Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — FY2020 Earnings Presentation
14 slides from Recordati's earnings presentation, Feb 22, 2021
Slide 1: 2020 Preliminary FY results, 2021 Targets
2020 Preliminary FY results 2021 Targets Conference call, 22 February 2021
Slide 2: Full Year 2020 highlights
Full Year 2020 highlights Resilient performance in unprecedented environment, with strong financial delivery and important additions to the portfolio to drive future growth • Net Revenue of € 1,448.9 million is -2.2% vs PY, or +0.4% excluding FX impact of -2.6% (-5.1% in Q4) • Specialty & Primary Ca
Slide 3: Signifor sales growth accelerates; Isturisa launch on track
Signifor® & Signifor LAR® sales growth accelerates in 2020 Isturisa® launch on track in US and EU Signifor® and Signifor® LAR commercialization on track • Full Year 2020 reported net revenue of €67 million* • Growth of in-market sales estimated to be >10% vs 2019* • Marketing authorization transfer
Slide 4: Eligard - Licence and supply agreement
Eligard® - Licence and supply agreement License obtained from Tolmar International Ltd for the commercialization of Eligard®, well known marketed brand with significant sales in Europe, CIS and Turkey (annual sales c. €100* million) European** market share analysis of the top GnRH agonist (2019 IMS
Slide 5: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 69% of revenue (million Euro) 2020 2019 Change % Zanidip® (lercanidipine) 134.6 134.4 0.2 Seloken®/Seloken® ZOK/Logimax® 105.7 98.3 7.5 (metoprolol/metoprolol+felodipine) Urorec® (silodosin) 74.1 107.1 (30.8) Livazo®
Slide 6: A diversified product portfolio
A diversified product portfolio Other corporate products 11.4% (excluding OTC) Drugs for rare diseases 22.0% Seloken®/Logimax® 7.3% Livazo® 3.7% Urorec® 5.1% Zanipress® 3.3% OTC 18.1% Zanidip® 9.3% Pharmaceutical chemicals 3.4% Subsidiaries’ local product Other revenue 0.7% portfolios 15.7% Data: Fu
Slide 7: Composition of revenue by geography
Composition of revenue by geography (million Euro) 2020 2019 Change % Italy 266.5 280.1 (4.9) France 144.0 157.3 (8.4) Germany 135.7 138.6 (2.1) U.S.A. 122.5 109.6 11.8 Russia, other CIS countries and Ukraine 100.2 120.2 (16.6) Other CEE countries 92.0 82.1 12.0 Other W. Europe countries 91.1 77.6 1
Slide 8: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical revenue Other international sales 14.4% (sales to licensees, exports, sales in ROW) Italy 19.0% North Africa 2.9% Other W. Europe 6.5% France 10.3% Other CEE 6.5% Portugal 3.1% Turkey 5.7% Germany 9.7% Spain 6.0% Russia, other CIS and U.S.A. 8.7% Ukraine 7.2%
Slide 9: Full year 2020 results
Full year 2020 results (million Euro) 2020 2019 Change % Revenue 1,448.9 1,481.8 (2.2) Gross Profit 1,042.0 1,044.9 (0.3) as % of revenue 71.9 70.5 SG&A Expenses 421.9 445.6 (5.3) as % of revenue 29.1 30.1 R&D Expenses 146.2 129.7 12.8 as % of revenue 10.1 8.8 Other Income (Expense), net (4.9) (4.4)
Slide 10: Full year 2020 results: operating segments
Full year 2020 results Operating Segments EBIT Treatments for rare diseases 25.5% Revenue Treatments for rare diseases 22.0 % Specialty & primary care 74.5% EBITDA Treatments for rare diseases 26.0 % Specialty & primary care 78.0 % Margin on sales: Specialty & primary Treatments for rare diseases: E
Slide 11: Net financial position
Net financial position 31 Dec 2020 31 Dec 2019 Change (million Euro) Cash and short-term financial investments 188.2 187.9 0.3 Bank overdrafts and short-term loans (12.6) (13.4) 0.8 Loans and leases – due within one year (270.2) (149.8) (120.4) Loans and leases – due after one year* (771.2) (927.4)
Slide 12: Financial projections - Key assumptions
Financial projections - Key assumptions • Overall Revenue growth of around 10%, despite continued adverse FX of roughly -2%, driven by: • Specialty & Primary Care returning to low single digit organic growth, following Silodosin and Pitavastatin LOE in 2020, with expected improvement in market deman
Slide 13: Financial projections 2021 targets
Financial projections 2021 targets - excluding any new acquisitions 2020 2021 Actual Targets (million Euro) Revenue 1,448.9 1,570 - 1,620 EBITDA(1) 569.3 600 - 620 margin on sales 39.3% Adj Net Income(2) 410.4 420 - 440 margin on sales 28.3% (1) Net income before financial (income) expense, provisio
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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