Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — Q1 2020 Earnings Presentation
14 slides from Recordati's earnings presentation, May 7, 2020
Slide 1: First quarter results
2020 First quarter results CONFERENCE CALL – 7 MAY 2020
Slide 2: First quarter 2020 highlights
First quarter 2020 highlights • Exceptional organisation responsiveness to deal with effects of unprecedented crisis, safeguarding employees and assuring continuity of supply • Very strong financial results, reflecting underlying performance in line with plan and incremental revenue driven by custom
Slide 3: Contingency planning to counter impact of COVID-19 epidemiological emergency
Recordati contingency planning to counter impact of COVID-19 epidemiological emergency Supply chain continuity for all our Safe environment for our employees businesses in all markets • Implementation of measures to protect • Alternative supply flow for starting materials and individuals and to prev
Slide 4: Signifor & Signifor LAR sales growth in Q1; Isturisa approved in EU and US
Signifor® & Signifor LAR® sales growth in Q1 Isturisa® approved in EU and in the US, launch planning on track Signifor® and Signifor® LAR estimated in-market Q1 sales +6% vs 2019* • Signifor® and Signifor® LAR commercialization on track: 17.4 16.4 • marketing authorization transferred in February in
Slide 5: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 69.6% of revenue (million Euro) 1Q 2020 1Q 2019 Change % Zanidip® (lercanidipine) 40.7 37.4 8.7 Zanipress® (lercanidipine+enalapril) 14.9 14.2 4.6 Urorec® (silodosin) 27.1 27.8 (2.8) Livazo® (pitavastatin) 16.6 13.2
Slide 6: A diversified product portfolio
A diversified product portfolio Other corporate products 13.4% (excluding OTC) Drugs for rare diseases 18.0% Seloken®/Logimax® 7.1% Livazo® 3.9% Urorec® 6.3% Zanipress® 3.5% OTC 19.2% Zanidip® 9.5% Pharmaceutical chemicals 2.7% Subsidiaries’ local product Other revenue 0.6% portfolios 15.8% Data: Fi
Slide 7: Composition of revenue by geography
Composition of revenue by geography (million Euro) 1Q 2020 1Q 2019 Change % Italy 78.6 80.2 (2.0) France 41.3 37.9 8.9 Germany 39.1 36.1 8.4 Russia, other CIS countries and Ukraine 35.3 28.3 24.7 U.S.A. 31.9 26.3 21.1 Turkey 27.5 22.0 25.0 Spain 25.0 22.8 9.5 Portugal 13.1 11.0 18.7 Other CEE countr
Slide 8: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical* revenue Other international sales 14.6% (sales to licensees, exports, sales in ROW) Italy 18.8% North Africa 2.9% Other W. Europe 5.9% France 9.9% Other CEE 6.7% Portugal 3.1% Germany 9.4% Spain 6.0% Turkey 6.6% Russia, other CIS and U.S.A. 7.6% Ukraine 8.5%
Slide 9: First quarter 2020 results
First quarter 2020 results (million Euro) 1Q 2020 1Q 2019 Change % Revenue 429.2 383.0 12.1 Gross Profit 303.7 266.5 14.0 as % of revenue 70.8 69.6 SG&A Expenses 118.2 111.8 5.7 as % of revenue 27.6 29.2 R&D Expenses 34.9 29.2 19.8 as % of revenue 8.1 7.6 Other Income (Expense), net (2.1) 0.5 n.s. a
Slide 10: Alternative performance measures: redefinition of EBITDA and introduction of Adjusted Net Income
First quarter 2020 - alternative performance measures: redefinition of EBITDA and introduction of Adjusted Net Income • Given the growing amount of intangible assets on the Group’s balance sheet, in order to provide information in line with best practice in the sector and to allow comparability with
Slide 11: First quarter 2020 results: operating segments
First quarter 2020 results Operating Segments EBIT Treatments for rare diseases 22.9% Revenue Treatments for rare diseases 18.0% Specialty & primary care 77.1% EBITDA Treatments for rare diseases 23.0% Specialty & primary care 82.0% Margin on sales: Specialty & primary Treatments for rare diseases:
Slide 12: Net financial position
Net financial position 31 Mar 2020 31 Dec 2019 Change (million Euro) Cash and short-term financial investments 196.1 187.9 8.2 Bank overdrafts and short-term loans (9.2) (13.4) 4.2 Loans and leases – due within one year* (145.5) (149.8) 4.3 Loans and leases – due after one year* (922.2) (927.4) 5.2
Slide 13: Full year 2020 outlook
Full year 2020 outlook 2020 target assumptions Current view • Mid single digit Net Revenue growth • Net Revenue likely to be slightly below guidance range, due to: • FX headwind of roughly -1% • Impact on Q2-Q3 demand in markets most affected by COVID-19 lockdowns • Signifor® and initial sales of Is
Slide 14: 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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