Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — Q3 2025 Earnings Presentation
24 slides from Recordati's earnings presentation, Nov 12, 2025
Slide 1: First Nine Months 2025 Results
FIRST NINE MONTHS 2025 RESULTS November 12, 2025
Slide 2: Executive Summary
1 Executive Summary Rob Koremans Chief Executive Officer 2 First Nine Months 2025 Results Luigi La Corte Chief Financial Officer 3 Isturisa® Update Scott Pescatore Executive VP Rare Diseases 4 Outlook Rob Koremans Chief Executive Officer 2
Slide 3: Continued strong momentum across the business in first nine months
CONTINUED STRONG MOMENTUM ACROSS THE BUSINESS IN FIRST NINE MONTHS, WITH RARE DISEASES ACCELERATING IN Q3 • Net Revenue at € 1,956.2 million, +12.2% vs PY (8.1% like-for-like1 at CER); adverse FX impact of € 35.5 million (-2.0%), mostly from U.S. dollar and Turkish lira • EBITDA2 of € 743.9 million,
Slide 4: Specialty & Primary Care: resilient mid-single digit growth at CER
SPECIALTY & PRIMARY CARE: RESILIENT MID-SINGLE DIGIT GROWTH AT CER DESPITE SHORT-TERM HEADWINDS Pharmaceutical Revenue 9M 2025 vs 9M 20241 million Euro Key highlights +3.2% • Resilient growth of +3.2% or +5.0% like-for-like2 at CER (+2.5% excl. Türkiye); continued overperformance of promoted portfol
Slide 5: Rare Diseases: strong double-digit growth, accelerating in Q3
RARE DISEASES: STRONG DOUBLE-DIGIT GROWTH, ACCELERATING IN Q3 ACROSS KEY FRANCHISES Revenue 9M 2025 vs 9M 2024 Key highlights million Euro • Continued strong double-digit growth +29.2% vs PY despite +29.2% adverse USD FX, or 14.1% like-for-like2 at CER • Endocrinology: 782.2 • Isturisa®: Double-digi
Slide 6: All regions contributing to growth
ALL REGIONS CONTRIBUTING TO GROWTH (million euro) 9M 2025 9M 2024 Change % U.S.A. 371.5 284.4 30.6 Italy 259.8 254.4 2.1 Spain 166.8 160.6 3.9 France 137.7 132.9 3.6 Germany 132.8 118.9 11.7 Russia, other CIS countries and Ukraine 126.5 108.1 17.0 Türkiye 102.2 97.7 4.6 Portugal 53.1 48.4 9.6 Other
Slide 7: Continued double-digit growth of revenue and EBITDA
CONTINUED DOUBLE-DIGIT GROWTH OF REVENUE AND EBITDA (million Euro) 9M 2025 9M 2024 Change % Revenue 1,956.2 1,743.1 12.2 Gross Profit 1,315.0 1,186.9 10.8 as % of revenue 67.2% 68.1% 1 Adjusted Gross Profit 1,377.5 1,215.0 13.4 as % of revenue 70.4% 69.7% SG&A Expenses (539.8) (470.7) 14.7 as % of r
Slide 8: Free cash flow: higher EBITDA offset by increased inventory and tax payments
FREE CASH FLOW: HIGHER EBITDA OFFSET BY INCREASED INVENTORY (U.S.) AND TAX PAYMENTS (million Euro) 9M 2025 9M 2024 Change EBITDA1 743.9 665.7 78.2 Movements in working capital (137.5) (64.0) (73.5) Changes in other assets & liabilities 8.6 (12.0) 20.6 Interest received/(paid) (76.3) (60.3) (16.0) In
Slide 9: Robust U.S. Isturisa patient uptake with acceleration in Q3 revenue growth
ROBUST U.S. ISTURISA® PATIENT UPTAKE WITH ACCELERATION IN Q3 REVENUE GROWTH U.S. Isturisa® Patient Growth 220 Highlights 200 • Continued strong new patient April 15, 2025: FDA approval > 1,200 net for expanded indication for the active patients uptake following approval of CS treatment of endogenous
Slide 10: Substantial further potential in the broader U.S. Cushing's syndrome market
SUBSTANTIAL FURTHER POTENTIAL IN THE BROADER U.S. CUSHING’S SYNDROME MARKET Overt Non-Overt (typically moderate/severe) (typically milder) • Pituitary Centers/Academic Hospitals • Community Endocrinologist, selected PCPs Primary treaters and Cardiologists Presentation & • Primarily Cushing's Disease
