Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — Q3 2021 Earnings Presentation
14 slides from Recordati's earnings presentation, Oct 28, 2021
Slide 1: 2021 First Nine Months Results
2021 First Nine Months Results Milano, 28th October 2021
Slide 2: First nine months 2021 highlights
First nine months 2021 highlights • Q3 results continued to reflect the positive trends already seen in Q2, with rebound of revenue across SPC, strong contribution from Eligard(1) (all key markets now selling directly) and continued strong growth of Rare Diseases • YTD Q3 net revenue of €1,156.2 mil
Slide 3: Eligard transition ahead of plan, with positive early signals from active promotion
Eligard® transition ahead of plan, with positive early signals from active promotion • Revenue of €59.4 million* is ahead of expectations due to earlier switch to direct sales and Recordati promotion in several markets • Recordati is MA Holder in all Mutual Recognition Procedure markets, with around
Slide 4: Signifor & Signifor LAR sales growth continues; Isturisa launch on track
Signifor® & Signifor LAR® sales growth continues in Q3 2021 Isturisa® launch on track in US, EU and JP Signifor® and Signifor® LAR commercialization on track • YTD Q3 2021 reported Net Revenue of ~€58.5 million • Growth of in-market sales at constant exchange rate estimated to be around 10% vs 2020*
Slide 5: Main products sales
Main products sales (million Euro) 9M 2021 9M 2020 Change % Zanidip® (lercanidipine) 107.2 106.1 1.0 Seloken®/Seloken® ZOK/Logimax® 73.0 77.7 (6.1) (metoprolol/metoprolol+felodipine) Eligard®(1) 59.4 - n.m. Urorec® (silodosin) 45.3 58.5 (22.6) Livazo® (pitavastatin) 31.8 42.5 (25.0) Zanipress® (lerc
Slide 6: A diversified product portfolio
A diversified product portfolio Other corporate products 10.2% (excluding OTC) Livazo® 2.8% Drug for rare disease 24.2% Zanipress® 2.7% Urorec® 3.9% Eligard® 5.1% Seloken®/Logimax® 6.3% Zanidip® 9.3% OTC 17.3% Pharmaceutical chemicals 3.1% Subsidiaries’ local product portfolios 14.4% Other revenue 0
Slide 7: Composition of revenue by geography
Composition of revenue by geography (million Euro) 9M 2021 9M 2020 Change % Italy 195.8 202.9 (3.5) France 112.2 109.1 2.8 Germany 111.7 100.6 11.1 Spain 85.9 63.1 36.1 Portugal 33.5 32.6 2.8 Turkey 53.5 62.4 (14.3) Russia, other CIS countries and Ukraine 63.4 69.1 (8.2) U.S.A. 127.5 89.4 42.6 Other
Slide 8: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical¹ revenue Other international revenue (2) 13.7% North Africa 2.4% Italy 17.5% Other CEE 7.2% France 10.0% Other W. Europe 6.8% Portugal 3.0% Germany 10.0% Spain 7.6% Turkey 4.8% USA 11.4% Russia, other CIS and Ukraine 5.6% Data: First nine months 2021 Pharmace
Slide 9: First nine months 2021 results
First nine months 2021 results (million Euro) 9M 2021 9M 2020 Change % Revenue 1,156.2 1,093.8 5.7 Gross Profit 843.2 785.6 7.3 as % of revenue 72.9 71.8 SG&A Expenses 347.1 310.3 11.8 as % of revenue 30.0 28.4 R&D Expenses 119.7 106.3 12.6 as % of revenue 10.4 9.7 Other Income (Expense), net (3.5)
Slide 10: First nine months 2021 results by operating segment
First nine months 2021 results Operating Segments EBIT Treatments for rare diseases 28.8% REVENUE Treatments for rare diseases 24.2% Primary and specialty care 71.2% EBITDA Treatments for rare diseases 29.5% Primary and specialty care 75.8% Margin on Sales: Treatments for rare diseases: EBITDA 47.4%
Slide 11: First nine months 2021 cash flow
First nine months 2021 cash flow (million Euro) 9M 2021 9M 2020 Change EBITDA 447.9 438.8 9.1 Movements in working capital 12.8 (68.8) 81.6 Changes in other assets & liabilities (14.6) (18.9) 4.3 Interest received/(paid) (11.3) (11.2) (0.1) Income Tax Paid (61.6) (45.0) (16.6) Other (5.1) 1.6 (6.7)
Slide 12: Net financial position
Net financial position 30 SEPT 2021 31 DEC 2020 Change (million Euro) Cash and cash equivalents 341.9 188.2 153.7 Short-term debts to banks and other lenders (13.5) (12.6) (0.9) Loans and leases – due within one year (228.1) (270.2) 42.1 Loans and leases – due after one year(1) (815.0) (771.2) (43.8
Slide 13: Full year 2021 outlook
Full year 2021 outlook Expect FY results in line with the objectives set at the start of the year, at lower end of the guidance range • Revenue likely to land in lower end of target range: • FX headwind of -2%/-3%, slightly adverse to plan (particularly TRY) • SPC returning to growth, with first sig
Slide 14: Company declarations, disclaimers and profile
Company declarations, disclaimers and profile DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY’S FINANCIAL REPORTS The manager responsible for preparing the company’s financial reports Luigi La Corte declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Fina
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