mid-term financial targets to be presented on April 29th
• 1) Pro-forma growth calculated excluding revenue of Avodart® and Combodart®/ Duodart® for both 2024 and 2023 (Specialty & Primary Care) and Enjaymo® for 2024 (Rare Diseases)
• 2) Trademarks are owned by or licensed to the GSK group of companies. Transition of commercialization effectively completed in all the territories
• 3 3) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3 4) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects

5) Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options

6) Pro-forma assuming contribution of Enjaymo® for twelve months

CONSISTENTLY DELIVERING STRONG GROWTH, ACHIEVING TARGETS

*2020 figures impacted by LOE on silodosin and on pitavastatin (and COVID-19 pandemic)

1) Including Chemical Division

2) Midpoint of targets announced at FY 2023 results in February 2024

SPECIALTY & PRIMARY CARE: MID-SINGLE DIGIT GROWTH DRIVEN BY UROLOGY AND RESILIENT MATURE PORTFOLIO

Pharmaceutical Revenue FY 2024 vs FY 2023¹

1) Excluding Chemicals € 58.5 million in FY 2024 and € 54.0 million in FY 2023

2) Pro-forma growth calculated excluding revenue of Avodart® and Combodart®/ Duodart® both in 2024 and 2023

3) IQVIA November YTD Evolution Index on promoted products in SPC territories excluding Avodart/Combodart

4) Trademarks are owned by or licensed to the GSK group of companies. Transition of commercialization effectively concluded

Note: details on corporate products in Appendix

Key highlights

• +10.3% growth vs PY or +5.7% like-for-like² at CER (+2.5% excl. Türkiye); promoted products continue to outperform the solid midsingle digit growth of relevant markets (105% Evolution Index³ )
• Urology: Continued strong contribution of Eligard® sustaining double-digit growth. Sales of Avodart® and Combodart®⁴ were ~ € 112 million, stabilized in key markets and broadly on plan
• Cardiovascular: Solid growth of metoprolol (in part due to competitor out of stock) and pitavastatin (Russia and Türkiye)
• Gastrointestinal: Double-digit growth of Procto-Glyvenol® offset by decrease of some local products
• Cough & Cold: Sales broadly in line with FY 2023 thanks to strong Q4 2024

RARE DISEASES: DOUBLE-DIGIT GROWTH OF ENDOCRINOLOGY AND HEMA-ONCOLOGY, AHEAD OF PRIOR ESTIMATES

Key highlights

• Continued strong double-digit growth, +16.7% vs PY or 15.7% like-forlike² at CER driven by key franchises Endocrinology and Hema-Oncology
• Endocrinology
  • o Isturisa®: Continued new patient uptake in the US and across most geographies, also reflecting robust market growth. FDA decision on US label expansion in Cushing syndrome expected by mid-2025
  • o Signifor®: Double-digit growth driven by LAR formulation (~90% of revenue) across all geographies
• Hema-Oncology: Double-digit growth of Qarziba® and Sylvant® ahead of original targets; Enjaymo® sales of € 10.9 million in December 2024
• Metabolic: Growth stabilizing in H2 2024 with return to growth in Q4 2024; strong performance of Cystadrops® and increasing portfolio penetration in international markets offsets reduced erosion of Carbaglu®

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1) Of which Isturisa® of € 203.6 million and Signifor® and Signifor® LAR of € 118.0 million

2) Proforma growth calculated excluding contribution of Enjaymo® for 2024

OPPORTUNITY TO MORE THAN DOUBLE SALES OF KEY RARE DISEASES GROWTH DRIVERS

				Peak Year Sales (PYS) Targets (€ M)
	PRODUCT	2024 REVENUE (€ M)	NEW	OLD(1)	FUTURE GROWTH DRIVERS
O D		204	500 – 600	>400	• Favorable market dynamics (increasing treatment rates) Assumed approval of Cushing syndrome in US mid-2025 • Successful national reimbursement in China •
N E		118	150 – 200	100 - 150	• Opportunity to move up treatment paradigm in Acromegaly Potential new indication: Post-Bariatric Hypoglycemia • (PBH); additional € 150M opportunity (not included in PYS)
		322	~650 – 800	~500 – 550	• Broader penetration in EU
O C		227	300 – 350	250 – 300	US BLA filing and approval(2) for neuroblastoma (included in • PYS) • Potential new indication: Ewing sarcoma (not included in PYS)
N O - A					Significant scope for improved awareness and diagnosis •
M E H		116	250 – 300	250 – 300	Evaluate potential new indications (not included in PYS) •
		343	~550 – 650	~500 – 600

