RECORDATI : PRELIMINARY 2014 RESULTS: REVENUE GROWTH AND SIGNIFICANT MARGIN IMPROVEMENT
12 Februar 2015 - 12:31PM
PRELIMINARY 2014 RESULTS: REVENUE GROWTH AND
SIGNIFICANT MARGIN IMPROVEMENT, SALES +4.9%, OPERATING
INCOME +18.2% AND NET INCOME +20.6%.
- Consolidated revenue € 987.3 million, + 4.9%.
- EBITDA(1) € 273.8 million, + 19.0%
- Operating income € 231.0 million, + 18.2%.
- Net income € 161.2 million, + 20.6%.
- Net financial position(2): net debt of € 186.0
million.
- Vitaros®, an innovative product for the treatment of erectile
dysfunction licensed in from Apricus Biosciences.
- Orphan drug designation granted in the U.S.A. to Carbaglu® for
the treatment of organic acidemias.
- PSD502(TM), a n ew product for the treatment of premature
ejaculation licensed in from Plethora Solutions.
- NX-1207 phase III European clinical trial prematurely
interrupted.
- 2015 targets and plan for 2017 .
The Board of Directors of Recordati S.p.A. examined the preliminary
consolidated results for 2014 and the group's development
strategies and objectives for the 2015-2017 period. The company's
definite consolidated annual financial reports will be submitted to
the Board for approval on 4 March 2015.
Financial highlights
- Consolidated revenue for the full year 2014 is € 987.3
million, up by 4.9% compared to the preceding year. International
sales grow by 7.8%.
- EBITDA(1), at 27.7% of sales, is € 273.8 million, an
increase of 19.0% over the preceding year.
- Operating income, at 23.4% of sales, is € 231.0 million,
an increase of 18.2%.
- Net income, at 16.3% of sales, is € 161.2 million, an
increase of 20.6% over 2013.
- Net financial position(2) at 31 December 2014 records a
net debt of € 186.0 million. Shareholders' equity increases
to € 787.4 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).
Management comments
"During the year just ended important
initiatives were undertaken for the future development of the
company and significant group margin improvement was obtained",
declared Giovanni Recordati, Chairman and CEO. "In February an
exclusive license agreement was entered into with Apricus
Biosciences Inc. for the marketing and sales of Vitaros®
(alprostadil), an innovative topical product for the treatment of
erectile dysfunction, in certain European countries, Russia,
Ukraine and the Commonwealth of Independent States (C.I.S.), Turkey
and certain African countries. In July the U.S. Food and Drug
Administration (FDA) granted approval of Orphan Europe's request
for orphan drug designation for the use of Carbaglu® (carglumic
acid) in the treatment of organic acidemias (OAs). In September a
license agreement with Plethora Solutions Limited and Plethora
Solutions Holdings Plc for the commercialization of PSD502(TM)
(Fortacin), a topical spray formulation of lidocaine and prilocaine
for the treatment of premature ejaculation, in Europe, Russia,
Commonwealth of Independent States (C.I.S.), Turkey and certain
countries in North Africa was signed. At the end of September
Erytech Pharma, a French biopharmaceutical company with which our
subsidiary Orphan Europe has an exclusive agreement for the
commercialization and distribution in Europe of Graspa®, reported
positive top-line phase III results from its clinical study with
this product in acute lymphoblastic leukemia (ALL) in frail
patients.In view of the results, communicated by Nymox, of the US
phase III clinical trials involving the use of NX-1207 in benign
prostatic hyperplasia, which showed no significant improvement over
placebo, and after profound evaluation over the last months, we
decided to prematurely interrupt the European clinical trial before
having reached the expected target of 340 patients." "In the future
we expect to further improve on the profitability margins achieved
in 2014" continued Giovanni Recordati. "In 2015 our targets are to
reach sales of more than € 1,000 million, EBIT of around € 250
million and net income of € 175 million. For the coming years we
will continue our growth strategy through the development of our
current product portfolio and through acquisitions and for 2017 we
expect to obtain revenues of around € 1,150 million with an EBIT
margin of between 25 and 26% and a net income margin of between 17
and 18%."
Declaration by the Manager responsible for
preparing the Company's financial reports
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 press release
corresponds to the document results, books and accounting
records.
Conference call
Recordati will be hosting a conference call
today 12 February 2015 at 4.00 pm Italian time (3.00 pm
London time, 9.00 am New York time). The dial-in numbers are:
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
Marianne
Tatschke
Studio Noris
Morano
(39)0248787393
(39)0276004736, (39)0276004745 e-mail: inver@recordati.it
e-mail: norismorano@studionorismorano.com
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.
PRELIMINARY 2014 RESULTS: REVENUE GROWTH AND SIGNIFICANT MARGIN
IMPROV http://hugin.info/143644/R/1894029/671328.pdf
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