Recordati S.p.a. · MIL:REC

Recordati — Recordati Industria Chimica e Farmaceutica — H1 2020 Earnings Presentation

13 slides from Recordati's earnings presentation, Jul 30, 2020

  1. Slide 1: First half results

    2020 First half results CONFERENCE CALL – 30 JULY 2020

  2. Slide 2: First half 2020 highlights

    First half 2020 highlights • First half financial results remain strong, particularly in context of challenging environment: - Net revenue € 760.2 million, +2.3%, includes € 32.8 million contributed by Signifor®, Signifor® LAR and initial sales of Isturisa® - EBITDA(1) € 311.1 million or 40.9% of sa

  3. Slide 3: Signifor & Signifor LAR sales growth; Isturisa launch on track

    Signifor® & Signifor LAR® sales growth in Q2 Isturisa® launch on track Signifor® and Signifor® LAR commercialization on track • Marketing authorization transferred in March in US and Japan and in May in EU (take-over of distribution in EU markets in June-July) • Strong new patient acquisition in US

  4. Slide 4: Main product sales

    Main product sales Corporate products including drugs for rare diseases account for 68.9% of revenue (million Euro) 1H 2020 1H 2019 Change % Zanidip® (lercanidipine) 82.6 70.8 16.6 Zanipress® (lercanidipine+enalapril) 26.9 29.2 (8.1) Urorec® (silodosin) 42.3 54.5 (22.3) Livazo® (pitavastatin) 30.2 2

  5. Slide 5: A diversified product portfolio

    A diversified product portfolio Other corporate products 11.0% (excluding OTC) Drugs for rare diseases 20.1% Seloken®/Logimax® 6.9% Livazo® 4.0% Urorec® 5.6% Zanipress® 3.5% OTC 17.9% Zanidip® 10.9% Pharmaceutical chemicals 3.6% Subsidiaries’ local product Other revenue 0.6% portfolios 15.9% Data: F

  6. Slide 6: Composition of revenue by geography

    Composition of revenue by geography (million Euro) 1H 2020 1H 2019 Change % Italy 144.5 151.3 (4.5) France 73.4 77.7 (5.5) Germany 67.4 68.0 (0,8) U.S.A. 60.1 51.6 16.4 Russia, other CIS countries and Ukraine 46.1 51.6 (10.7) Turkey 44.8 44.1 1.6 Spain 43.0 46.6 (7.8) Portugal 22.3 21.8 2.3 Other W.

  7. Slide 7: Geographical breakdown of pharmaceutical revenue

    Geographical breakdown of pharmaceutical* revenue Other international sales 16.3% (sales to licensees, exports, sales in ROW) Italy 19.7% North Africa 3.1% Other CEE 6.1% France 10.0% Other W. Europe 6.1% Portugal 3.0% Germany 9.2% Spain 5.9% Turkey 6.1% Russia, other CIS and U.S.A. 8.2% Ukraine 6.3

  8. Slide 8: First half 2020 results

    First half 2020 results (million Euro) 1H 2020 1H 2019 Change % Revenue 760.2 743.3 2.3 Gross Profit 548.4 520.0 5.5 as % of revenue 72.1 70.0 SG&A Expenses 210.9 218.5 (3.5) as % of revenue 27.7 29.4 R&D Expenses 71.2 59.8 19.2 as % of revenue 9.4 8.0 Other Income (Expense), net (4.8) 0.8 n.s. as %

  9. Slide 9: First half 2020 results: operating segments

    First half 2020 results Operating Segments EBIT Treatments for rare diseases 25.2% Revenue Treatments for rare diseases 20.1% Specialty & primary care 74.8% EBITDA Treatments for rare diseases 25.3% Specialty & primary care 79.9% Margin on sales: Specialty & primary Treatments for rare diseases: EBI

  10. Slide 10: Net financial position

    Net financial position 30 Jun 2020 31 Dec 2019 Change (million Euro) Cash and short-term financial investments 218.4 187.9 30.5 Bank overdrafts and short-term loans (6.5) (13.4) 6.9 Loans and leases – due within one year* (176.6) (149.8) (26.8) Loans and leases – due after one year* (957.7) (927.4)

  11. Slide 11: Full year 2020 outlook

    Full year 2020 outlook Net Revenue below original guidance, EBITDA and Adjusted Net Income confirmed • Full year revenue forecast impacted by: • Adverse year on year FX headwinds of close to -2% (primarily TRY and RUB) • Lower Q2-Q3 demand driven by COVID-19 lockdowns impacting all markets, with exp

  12. Slide 12: Full year 2020 outlook

    Full year 2020 outlook 2020 EBITDA and Adjusted Net Income targets confirmed (expect lower end of range) 2020 Updated 2020 Targets announced Feb 2020 Targets (million Euro) Revenue 1,550 - 1,580 ± 1,500 EBITDA(1) 580 - 590 580 - 590 Adjusted Net Income(2) 408 - 418 408 - 418 (1) Net income before fi

  13. Slide 13: 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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