Slide 1: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS Milan, May 8th 2025
Slide 2: Speakers
SPEAKERS Rob Koremans Luigi La Corte Chief Executive Officer Chief Financial Officer 2
Slide 3: Q1 2025: Strong Start to the Year Across the Business
Q1 2025: STRONG START TO THE YEAR ACROSS THE BUSINESS • Q1 2025 results show a strong start of the year, with Net Revenue at € 680.0 million, +11.9% vs PY or 7.2% like-for-like1 at CER; adverse FX impact of € 3.7 million (-0.6%), mostly from Turkish lira, offset by price inflation: o SPC at € 408.6
Slide 4: Specialty & Primary Care: Resilient Mid-Single Digit Growth at CER Despite Weaker C&C Season
SPECIALTY & PRIMARY CARE: RESILIENT MID-SINGLE DIGIT GROWTH AT CER DESPITE WEAKER C&C SEASON Pharmaceutical Revenue Q1 2025 vs Q1 20241 million Euro Key highlights +3.3% • Resilient growth of +3.3% or +5.0% at CER (+2.3% excluding Türkiye) vs strong Q1 2024, continued overperformance of promoted por
Slide 5: Rare Diseases: Double-Digit Growth Driven by All Franchises
RARE DISEASES: DOUBLE-DIGIT GROWTH DRIVEN BY ALL FRANCHISES Revenue Q1 2025 vs Q1 2024 Key highlights million Euro • Strong double-digit growth, +29.0% vs PY or 11.5% like-for-like2 at +29.0% CER driven by all franchises • Endocrinology: 254.8 • Isturisa®: Double-digit growth driven mostly by contin
Slide 6: Continued Robust Growth Across All Regions
CONTINUED ROBUST GROWTH ACROSS ALL REGIONS (million euro) Q1 2025 Q1 2024 Change % U.S.A. 121.1 90.0 34.7 Italy 94.8 89.8 5.6 Spain 55.2 52.6 4.8 France 46.4 46.0 1.0 Germany 44.3 41.5 6.7 Russia, other CIS countries and Ukraine 42.1 41.2 2.2 Türkiye 42.2 37.3 13.1 Portugal 17.7 16.1 10.3 Other C.E.
Slide 7: Strong Revenue Growth Sustains EBITDA Margin at ~40%
STRONG REVENUE GROWTH SUSTAINS EBITDA MARGIN AT ~40% (million Euro) Q1 2025 Q1 2024 Change % Revenue 680.0 607.8 11.9 Gross Profit 458.8 415.6 10.4 as % of revenue 67.5% 68.4% 1 Adjusted Gross Profit 481.2 429.9 11.9 as % of revenue 70.8% 70.7% SG&A Expenses 181.4 156.5 15.9 as % of revenue 26.7% 25
Slide 8: Strong FCF Growth Driven by Higher EBITDA
STRONG FCF GROWTH DRIVEN BY HIGHER EBITDA (million Euro) Q1 2025 Q1 2024 Change EBITDA1 270.1 244.0 26.1 Movements in working capital (52.3) (46.9) (6.3) Changes in other assets & liabilities (12.8) (14.9) 2.1 Interest received/(paid) (31.6) (19.4) (12.2) Income tax Paid (12.3) (14.3) 2.0 Other 3.6
Slide 9: Leverage at Just Below 2.2x EBITDA Pro-Forma
LEVERAGE AT JUST BELOW 2.2x EBITDA PRO-FORMA1 (million Euro) 31-Mar-25 31-Dec-24 Change Cash and cash equivalents 333.0 322.4 10.6 Short-term debts to banks and other lenders (20.4) (22.8) 2.4 Loans and leases - due within one year2 (286.8) (284.9) (1.9) Loans and leases - due after one year2 (2,046
Slide 10: On Track to Deliver FY 2025 Targets and Sustain Double-Digit Revenue and EBITDA Growth to 2027
ON TRACK TO DELIVER FY 2025 TARGETS AND SUSTAIN DOUBLE- DIGIT REVENUE AND EBITDA GROWTH TO 2027 FY 2024 FY 2025 FY 2027 CAGR* Actual Target Target 2024-2027 million Euro (incl. BD & M&A) (mid-point) Revenue 2,341.6 2,600 – 2,670 3,000 – 3,200 +9.8% yoy growth +12.5%* EBITDA (1) 865.8 970 – 1,000 1,1
Slide 11: Questions & Answers
QUESTIONS & ANSWERS
Slide 12: 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 RNY
Slide 13: Appendix
APPENDIX
Slide 14: Composition of Revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue Q1 2025 Pharmaceutical Revenue Q1 2025 Rare Diseases 37.5% Metabolic Specialty & Primary Care Endocrinology Türkiye USA (incl. Chemicals) 62.5% Portugal 2.2% Hema-Oncology North Africa Cardiovascula
Slide 15: Main Product Sales
MAIN PRODUCT SALES (million Euro) Q1 2025 Q1 2024 Change % Specialty & Primary Care 408.6 395.5 3.3 Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 57.7 54.6 5.8 Eligard® (leuprorelin acetate) 33.0 33.5 (1.5) Seloken®/Seloken® ZOK/Logimax® 28.2 26.3 7.3 (metoprolol/metoprolol+felo
Slide 16: Q1 2025 Results by Operating Segments
Q1 2025 RESULTS BY OPERATING SEGMENTS Total Revenue Q1 2025 EBITDA1 Q1 2025 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 37.5% 41.5% Rare Diseases Rare Diseases 62.5% 58.5% Margin on Revenue: Rare Diseases: EBITDA1 44.0% Specialty and Primary Care: EBITDA
Slide 17: Q1 2025 Results – Adjusting Items
Q1 2025 RESULTS – ADJUSTING ITEMS Reconciliation of Net income to EBITDA1 (million Euro) Q1 2025 Q1 2024 Change % Summary of key items Net Income 125.0 123.6 1.2 Income Taxes 39.8 37.6 Financial (income)/expenses, net 30.9 25.8 • FX losses of € 1.8 million in Q1 2025 vs € 2.7 million o/w net FX (gai
Slide 18: Opportunity to More Than Double Sales of Key Rare Diseases Growth Drivers
OPPORTUNITY TO MORE THAN DOUBLE SALES OF KEY RARE DISEASES GROWTH DRIVERS Peak Year Sales (PYS) PRODUCT 2024 REVENUE (€ M) targets (€ M) Future growth drivers • Favorable market dynamics (increasing treatment rates) (1) • Cushing syndrome label in US 204 550 – 650 • Potential extension of US exclusi
Slide 19: Multiple Lifecycle Management Programs to Drive Growth Beyond 2027
MULTIPLE LIFECYCLE MANAGEMENT PROGRAMS TO DRIVE GROWTH BEYOND 2027 PROGRAM UPCOMING MILESTONE Osilodrostat • Cushing’s syndrome U.S. Expanded label granted by FDA in April 2025 Pasireotide • Post-Bariatric Hypoglycaemia (PBH) Phase 2 enrollment completion by mid 2025 • High Risk relapsed/refractory
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