Slide 11: Isturisa peak year sales potential doubled
ISTURISA® PEAK YEAR SALES POTENTIAL DOUBLED ON PLAN TO CAPTURE BROADER CUSHING’S SYNDROME MARKET Further expansion of activities in U.S. targeting endocrinologists, selected cardiologists and PCPs in community centers • Additional field force and medical science liaisons to extend coverage • Increas
Slide 12: Outlook
OUTLOOK • Strong performance across the business expected to deliver FY 2025 results in line with original guidance (lower half of range) despite challenging macro environment (FX of approx. -3%, FY 2025 expected to continue into 2026) Targets1 million Euro • In FY 2026, Rare Diseases are expected t
Slide 13: Questions & Answers
QUESTIONS & ANSWERS
Slide 14: Q&A
Q&A (msm ch oh a 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 AY
Slide 15: Appendix
APPENDIX
Slide 16: Composition of revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue 9M 2025 Pharmaceutical Revenue 9M 2025* Rare Diseases 40.0% Metabolic Specialty & Primary Care Endocrinology Türkiye USA (incl. Chemicals) 60.0% Portugal 2.0% Hema-Oncology North Africa 2.8% Cardiov
Slide 17: Main product sales
MAIN PRODUCT SALES (million Euro) 9M 2025 9M 2024 Change % Specialty & Primary Care 1,129.9 1,094.4 3.2 Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 144.1 143.7 0.3 Eligard® (leuprorelin acetate) 95.5 91.9 3.8 Seloken®/Seloken® ZOK/Logimax® 81.3 79.8 1.9 (metoprolol/metoprolol+
Slide 18: 9M 2025 results by operating segments
9M 2025 RESULTS BY OPERATING SEGMENTS Total Revenue 9M 2025 EBITDA1 9M 2025 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 40.0% 44.8% Rare Diseases Rare Diseases 60.0% 55.2% Margin on Revenue: Rare Diseases: EBITDA1 42.6% Specialty and Primary Care: EBITDA
Slide 19: Leverage at 2.1x EBITDA pro-forma
LEVERAGE AT 2.1x EBITDA PRO-FORMA1, REFLECTING ALSO HIGHER SHARE REPURCHASE (million Euro) 9M 2025 FY 2024 Change Cash and cash equivalents 471.5 322.4 149.1 Short-term debts to banks and other lenders (16.4) (22.8) 6.4 Loans and leases - due within one year2 (312.0) (284.9) (27.1) Loans and leases
Slide 20: 9M 2025 results – adjusting items
9M 2025 RESULTS – ADJUSTING ITEMS Reconciliation of Net income to EBITDA1 (million Euro) 9M 2025 9M 2024 Change % Summary of key items Net Income 326.3 338.4 (3.6) Income Taxes 103.0 103.4 • FX gains of € 10.9 million in 9M 2025 vs € 2.8 million Financial (income)/expenses, net 67.4 62.3 losses in 9
Slide 21: Update on lifecycle management programs
UPDATE ON LIFECYCLE MANAGEMENT PROGRAMS PROGRAM UPCOMING MILESTONE Osilodrostat • Uncontrolled hypertension due to Cushing’s Enrollment initiation in 2026 Syndrome (RCT) Pasireotide Phase 2 enrollment completed • Post-Bariatric Hypoglycaemia (PBH)1 Top-line results expected Q2 2026 Potential U.S. BL
Slide 22: Phase IV study on Cushing's syndrome patients with mild hypercortisolemia
PHASE IV STUDY TO GENERATE ADDITIONAL DATA ON CUSHING'S SYNDROME PATIENTS WITH MILD HYPERCORTISOLEMIA Objective: Assess efficacy and safety of osilodrostat in adults with mild hypercortisolemia and uncontrolled hypertension (HTN) due to Cushing’s Syndrome (CS) 3-week screening 18-week dose titration
Slide 23: 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 24: Our purpose: Unlocking the full potential of life
Our purpose: Unlocking the full potential of life. ~ RECORDATI
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