Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — Q1 2026 Earnings Presentation
25 slides from Recordati's earnings presentation, May 13, 2026
Slide 1: First Quarter 2026 Results
F I R S T Q UA RT E R 2 0 2 6 R E S U LT S May 13, 2026
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY Rob Koremans, Chief Executive Officer Q1 2026 RESULTS Mike McClellan, Chief Financial Officer ISTURISA UPDATE Scott Pescatore, Executive VP Rare Diseases R&D UPDATE Milan Zdravkovic, Executive VP Research & Development 2
Slide 3: Strong start to the year across all key metrics
S T R O N G S TA R T T O T H E Y E A R A C R O S S A L L K E Y M E T R I C S W I T H INCREASING CONTRIBUTION FROM RARE DISEASES FINANCIAL PERFORMANCE N E T A D J . N E T F R E E C A S H E B I T D A 2 R E V E N U E I N C O M E 3 F L O W 4 € 713.4 million € 283.6 million € 188.1 million € 92.1 million
Slide 4: Rare Diseases: growth driven by strong patient uptake
R A R E D I S E A S E S : G R O W T H D R I V E N B Y S T R O N G PAT I E N T U P TA K E O F I S T U R I S A ® I N T H E U . S . A N D I M P R E S S I V E G R O W T H O F E N J AY M O ® Revenue Q1 2026 vs Q1 2025 million Euro KEY HIGHLIGHTS Endocrinology +14.8% • Double-digit growth +14.8% vs PY des
Slide 5: Isturisa: growing momentum in U.S.
I S T U R I S A ®: G R O W I N G M O M E N T U M I N U . S . S U P P O RT E D BY S T R O N G S T R AT E G I C P L A N INITIATIVES SUCCESS METRICS • Expanded field force, MSLs and additional • +80% increase in non-overt patients in Q1 support fully in place in April; training 2026 vs Q2 2025 (CS labe
Slide 6: Primary endpoint met in Phase 2 trial assessing pasireotide
PRIMARY ENDPOINT MET IN PHASE 2 TRIAL ASSESSING PA S I R E O T I D E I N PAT I E N T S W I T H P B H CLINICAL TRIAL DESIGN Patient Population 12-week core phase 36-week extension phase • Bariatric surgery 200 µg s.c. pasireotide (TID) (N=18) All patients switched to 50 µg s.c. • Post-bariatric hypog
Slide 7: Sutimlimab (Enjaymo) to be evaluated in Phase 3 trial for ITP
S U T I M L I M A B ( E N J AY M O ® ) T O B E E V A L U AT E D I N P H A S E 3 T R I A L F O R ITP ITP UNMET NEED EVIDENCE PHASE 3 Rare autoimmune disease, Increased risk of bleeding events, Sutimlimab targets classical Patients with refractory disease characterized by chronic fatigue, decreased co
Slide 8: SPC: in-market growth of promoted portfolio offset by one-off headwinds
S PC: IN - MA RK E T GRO W TH O F PRO MOTED PO RTFO L I O O FFS E T BY EXPECTED ONE-OFF HEADWINDS AND WEAKER COUGH & COLD Pharmaceutical Revenue Q1 2026 vs Q1 2025(1)(2) million Euro K E Y H I G H L I G H T S Urology -1.0% • Decline of -1.0% or growth of +0.2% like-for-like3 at CER; Cardiovascular c
Slide 9: Exceptional growth in the U.S. partially offset by one-off headwinds
E X C E P T I O N A L G R O W T H I N T H E U . S . PA R T I A L LY O F F S E T B Y O N E - O F F HEADWINDS IN SELECT REGIONS (million euro) Q1 2026 Q1 2025 Change % U.S.A 151.6 121.1 25.1 Italy 95.9 94.8 1.1 Spain 61.8 55.2 12.0 France 47.9 46.4 3.2 Germany 41.2 44.3 (6.9) Türkiye 40.4 42.2 (4.3) R
Slide 10: Strong EBITDA margin driven by revenue growth and favourable COGS
STRONG EBITDA MARGIN DRIVEN BY REVENUE GROW TH AND FAV O R A B L E C O G S % of % of (million Euro) Q1 2026 Q1 2025 Change % revenue revenue Revenue 713.4 680.0 4.9 Gross Profit 510.8 71.6% 458.8 67.5% 11.3 Adjusted Gross Profit1 510.8 71.6% 481.2 70.8% 6.2 SG&A Expenses (192.8) (27.0%) (181.4) (26.
