Slide 1: First Quarter Financials
Conference Call, 3 May 2007 2007 First Quarter Financials
Slide 2: First quarter 2007 operational highlights
First quarter 2007 operational highlights ¾ Record quarterly results ¾ Revenue € 163.4 million, EBIT € 37.1 million, net income € 23.5 million ¾ International sales grow by 8.2% ¾ Lercanidipine sales up 7.3% ¾ Direct marketing of Zanidip® in Ireland by Recordati Ireland ¾ Meda to co-market lercanidi
Slide 3: Composition of revenue
Composition of revenue (million euro) 1Q 2007 1Q 2006 Change Italy 56.3 62.8 (10.4) % France 33.6 34.9 (3.9) % Portugal 12.1 - n.s. Germany 11.2 11.9 (5.4) % Spain 5.6 10.7 (47.4) % United Kingdom 3.1 3.1 1.3 % Ireland 0.3 - n.s. International licensees 31.5 29.2 8.1 % TOTAL PHARMACEUTICALS 153.7 15
Slide 4: Pharmaceutical revenue by geographical area
Pharmaceutical revenue by geographical area Spain UK Ireland 0.2% Germany International licensees 4% 2% Portugal 7% 8% 20% 22% France 37% Total revenue Italy Pharmaceuticals 94% 6% Data: First quarter 2007 Total revenue € 163 m Pharmaceutical Pharmaceutical revenue € 154 m chemicals 3
Slide 5: Pharmaceutical revenue
Pharmaceutical revenue % of pharmaceutical Licensed revenue 29% Zanidip® (lercanidipine) 31% Elopram® /Entact® 7% (citalopram/escitalopram) 3% Peptazol® (pantoprazole) 3% 68% Tora-Dol® (ketorolac) 3% Other revenue Isocef® (ceftibuten) 2% Claversal® (mesalazine) 2% Proprietary Hexa line (biclotimol)
Slide 6: Sources of growth
Sources of growth (% change, first quarter 2007 over Volume Price Exchange Total first quarter 2006) PHARMACEUTICALS 4.7 (3.9) (0.1) 0.7 PHARMACEUTICAL 12.9 (1.7) (4.9) 6.3 CHEMICALS TOTAL CHANGE 5.2 (3.7) (0.4) 1.1 5
Slide 7: Lercanidipine sales
Lercanidipine sales (million euro) 1Q 2007 1Q 2006 Change Italy 12.1 12.4 (2.9) % France 10.0 8.1 22.7 % United Kingdom 3.0 3.1 (2.8) % Spain 1.9 1.8 3.6 % Germany 1.2 - n.s. Others 0.8 0.4 n.s. DIRECT SALES 28.9 25.9 11.7 % 61.7% 59.2% SALES TO LICENSEES 18.0 17.8 0.9 % 38.3% 40.8% TOTAL LERCANIDIP
Slide 8: First quarter 2007 results
First quarter 2007 results (million euro) 1Q 2007 1Q 2006 Change Revenue 163.4 161.7 1.1 % Gross Profit 109.0 108.4 0.6 % as % of revenue 66.7% 67.0% SG&A Expenses 58.8 62.5 (5.8) % as % of revenue 36.0% 38.7% R&D Expenses 13.0 11.7 as % of revenue 7.9% 7.3% 10.5 % Operating Income 37.1 34.5 7.6% as
Slide 9: Net financial position
Net financial position (million euro) 31 Mar 2007 31 Dec 2006 Change Cash and short term financial 155.2 145.0 10.2 investments Bank overdrafts (14.4) (14.6) 0.2 Loans – due within one year (12.0) (20.4) 8.4 Loans – due after one year (86.4) (87.6) 1.3 NET FINANCIAL POSITION 42.5 22.4 20.1 8
Slide 10: Safe harbour and company profile
Safe harbour and company 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 current best