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(1) Updated in February 2023 for Endocrinology and Oncology; Enjaymo® guidance provided October 2024; (2) Meeting with the FDA to discuss further analysis of clinical data expected in mid-2025

CONTINUED ROBUST GROWTH ACROSS ALL REGIONS

(million euro)	FY 2024	FY 2023	Change %
U.S.A.	391.5	316.1	23.9
Italy	330.5	309.8	6.7
Spain	214.0	165.1	29.6
France	174.8	179.7	(2.7)
Germany	161.4	150.9	7.0
Russia, other CIS countries and Ukraine	150.5	140.6	7.1
Türkiye	132.8	97.5	36.2
Portugal	67.2	60.2	11.6
Other C.E.E. countries	168.0	150.4	11.7
Other W. European countries	163.7	152.4	7.4
North Africa	45.7	40.2	13.7
Other international sales	283.0	265.5	6.6
TOTAL PHARMACEUTICALS	2,283.1	2,028.3	12.6
CHEMICALS	58.5	54.0	8.2

in local currency, million	FY 2024	FY 2023	Change %
U.S.A. (USD)	435.4	341.8	27.4
Türkiye (TRY)	4,522.5	3,084.0	46.6
Russia (RUB)1	9,996.6	8,984.6	11.3

REVENUE AND EBITDA AT TOP END OF UPGRADED 2024 GUIDANCE

(million Euro)	FY 2024	FY2023	Change %
Revenue	2,341.6	2,082.3	12.4
Gross Profit	1,600.3	1,422.6	12.5
as % of revenue	68.3%	68.3%
Adjusted Gross Profit1	1,637.8	1,481.6	10.5
as % of revenue	69.9%	71.1%
SG&A Expenses	654.4	601.1	8.9
as % of revenue	27.9%	28.9%
R&D Expenses	286.0	255.7	11.8
as % of revenue	12.2%	12.3%
Other Income (Expense), net	(21.0)	(7.8)	n.a.
as % of revenue	(0.9%)	(0.4%)
Operating Income	638.9	558.0	14.5
as % of revenue	27.3%	26.8%
Adjusted Operating Income2	684.4	626.6	9.2
as % of revenue	29.2%	30.1%
Financial income/(Expenses), net	(91.7)	(67.0)	36.9
as % of revenue	(3.9%)	(3.2%)
Net Income	416.5	389.2	7.0
as % of revenue	17.8%	18.7%
Adjusted Net Income3	568.9	524.6	8.4
as % of revenue	24.3%	25.2%
EBITDA4	865.8	769.6	12.5
as % of revenue	37.0%	37.0%

1) Gross profit adjusted from impact of non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo®to the gross margin of acquired inventory (IFRS 3)

2) Net income before income taxes, financial income and expenses, non-recurring items, and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3)

9 3) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects

4) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3

STRONG FREE CASH FLOW, +17% VS FY 2023

(million Euro)	FY 2024	FY 2023	Change
EBITDA1	865.8	769.6	96.2
Movements in working capital	(112.5)	(110.6)	(1.9)
Changes in other assets & liabilities	28.7	(8.2)	36.9
Interest received/(paid)	(74.7)	(65.2)	(9.5)
Income tax Paid	(144.4)	(105.4)	(39.0)
Other	7.0	5.1	1.9
Cash Flow from Operating Activities	569.9	485.3	84.6
Capex (net of disposals)	(34.8)	(29.3)	(5.5)
Free cash flow2	535.1	456.0	79.1
Increase in intangible assets (net of disposals)	(30.4)	(353.3)	322.9
Disposals of assets	2.0	3.0	(1.0)
Acquisition of Enjaymo® rights3	(781.7)	-	(781.7)
Dividends paid	(253.7)	(245.9)	(7.8)
Purchase of treasury shares (net of proceeds)	(26.4)	7.4	(33.8)
Other financing cash flows4	655.7	69.9	585.8
Change in cash and cash equivalents	100.6	(62.9)	163.5

1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3 2) Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options

3) Includes transaction costs and acquired inventory

4) Opening of financial debts net of repayments and currency translation effect on cash and cash equivalents.

