Recordati S.p.a. · MIL:REC
Recordati — Unicredit VI Small Caps Conference 2008
20 slides from Recordati's conference presentation, Nov 27, 2008
Slide 1: A growing specialty pharmaceuticals company
Unicredit VI Small Caps Conference, Milan, 27 November 2008 A growing specialty pharmaceuticals company
Slide 2: Company profile
Company profile ¾ A fully integrated pharmaceutical company listed on the Italian Stock Exchange since 1984 ¾ Original research focused on the fields of urology and rare diseases ¾ Marketing and sales of products belonging to a wide range of therapeutic areas ¾ A European company - marketing operati
Slide 3: Breakdown of pharmaceutical revenue
Breakdown of pharmaceutical revenue Other European countries 1% Spain UK C.I.S. Portugal 4% 2% 3% Other international 7% G Germany sales l 17% 8% % of pharmaceutical Orphan Europe revenue 6% Zanidip®/Zanipress® (lercanidipine/ 32% lercanidipine+enalapril) France 21% Elopram® /Entact® 6% (citalopram/
Slide 4: ZANIDIP (lercanidipine)
ZANIDIP® (lercanidipine) ¾ Latest generation calcium-channel blocker. Lercanidipine as a % of all Lipophilic dihydropyridine. calcium channel blockers ¾ Natural N t l once a day. d Potent, P t t long-lasting l l ti vasodilatory activity. Highly vasoselective with Bubble size represents $ market valu
Slide 5: R&D pipeline
R&D pipeline NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Launched in Germany and Zanipress®/Zanitek® Recordati Hypertension (lercanidipine+enalapril) Australia MRP in Europe completed rupatadine Uriach Rhinitis, allergic, seasonal / perennial urticaria Approved fentanyl patch Lavipharm Moderate to
Slide 6: Lercanidipine fixed combinations
Lercanidipine fixed combinations ¾ Fixed combinations will play a significant role in the future hypertension market ¾ New aggressive targets for blood pressure control. Combination of drugs needed for most patients ¾ Increased patient compliance ¾ Large clinical outcome trials show that cardiovascu
Slide 7: Pitavastatin
Pitavastatin ¾ Competitive C inhibitor off the enzyme HMG-CoA G C reductase indicated ffor the treatment of hypercholesterolaemia ¾ Safe and effective novel statin statin. More effective than other statins since its affinity for the HMG-CoA enzyme is stronger. ¾ Induces decrease in LDL (cholesterol
Slide 8: Silodosin
Silodosin ¾ Selective alpha-1A receptor antagonist indicated for the symptomatic treatment of benign prostatic hyperplasia ¾ Benign prostatic hyperplasia increasing in frequency due to the progressive ageing of the population ¾ Phase III trials completed in the U.S. and in Europe indicate rapid onse
Slide 9: New developments for Lower Urinary Tract Symptoms (LUTS) and incontinence
New developments for the Lower Urinary Tract Symptoms (LUTS) and incontinence ¾ Irritative symptoms of the lower urinary tract (mainly urgency and frequency with or without incontinence) are frequent, mainly in women and the elderly. This condition known as Overactive Bladder (OAB) is either idiopat
Slide 10: Orphan Europe
Orphan Europe ¾ Recordati completed the acquisition of Orphan Europe, a European pharmaceutical company dedicated to treatments for rare diseases, in December 2007 ¾ Orphan Europe operates in an untapped niche market. It has a well balanced, cash generating portfolio of 9 products with strong growth
Slide 11: R&D pipeline – drugs for rare diseases
R&D pipeline – drugs for rare diseases NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Orphan Europe Approved in EU Carbaglu® NAGS deficiency (Recordati) Filed in U.S. Orphan Europe Organic acidemias Pre-registration in EU Carbaglu® (Recordati) Orphan Europe Vitamin E deficiency in cystic fibrosis and
Slide 12: Development of drugs for rare diseases
Development of drugs for rare diseases ¾ Carbaglu® (carglumic acid), a drug developed by Orphan Europe for the treatment of NAGS deficiency, deficiency approved in the EU in 2003 and filed recently for approval with the FDA. Carbaglu® is also in pre-registration phase in Europe for additional indica
Slide 13: Development of drugs for rare diseases
Development of drugs for rare diseases ¾ Stanate S ® (stannsoporfin) ( fi ) Inhibits I hibi the h production d i off bilirubin bili bi iin cases off hyperbilirubinemia of different origin. Originated by Rockefeller University, is under development by InfaCare for the treatment of neonatal hyperbilir
Slide 14: Development of drugs for rare diseases
Development of drugs for rare diseases ¾ Cystagon® (cysteamine bitartrate), a drug indicated for the treatment of nephropathic cystinosis, cystinosis is being studied for a new and promising unrelated indication. ¾ Cystadrops® (cysteamine chlorhydrate) are eye drops developed for “ocular cystinosis”
Slide 15: First nine months 2008 Highlights
First nine months 2008 Highlights ¾ Revenue € 508.2 million, up 9.0%, international sales grow by 12.5% ¾ EBIT € 111.3 111 3 million, illi up 10 10.3% 3% ¾ Net income € 76.6 million, up 19.6% ¾ Acquisition of FIC and FIC Médical, our distribution arm in Russia and other C.I.S. countries ¾ New lercan
Slide 16: Composition of revenue
Composition of revenue Jan - Sep Jan - Sep Change % (million Euro) 2008 2007 Italy 148.1 151.2 (2.0) France 104.3 100.5 3.8 Germany 38.7 38.3 1.1 Portugal 32.3 32.6 (1.0) Spain 19.5 16.7 16.7 United Kingdom 80 8.0 85 8.5 (6 5) (6.5) Other European countries 3.7 1.6 n.s. C.I.S. countries 14.7 9.8 50.
Slide 17: First nine months 2008 results
First nine months 2008 results Jan-Sep Jan-Sep (million Euro) Change % 2008 2007 Revenue 508 2 508.2 466 4 466.4 90 9.0 Gross Profit 346.6 316.0 9.7 as % of revenue 68.2% 67.7% SG&A Expenses 190.4 175.6 8.4 as % of revenue 37.5% 37.7% R&D E Expenses 42 3 42.3 36 9 36.9 14 7 14.7 as % of revenue 8.3%
Slide 18: Net financial position
Net financial position (million Euro) 30 Sep 2008 31 Dec 2007 Change Cash and short-term financial 127.0 89.4 37.6 investments Bank overdrafts and short-term (85.1) (98.8) 13.7 loans Loans – due within one year (2.4) (2.9) 0.6 Loans – due after one year (83 1) (83.1) (84 8) (84.8) 17 1.7 NET FINANCI
Slide 19: Growth targets
Growth targets 2008 Change growth 2007 % (million Euro) targets Revenue ~ 690 +10% 628.4 R&D expenses ~ 60 +20% 49.1 Operating income ~ 145 +10% 131.5 (EBIT) N t Income Net I ~ 100 +18% 18% 84 9 84.9 ¾ Develop our direct presence in Eastern Europe ¾ Reinforce our product portfolio and R&D pipeline ¾
Slide 20: 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