Recordati S.p.a. · MIL:REC
Recordati — Investor Presentation (February 2005)
14 slides from Recordati's investor presentation, February 2005
Slide 1: Expanding pharma operations
Expanding pharma operations February 2005 Company profile • A fully integrated pharmaceutical company listed on the Italian Stock Exchange since 1984 • Original research focused on cardiovascular and urological fields • Direct operations in Italy, France, Germany (as from 2005) and Spain covering a
Slide 2: Composition of sales
Composition of sales 1999 (€ 272 m) 69 % 2004 (€ 488 m) 31 % 90 % 10 % Pharmaceuticals Pharmaceutical chemicals 2 Breakdown of pharmaceutical sales International licensees Spain 21% 5% Sophartex France 2% 23% Italy Data: first nine months 2004 49% 3
Slide 3: Main products
Main products Breakdown of 12 months pharmaceutical sales at September 2004 (€ 442 m) Zanidip (lercanidipine) 25% 11% Elopram/Entact (citalopram/es) 8% Peptazol/Ulcotenal (pantoprazole) Other Products 4% Tora-Dol (ketorolac) 22% Main 4% Hexa line (biclotimol) Products 3% Exomuc (acetylcysteine) 3% I
Slide 4: Lercanidipine launch status
Lercanidipine launch status • Launched in 69 countries, approximately one third of world market for calcium channel blockers • Major European launches • 1998 Italy, Spain, UK • 2000 Germany • 2001 France • Approved in additional 23 countries • Filed for approval in additional 15 countries 6 Lercanid
Slide 5: Product pipeline
Product pipeline LERCANIDIPINE modified release formulations - with LifeCycle Pharma and Eurand LERCANIDIPINE /ENALAPRIL - with Forest for U.S. COMBINATION (hypertension) LERCANIDIPINE market new 20 mg dosage 2 NEW REC 0545 PROJECTS (overactive bladder/ (overactive REC 2615 (female sexual urinary in
Slide 6: Lercanidipine life cycle management
Lercanidipine life cycle management • 20mg strength approved in Europe and other countries. Launched in Germany, France and Australia in 2003, Italy, Spain, Scandinavia and Portugal in 2004, roll-out continues • Modified release formulation under development with Forest Labs for the U.S. market • Ag
Slide 7: Ongoing R&D in urology - micturition disorders
Ongoing R&D in urology - micturition disorders • Recordati has long standing research expertise in the urogenital field • Studies the central nervous system mechanisms that control the bladder’s function • A new target for novel drugs was identified, the 5-HT1A serotoninergic receptor • Rec 0545 is
Slide 8: Ongoing R&D - other urogenital programs
Ongoing R&D - other urogenital programs • Potent antagonists of the α1-adrenergic receptors, highly selective for the lower urogenital tract, were pioneered by Recordati and are potentially useful in the development of treatments for benign prostatic hyperplasia (BPH) • Two other potential biologica
Slide 9: Composition of sales; Full year results
Composition of sales (million euro) 2003 2004 Change % PHARMACEUTICALS 424.0 438.9 3.5% 87.0% 89.9% PHARMACEUTICAL 63.5 49.4 (22.1)% CHEMICALS 13.0% 10.1% TOTAL 487.5 488.3 0.2% 100.0% 100.0% ITALY 211.6 218.8 3.4% 43.4% 44.8% INTERNATIONAL 276.0 269.5 (2.3)% 56.6% 55.2% 16 Full year results (millio
Slide 10: EBIT by business area
EBIT by business area (million euro) 2003 2004 Change % PHARMACEUTICALS 85.5 88.4 3.3% as % of sales 20.2% 20.1% PHARMACEUTICAL CHEMICALS (4.5) 2.0 as % of sales* (6.0)% 3.2% n.s. TOTAL EBIT 81.0 90.4 11.6% as % of sales 16.6% 18.5% * Including inter-company sales 18 Net financial position (million
Slide 11: Company strategy
Company strategy ¾ Confirm commitment to research and development in the urological and cardiovascular fields ¾ Acquire new product licenses ¾ Expand geographical presence in Europe 20 Company strategy ¾ Confirm commitment to research and development in the urological and cardiovascular fields 9 R&D
Slide 12: Company strategy: acquire new product licenses
Company strategy ¾ Acquire new product licenses 9 Licensing-in agreements signed in 2004: Cidine rupatadine prulifloxacin silodosin 22 Company strategy ¾ Expand geographical presence in Europe 9 Acquisition of the marketing and sales organization of Merckle GmbH 9 Pan European product licenses obtai
Slide 13: Breakdown of the European pharmaceutical market
Breakdown of the European pharmaceutical market (EU 25 countries) Ot A Po he r rE Swe ustria tugal U Gree den 1 . 1 . 7.0 ce 2.5 2.3% 9% 9% % Germany 20.8% Poland % 2.8% Belgium 3.0% Netherlands 3.2% Spain 9.3% France 19.1% U.K. 13.0% Italy 13.2% Source: IMS 2003 data 24 Size and growth of the five
Slide 14: Outlook
Actual Outlook (million euro) 2004 2005 SALES 488.3 >500 EBIT 90.4 >95 NET INCOME 54.0 >56 Assumptions: • Excluding Merckle and any other acquisitions • R&D expense development 2003 - 2005: +25% 26 Statements contained in this presentation, other than historical facts, are “forward- “forward-looking