LEVERAGE AT JUST BELOW 2.4x EBITDA PRO-FORMA¹ REFLECTING COMPLETION OF ENJAYMO® ACQUISITION AT END OF NOVEMBER

(million Euro)	31-Dec-24	31-Dec-23	Change
Cash and cash equivalents	322.4	221.8	100.6
Short-term debts to banks and other lenders	(22.8)	(99.9)	77.1
due within one year2 Loans and leases -	(284.9)	(353.7)	68.8
due after one year2 Loans and leases -	(2,169.0)	(1,347.6)	(821.4)
NET FINANCIAL POSITION3	(2,154.3)	(1,579.4)	(574.9)

FY 2025 TARGETS – DOUBLE-DIGIT GROWTH OF ALL METRICS

€ million	FY 2024 Actual	FY 2025 Targets*	Outlook
Revenue yoy growth	2,341.6 +12.4%	2,600 – 2,670 +12.5%	Continued strong revenue growth across both business units • SPC to sustain mid-single digit organic growth (at CER) driven by Urology and OTC portfolio, C&C in line with 2024 • RRD to deliver robust double-digit organic growth (at CER) driven by Endocrinology and Hema-Oncology (Enjaymo® ~ € 150 million),
			Metabolic stabilizing • FX headwind approx. -1%
EBITDA1 margin on sales	865.8 37.0%	970 – 1,000 +/- 37.5%	EBITDA margin of +/- 37.5% • Continued efficiency initiatives and operating leverage • Addition of Enjaymo® • Investments behind future growth in RRD (US Cushing syndrome label, geographic expansion) • Quarterly margins to reflect phasing of investments (earlier in year)
Adjusted Net Income2 margin on sales	568.9 24.3%	640 – 670 +/- 25.0%	Adjusted Net Income of +/- 25.0% • Strong operating results partially off-set by higher financing costs • Tax rate in line with 2024 • Enjaymo®: ~ € 60 million non-cash charges in COGS and € 35 million in annual amortization (not included in adjusted results)

*Growth at mid-point of guidance range

1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3 2) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects 12

QUESTIONS & ANSWERS

COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT

Therapeutic Areas Geographic

Note: Total OTC of € 334.9 million in FY 2024 and € 331.1 million in FY 2023 Subsidiaries' local product portfolios of € 231.2 million in FY 2024 and € 238.4 million in FY 2023

Total Revenue FY 2024 Pharmaceutical Revenue FY 2024

FY 2024 COUGH & COLD – ROBUST PERFORMANCE VS A STRONG 2023 C&C SEASON

Cough & Cold¹ – Revenue trend by quarter 2019, 2022, 2023 and 2024 million Euro

MAIN PRODUCT SALES

(million Euro)	FY 2024	FY 2023	Change %
Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril) 1	179.3	181.4	(1.2)
Eligard® (leuprorelin acetate)	127.7	110.7	15.4
Avodart® (dutasteride) and Combodart®/Duodart® (dutasteride/tamsulosin)2	111.6	25.6	n.s.
Seloken®/Seloken® ZOK/Logimax® (metoprolol/metoprolol+felodipine)	108.8	98.0	11.0
Urorec® (silodosin)	77.9	70.0	11.3
Livazo® (pitavastatin)	52.2	44.6	17.0
Other corporate products3	360.0	346.1	4.0
Rare Diseases	833.9	714.7	16.7

UPCOMING R&D PIPELINE MILESTONES

ii

		PROGRAM	UPCOMING MILESTONE
	Osilodrostat • ( )	Cushing syndrome US	FDA regulatory decision on sNDA expected mid-2025
ONGOING PROGRAMS	• Pasireotide	Post-Bariatric Hypoglycaemia (PBH)	Phase 2 enrollment completion by mid 2025
	• Dinutuximab beta ( )	High Risk relapsed/refractory Neuroblastoma US	Meeting with the FDA to discuss further analysis of clinical data expected in mid-2025
ADDITIONAL OPPORTUNITIES	• Dinutuximab beta ( )	Ewing sarcoma	Clinical trial investigating the safety, dose and early signs of effect expected to start in first half of 2025

