Recordati S.p.a. · MIL:REC
Recordati — 9M 2010 Earnings Presentation
11 slides from Recordati's earnings presentation, Oct 26, 2010
Slide 1: First nine months and 3Q results
Conference call, 26 October 2010 2010 First nine months and 3Q results
Slide 2: First nine months 2010 highlights
FIRST NINE MONTHS 2010 HIGHLIGHTS • Revenue € 548.6 million, down 1.4%, international sales down 0.4% • Operating income (EBIT) € 123.9 million, up 1.6% • Net Income € 87.0 million, up 2.1% • Silodosin (Urorec®/Silodyx™) approved in Europe and launched in Germany, Spain and Ireland • Carbaglu® (carg
Slide 3: Composition of revenue
COMPOSITION OF REVENUE Jan-Sep Jan-Sep Change % (million Euro) 2010 2009 Italy 150.0 156.5 (4.2) France 105.0 114.4 (8.3) Germany 45.7 51.7 (11.5) Portugal 28.0 29.5 (5.1) Spain 22.2 23.0 (3.8) United Kingdom 73 7.3 10 9 10.9 (33 0) (33.0) Other Western European countries 18.7 14.7 27.9 Russia, Turk
Slide 4: Geographical breakdown of pharmaceutical revenue
GEOGRAPHICAL BREAKDOWN OF PHARMACEUTICAL REVENUE Portugal 5.3% Spain 4.2% Germany 8.6% UK 1.4% Other W. European countries 3.5% Russia Turkey Russia, Turkey, other CEE 9 9.7% 7% France 19.8% Other international sales 19.2% Italy 28.3% Data: First nine months 2010 Pharmaceutical revenue € 529.6 m 3
Slide 5: Main product sales
MAIN PRODUCT SALES Jan-Sep Jan-Sep Change % (million Euro) 2010 2009 Zanidip® (lercanidipine) 117.8 160.9 (26.8) Zanipress® (lercanidipine+enalapril) 22.8 14.4 58.3 Other corporate products 41.2 26.5 55.6 Orphan drugs 45.0 35.9 25.3 4
Slide 6: Composition of revenue by business
COMPOSITION OF REVENUE BY BUSINESS Zanipress 4.2% Other corporate products 7.5% Zanidip 21.5% Orphan drugs 8 8.2% 2% Pharmaceutical chemicals 3.5% Local product portfolios 50.1% Other revenue 5.0% Entact®/Elopram® 6% (escitalopram/citalopram) - Italy Peptazol® (pantoprazole) – Italy 3% Methadone – F
Slide 7: First nine months 2010 results
FIRST NINE MONTHS 2010 RESULTS Jan-Sep Jan-Sep (million Euro) Change % 2010 2009 Revenue 548.6 556.2 (1.4) Gross Profit 369.1 379.2 (2.6) as % of revenue 67 3 67.3 68 2 68.2 SG&A Expenses 195.1 200.8 (2.9) as % of revenue 35.6 36.1 R&D Expenses 46.0 49.5 (7.1) as % of revenue 8.4 8.9 Other Income (E
Slide 8: Third quarter 2010 results
THIRD QUARTER 2010 RESULTS (million Euro) 3Q 2010 3Q 2009 Change % Revenue 172.4 176.9 (2.6) Gross Profit 114.3 121.1 (5.7) as % of revenue 66.3 68.5 SG&A Expenses 60.0 63.1 (5.0) as % of revenue 34.8 35.6 R&D & Expenses pe ses 13.2 15.8 58 ((17.0) 0) as % of revenue 7.6 9.0 Other Income (Expense),
Slide 9: Net financial position and shareholder's equity
NET FINANCIAL POSITION AND SHAREHOLDER’S EQUITY (million Euro) 30 Sep 2010 31 Dec 2009 Change Cash and short-term financial 108.4 93.8 14.6 investments Bank overdrafts and short-term (5.6) (28.9) 23.3 loans Loans – due within one year (1 3) (1.3) (2.4) 1.1 Loans – due after one year (81.5) (82.2) 0.
Slide 10: Financial projections: 2010 targets
FINANCIAL PROJECTIONS 2010 TARGETS 2009 2010 Actual Targets (million Euro) Revenue 747.5 ~ 725 Operating income (EBIT) 162.2 ~ 155 Net Income 110.6 ~ 105 Based on existing business, no new acquisitions included. 9
Slide 11: 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 Fritz Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finan