Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — FY 2021 Earnings Presentation
17 slides from Recordati's earnings presentation, Feb 24, 2022
Slide 1: 2021 Preliminary Full Year Results, 2022 Targets
2021 Preliminary Full Year Results 2022 Targets Milano, 24th February 2022
Slide 2: Full Year 2021 highlights
Full Year 2021 highlights • 2021 marked another year of solid performance for the Group, with further steps taken to sustain continued growth in the years to come • Revenue of €1,580.1 million, represents a growth of +9.1% vs 2020, or +11.4% at CER, driven by: • High double-digit growth of Rare Dise
Slide 3: Strong progress in 2021 of both Eligard and Endo franchise
Strong progress in 2021 of both Eligard® and Endo franchise confirms Group track record in integrating new businesses • Revenue €85.3(1) million: transition finalized in • Revenue €126.6 million of which Signifor® €80.5 record time and ahead of plan, with earlier million, Isturisa® €46.1 million swi
Slide 4: EUSA Pharma acquisition
EUSA Pharma acquisition Further strengthens our Rare Diseases business, with strong capabilities and a portfolio of assets with solid growth trajectory, providing platform for potential further expansion ✓ Further strengthens the growth of our rare disease franchise, in line with our 3-year strategy
Slide 5: CEO First impressions
CEO First impressions Heritage Commitment Diversification Stable, cash generating SPC Solid company with strong Focus on performance and business and higher margin / foundations delivery with strong discipline higher growth RRD Global Growth Accelerate growth with targeted International team investm
Slide 6: Main products sales
Main products sales (million Euro) FY 2021 FY 2020 Change % Zanidip® (lercanidipine) 136.7 134.6 1.6 Seloken®/Seloken® ZOK/Logimax® 98.1 105.7 (7.2) (metoprolol/metoprolol+felodipine) Eligard®(1) 85.3 - n.m. Urorec® (silodosin) 60.7 74.1 (18.1) Livazo® (pitavastatin) 42.8 52.9 (19.1) Zanipress® (ler
Slide 7: A diversified product portfolio
A diversified product portfolio Other corporate products 10.8% (excluding OTC) Livazo® 2.7% Drug for rare disease 24.3% Zanipress® 2.6% Urorec® 3.8% Eligard® 5.4% Seloken®/Logimax® 6.2% Zanidip® 8.7% OTC 17.5% Pharmaceutical chemicals 3.1% Other revenue 0.8% Subsidiaries’ local product portfolios 14
Slide 8: Composition of revenue by geography
Composition of revenue by geography (million Euro) FY 2021 FY 2020 Change % Italy 258.2 266.5 (3.1) France 151.7 144.0 5.3 Germany 152.9 135.7 12.6 Spain 120.0 83.8 43.2 Portugal 45.4 42.7 6.4 Turkey 70.3 79.2 (11.2) Russia. other CIS countries and Ukraine 99.6 100.2 (0.6) U.S.A. 176.9 122.5 44.4 Ot
Slide 9: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical¹ revenue Other international revenue (2) 13.3% North Africa 2.3% Italy 16.9% Other CEE 7.3% France 9.9% Other W. Europe 6.8% Portugal 3.0% Germany 10.0% Spain 7.8% Turkey 4.6% USA 11.6% Russia, other CIS and Ukraine 6.5% Data: Full Year results 2021 Pharmaceu
Slide 10: Full year 2021 results
Full year 2021 results (million Euro) FY 2021 FY 2020 Change % Revenue 1,580.1 1,448.9 9.1 Gross Profit 1,152.3 1,042.0 10.6 as % of revenue 72.9 71.9 SG&A Expenses 480.9 421.9 14.0 as % of revenue 30.4 29.1 R&D Expenses 166.1 146.2 13.6 as % of revenue 10.5 10.1 Other Income (expense), net (15.1) (
Slide 11: Full year 2021 results
Full year 2021 results Operating Segments EBIT Treatments for rare diseases 29.9% REVENUE Treatments for rare diseases 24.3% Specialty and primary care 70.1% EBITDA Treatments for rare diseases 29.9% Specialty and primary care 75.7% Margin on Sales: Treatments for rare diseases: EBITDA 47.0%, EBIT 3
Slide 12: Full year 2021 cash flow
Full year 2021 cash flow (million Euro) FY 2021 FY 2020 Change EBITDA 602.3 569.3 33.0 Movements in working capital 20.0 (75.5) 95.5 Changes in other assets & liabilities (15.5) (11.1) (4.4) Interest received/(paid) (18.0) (18.2) 0.2 Income Tax Paid (91.6) (65.3) (26.3) Other (5.6) 4.4 (10.0) Cash f
Slide 13: Net financial position
Net financial position 31 DEC 2021 31 DEC 2020 Change (million Euro) Cash and cash equivalents 244.5 188.2 56.3 Short-term debts to banks and other lenders (8.7) (12.6) 3.9 Loans and leases – due within one year(1) (221.5) (270.2) 48.7 Loans and leases – due after one year(1) (750.8) (771.2) 20.4 NE
Slide 14: Financial projections - Key assumptions
Financial projections - Key assumptions • Expect Revenue excl EUSA to grow mid single digit, reflecting adverse FX of approx. -1% : • Specialty & Primary Care to grow low to mid single digit, despite adverse TRY FX; continued return to normal market conditions and growth of Eligard® (sales of >€100
Slide 15: Financial projections
Financial projections 2022 targets - To be calibrated post EUSA completion (assuming EUSA acquisition completion in Q2) FY 2021 FY 2022 Changes Actual Target Revenue 1,580 1,720 - 1,780 +10.8% EBITDA(1) 602.3 630 - 660 +7.1% margin on sales 38.1% +/-37% Adjusted Net 424.6 450 - 470 Income(2) +8.3% 2
Slide 16: Questions & Answers
Questions & Answers & RECORDATI
Slide 17: 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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