FY 2024 RESULTS BY OPERATING SEGMENTS

Total Revenue FY 2024 EBITDA¹ FY 2024

Margin on Revenue: Rare Diseases: EBITDA¹40.9% Specialty and Primary care: EBITDA¹ 34.8%

FY 2024 RESULTS – ADJUSTING ITEMS

Reconciliation of Net income to EBITDA¹

(million Euro)	FY 2024	FY 2023	Change %
Net Income	416.5	389.2	7.0
Income Taxes	130.7	101.8
Financial (income)/expenses, net	91.7	67.0
o/w net FX (gains)/losses2	9.3	(2.2)
o/w net monetary (gains)/losses from application of IAS 29	6.7	(1.5)
Non-recurring expenses	8.0	9.6
Non-cash charges from PPA inventory uplift	37.5	58.9
Adjusted Operating Income3	684.4	626.6	9.2
Depreciation, amortization and write downs	181.4	143.0
EBITDA1	865.8	769.6	12.5

Reconciliation of Reported Net income to Adjusted Net income⁴

(million Euro)	FY 2024	FY 2023	Change %
Net income	416.5	389.2	7.0
Net monetary (gains)/losses (IAS 29)	6.7	(1.5)
Non-recurring expenses	8.0	9.6
Non-cash charges from PPA inventory uplift	37.5	58.9
Amortization and write-downs of intangible assets (exc. software)	145.1	112.2
Tax effects	(45.0)	(43.9)
Adjusted Net income4	568.9	524.6	8.4

Summary of key items

• FX losses of € 9.3 million in 2024 vs € 2.2 million gains in 2023
• Net monetary losses of € 6.7 million from application of IAS 29 in 2024, vs € 1.5 million gains in 2023
• Non-recurring costs of € 8.0 million vs € 9.6 million in 2023 mainly for Specialty & Primary Care rightsizing
• Non-cash charges at the level of gross margin arising from the unwind of the fair value step up of acquired Rare Diseases inventory: € 37.5 million in 2024 (including € 8.2 million for Enjaymo® ) vs. € 58.9 million in 2023
• D&A and write downs of assets: increase of € 38.4 million, of which € 2.9 million from Enjaymo®

1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3 2) FX losses and FX driven consolidation adjustments 21

3) Net income before income taxes, financial income and expenses, non-recurring items, and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3)

4) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects

COMPANY DECLARATIONS, DISCLAIMERS AND PROFILE

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 by Management. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control.

These risks and uncertainties include among other things, the uncertainties inherent in pharmaceutical marketing and development, impact of decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug or biological application that may be filed as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of our products, the future approval and commercial success of therapeutic alternatives, Recordati's ability to benefit from external growth opportunities, to complete capital markets or other transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and capital market conditions, cost containment initiatives by payors of medicines and subsequent changes thereto, and the impact that pandemics, political disruption or armed conflicts or other global crises may have on our business.

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 (Reuters RECI.MI, Bloomberg REC IM) is an international pharmaceutical group listed on the Italian Stock Exchange (ISIN IT 0003828271) uniquely structured to bring treatment across specialty and primary care and rare diseases. We believe that health, and the opportunity to live life to the fullest, is a right, not a privilege. We want to support people in unlocking the full potential of their lives. We have fully integrated operations across research & development, chemical and finished product manufacturing through to commercialization and licensing. Established in 1926, Recordati operates in approximately 150 countries across EMEA, Americas and APAC regions. At the end of 2023, Recordati employed over 4,450 people and consolidated revenue of € 2,082.3 million. For more information, please visit www.recordati.com

DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL REPORTS

The manager responsible for preparing the company's financial reports Niccolo Giovannini 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.

Offices:

Recordati S.p.A. Via M. Civitali 1 20148 Milano, Italy

Investor Relations: Eugenia Litz +44 7824 394 750 Eugenia.Litz@recordati.com

Investor Relations: Gianluca Saletta +39 348 9794876 saletta.g@recordati.it

Website: www.recordati.com