Slide 11: Free cash flow: higher working capital to mitigate potential U.S. tariffs
F R E E C A S H F L O W : H I G H E R W O R K I N G C A P I TA L T O C O M P L E T E LY M I T I G AT E P O T E N T I A L U . S . TA R I F F S (million Euro) Q1 2026 Q1 2025 Change EBITDA1 283.6 270.1 13.5 Movements in working capital (128.4) (52.3) (76.1) Changes in other assets & liabilities (4.7)
Slide 12: Confirming FY targets
C O N F I R M I N G F Y 2 0 2 6 TA R G E T S FY 2025 FY 2026 € million Actual Targets Outlook Net Revenue • Rare Diseases to deliver robust high-teen organic growth at CER, driven by Endocrinology (accelerating Isturisa® growth) and Hema-Oncology Net Revenue 2,618.4 2,730 – 2,800 • SPC low single-di
Slide 13: Questions & Answers
QUESTIONS & ANSWERS
Slide 14: Q&A
Q&A Rob Koremans Mike McClellan Scott Pescatore Alberto Martinez Milan Zdravkovic Chief Executive Chief Financial Executive VP Executive VP Executive VP Officer Officer Rare Diseases Specialty & Research & Primary Care Development 14
Slide 15: Appendix
APPENDIX
Slide 16: Composition of revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue Q1 2026 Pharmaceutical Revenue Q1 2026* Rare Diseases 41.0% Metabolic Specialty & Primary Care Endocrinology Türkiye 1.8% USA (incl. Chemicals) 59.0% Portugal Hema-Oncology North Africa 2.6% Cardiov
Slide 17: Main products net revenue
MAIN PRODUCTS NET REVENUE (million Euro) Q1 2026 Q1 2025 Change % Specialty & Primary Care 404.4 408.6 (1.0) Zanidip® and Zanipress® (lercanidipine+enalapril)1 53.7 57.7 (7.0) Eligard® (leuprorelin acetate) 33.6 33.0 1.7 Avodart® (dutasteride) and Combodart®/Duodart® 26.5 24.5 7.9 (dutasteride/tamsu
Slide 18: Q1 2026 results by operating segments
Q 1 2 0 2 6 R E S U LT S BY O P E R AT I N G S E G M E N T S Total Revenue Q1 2026 EBITDA1 Q1 2026 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 41.0% 45.7% Rare Diseases Rare Diseases 59.0% 54.3% Margin on Revenue: Rare Diseases: EBITDA1 44.3% Specialty a
Slide 19: Leverage just below 2.0x EBITDA
LEVERAGE JUST BELOW 2.0x EBITDA (million Euro) 31-Mar-26 31-Dec-25 Change Cash and cash equivalents 380.5 428.8 (48.3) Short-term debts to banks and other lenders (16.6) (23.8) 7.2 Loans and leases - due within one year1 (592.9) (313.0) (279.9) Loans and leases - due after one year1 (1,756.2) (2,129
Slide 20: Q1 2026 results – adjusting items
Q 1 2 0 2 6 R E S U LT S – A D J U S T I N G I T E M S Reconciliation of Net income to EBITDA1 Summary of key items (million Euro) Q1 2026 Q1 2025 % Net Income 153.1 125.0 22.4 Income Taxes 47.7 39.8 • Net FX losses of € 1.9 million in Q1 2026 vs € 1.8 million net Financial (income)/expenses, net 28
Slide 21: R&D program update
R & D P R O G R A M U P DAT E PROGRAM UPCOMING MILESTONE Osilodrostat • Uncontrolled hypertension due to Cushing’s Enrollment initiation in 2026 syndrome Pasireotide • Post-Bariatric Hypoglycemia (PBH)1 End of Phase 2 meeting scheduled with the FDA to discuss next steps • High Risk relapsed/refracto
Slide 22: Osilodrostat (Isturisa): Phase IV study in mild hypercortisolemia
O S I L O D R O S TAT ( I S T U R I S A ®) : P H A S E I V S T U D Y TO G E N E R AT E A D D I T I O N A L D ATA O N C U S H I N G ' S S Y N D R O M E PAT I E N T S W I T H M I L D H Y P E R C O RT I S O L E M I A Objective: Assess efficacy and safety of osilodrostat in adults with mild hypercortiso
Slide 23: Phase 2 clinical trial of pasireotide in post-bariatric hypoglycemia
PHASE 2 CLINICAL TRIAL TO ASSESS THE EFFICACY A N D S A F E T Y O F PA S I R E OT I D E I N PAT I E N T S W I T H P O S T - B A R I AT R I C H Y P O G LYC E M I A 3+4 week screening / 12-week core phase 36-week extension phase run-in 200 µg s.c. pasireotide (TID) (N=18) • Bariatric surgery All patie
Slide 24: Company declarations, disclaimers and profile
C O M PA N Y D E C L A R AT I O N S , D I S C L A I M E R S A N D 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 currentl
Slide 25: Our purpose: Unlocking the full potential of life
Our purpose: Unlocking the full potential of life. ~ RECORDATI
Recordati Industria Chimica e Farmaceutica — Q1 2026 Earnings Presentation on 6ix