Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — H1 2025 Earnings Presentation
21 slides from Recordati's earnings presentation, Jul 30, 2025
Slide 1: First Half 2025 Results
FIRST HALF 2025 RESULTS July 30, 2025
Slide 2: Speakers
SPEAKERS Rob Koremans Luigi La Corte Chief Executive Officer Chief Financial Officer 2
Slide 3: H1 2025: Continued Strong Momentum Across the Business
H1 2025: CONTINUED STRONG MOMENTUM ACROSS THE BUSINESS • H1 2025 results show continued strong momentum of the Group, with Net Revenue at € 1,323.8 million, +11.7% vs PY or 7.8% like-for-like1 at CER; adverse FX impact of € 23.2 million (-2.0%), mostly from Turkish lira partially compensated by pric
Slide 4: Licensing Agreement to Commercialize Vazkepa in Europe Further Strengthens Cardiovascular Franchise
LICENSING AGREEMENT TO COMMERCIALIZE VAZKEPA® IN EUROPE FURTHER STRENGTHENS CARDIOVASCULAR FRANCHISE Vazkepa® is indicated to reduce the risk of cardiovascular events in statin-treated adult patients with high cardiovascular risk, which brings patent protection in Europe up to 2039 Approved in 2021
Slide 5: Specialty & Primary Care: Resilient Mid-Single Digit Growth at CER
SPECIALTY & PRIMARY CARE: RESILIENT MID-SINGLE DIGIT GROWTH AT CER Pharmaceutical Revenue H1 2025 vs H1 20241 million Euro Key highlights +2.6% • Resilient growth of +2.6% or +5.1% at CER (+2.6% excluding Türkiye) vs a robust H1 2024, continued overperformance of promoted portfolio vs relevant marke
Slide 6: Rare Diseases: Strong Double-Digit Growth Driven by All Franchises
RARE DISEASES: STRONG DOUBLE-DIGIT GROWTH DRIVEN BY ALL FRANCHISES Revenue H1 2025 vs H1 2024 Key highlights million Euro • Continued strong double-digit growth, +29.2% vs PY or 12.8% +29.2% like-for-like2 at CER • Endocrinology: 515.7 • Isturisa®: Double-digit growth driven mostly by continued new
Slide 7: All Regions Contributing to Growth
ALL REGIONS CONTRIBUTING TO GROWTH (million euro) H1 2025 H1 2024 Change % U.S.A. 241.3 184.1 31.0 Italy 181.9 176.3 3.2 Spain 110.4 109.4 0.9 France 93.2 90.3 3.2 Germany 88.7 81.4 9.0 Russia, other CIS countries and Ukraine 81.1 71.8 13.0 Türkiye 70.5 70.0 0.6 Portugal 35.7 32.6 9.5 Other C.E.E. c
Slide 8: Continued Double-Digit Growth of Revenue and EBITDA
CONTINUED DOUBLE-DIGIT GROWTH OF REVENUE AND EBITDA (million Euro) H1 2025 H1 2024 Change % Revenue 1,323.8 1,185.7 11.7 Gross Profit 882.6 801.8 10.1 as % of revenue 66.7% 67.6% 1 Adjusted Gross Profit 929.5 828.8 12.2 as % of revenue 70.2% 69.9% SG&A Expenses (368.4) (321.4) 14.6 as % of revenue (
Slide 9: Strong Free Cash Flow, in Line with Previous Year
STRONG FREE CASH FLOW, IN LINE WITH PREVIOUS YEAR HIGHER EBITDA OFFSET BY HIGHER TAXES AND INCREASED INVENTORY (MAINLY U.S.) (million Euro) H1 2025 H1 2024 Change EBITDA1 496.3 452.9 43.4 Movements in working capital (102.9) (73.6) (29.3) Changes in other assets & liabilities (2.7) (20.9) 18.2 Inter
Slide 10: Leverage at Just Below 2.3x EBITDA Pro-Forma
LEVERAGE AT JUST BELOW 2.3x EBITDA PRO-FORMA1 POST MAY DIVIDEND PAYMENT (million Euro) 30-Jun-25 31-Dec-24 Change Cash and cash equivalents 341.6 322.4 19.2 Short-term debts to banks and other lenders (80.9) (22.8) (58.1) Loans and leases - due within one year2 (302.8) (284.9) (17.9) Loans and lease
Slide 11: FY 2025 Targets Confirmed Despite Stronger FX Headwind
FY 2025 TARGETS CONFIRMED DESPITE STRONGER FX HEADWIND FY 2025 € million Targets* Comments Strong underlying business performance Further step up of Isturisa® and Enjaymo® in H2, in line with plan Revenue 2,600 – 2,670 Contribution from Vazkepa® < € 10 million yoy growth +12.5% FX headwind now expec
Slide 12: Questions & Answers
QUESTIONS & ANSWERS
Slide 13: Q&A
Q&A (min ch oh aD Rob Koremans Luigi La Corte Alberto Martinez Scott Pescatore Milan Zdravkovic Chief Executive Officer Chief Financial Officer Executive VP Specialty Executive VP Executive VP & Primary Care Rare Diseases Research & Development BY
Slide 14: Appendix
APPENDIX
Slide 15: Composition of Revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue H1 2025 Pharmaceutical Revenue H1 2025* Rare Diseases 39.0% Metabolic Specialty & Primary Care Endocrinology Türkiye USA (incl. Chemicals) 61.0% Portugal 2.1% Hema-Oncology North Africa Cardiovascul
Slide 16: Main Product Sales
MAIN PRODUCT SALES (million Euro) H1 2025 H1 2024 Change % Specialty & Primary Care 774.4 754.9 2.6 Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 106.6 101.4 5.1 Eligard® (leuprorelin acetate) 63.1 64.0 (1.4) Seloken®/Seloken® ZOK/Logimax® 57.4 53.1 8.0 (metoprolol/metoprolol+fe
Slide 17: H1 2025 Results by Operating Segments
H1 2025 RESULTS BY OPERATING SEGMENTS Total Revenue H1 2025 EBITDA1 H1 2025 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 39.0% 43.4% Rare Diseases Rare Diseases 61.0% 56.6% Margin on Revenue: Rare Diseases: EBITDA1 41.7% Specialty and Primary Care: EBITDA
Slide 18: H1 2025 Results – Adjusting Items
H1 2025 RESULTS – ADJUSTING ITEMS Reconciliation of Net income to EBITDA1 (million Euro) H1 2025 H1 2024 Change % Summary of key items Net Income 216.1 225.4 (4.1) Income Taxes 68.2 66.4 • FX gains of € 7.5 million in H1 2025 vs € 7.5 million Financial (income)/expenses, net 46.7 46.8 losses in H1 2
Slide 19: Lifecycle Programs Progressing in Line with Plan
LIFECYCLE PROGRAMS PROGRESSING IN LINE WITH PLAN PROGRAM UPCOMING MILESTONE Osilodrostat • Cushing’s syndrome U.S. Expanded label granted by FDA in April 2025 Pasireotide Phase 2 enrollment completion in the coming weeks • Post-Bariatric Hypoglycaemia (PBH)1 • High Risk relapsed/refractory Meeting w
Slide 20: Company Declarations, Disclaimers and Profile
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
Slide 21: Our purpose: Unlocking the full potential of life
Our purpose: Unlocking the full potential of life. ~ RECORDATI
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