Recordati S.p.a. · MIL:REC
Recordati — Investor Day (April 2025)
45 slides from Recordati's investor day presentation, Apr 29, 2025
Slide 1: 2025-2027 Three-Year Plan
2025-2027 THREE-YEAR PLAN April 29, 2025
Slide 2: Group Overview, Core businesses, Financial projections
1 2 3 Group Overview Core businesses 2025-2027 Rob Koremans • Specialty & Primary Care Financial projections Chief Executive Officer Alberto Martinez Luigi La Corte Executive VP Specialty & Primary Care Chief Financial Officer Rob Koremans • Rare Diseases Chief Executive Officer Scott Pescatore Exec
Slide 3: Resilient and diversified business creating consistent value in a constantly evolving environment
RESILIENT AND DIVERSIFIED BUSINESS CREATING CONSISTENT VALUE IN A CONSTANTLY EVOLVING ENVIRONMENT 3
Slide 4: Recordati: Improving the Lives of Patients Worldwide
RECORDATI: IMPROVING THE LIVES OF PATIENTS WORLDWIDE KEY FACTS OVERVIEW OF THE BUSINESS • Founded: 1926 in Correggio (IT) • Fully integrated operations across R&D, Specialty & ▪ >400 branded originator Rx and OTC manufacturing, commercialization and licensing products with strong equity and customer
Slide 5: Unique and Resilient Business Model Delivering Consistent Profitable Growth
UNIQUE AND RESILIENT BUSINESS MODEL DELIVERING CONSISTENT PROFITABLE GROWTH DIVERSIFIED FINANCIALLY-FOCUSED Unique combination of resilient, cash flow Strong focus on financial performance, driving generative Specialty & Primary Care and high robust revenue growth, sector-leading growth global Rare
Slide 6: Highly-Diversified Business, Both Geographically and Portfolio Wise
HIGHLY-DIVERSIFIED BUSINESS, BOTH GEOGRAPHICALLY AND PORTFOLIO WISE 3%2% Highlights North Africa 6% 17% USA Portugal 7% Italy U.S. largest market (17% Türkiye Other International of revenue) driven by 7% GEOGRAPHIC Sales growth of Rare Diseases EXPOSURE Russia, Ukraine € 2,342 14% Spain business and
Slide 7: Resilient Brands Post LOE with Limited Further Exposure
RESILIENT BRANDS POST LOE WITH LIMITED FURTHER EXPOSURE Revenue million Euro 193.3 LOE 2010 180.1 183.0 177.9 168.0 181.4 179.3 Highlights LOE 2016 2018 2019 2020 2021 2022 2023 2024 Strong track record in stabilizing revenue post first generic entry, with no 107.1 101.1 74.1 70.0 77.9 meaningful re
Slide 8: Targeted R&D Investments Supporting Lifecycle Management and Geographic Expansion
TARGETED R&D INVESTMENTS SUPPORTING LIFECYCLE MANAGEMENT AND GEOGRAPHIC EXPANSION Recent News R&D Life-Cycle Management Programs Key On-going programs Programs under evaluation Pasireotide (Signifor®) Osilodrostat (Isturisa®) FDA grants Isturisa®(Osilodrostat) expanded Post-bariatric hypoglycemia (P
Slide 9: Disciplined Value-Creating M&A to Complement Growth
DISCIPLINED VALUE-CREATING M&A TO COMPLEMENT GROWTH Long track record of successful execution with fast and effective integration Examples of deals Key figures 2023 Go-to-partner for regional promotionally sensitive 2021 RX established brands in core therapeutic areas supported by competitive commer
Slide 10: Consistently Delivering Strong Growth, Achieving Targets, with Average ROIC of 15-20%
CONSISTENTLY DELIVERING STRONG GROWTH, ACHIEVING TARGETS, WITH AVERAGE ROIC OF 15-20%* OVER LAST DECADE Group Revenue 2014-2024 & 2025 Target range million Euro CAGR +9.0% 2,600-2,670 2,342 2,082 1,853 1,580 1,482 1,449 1,288 1,352 1,154 987 1,048 RRD SPC(1) (2) 2014 2015 2016 2017 2018 2019 2020 20
Slide 11: World-Class Management Team
WORLD-CLASS MANAGEMENT TEAM Management team comprises highly-experienced pharmaceutical executives 2021 2019 2021 2020 2024 Robert Koremans Luigi La Corte Alberto Martinez Scott Pescatore Alessandro Gilio Chief Executive Officer Chief Financial Officer EVP, SPC Business Unit EVP, RRD Business Unit E
Slide 12: Group Overview, Core businesses, Financial projections
1 2 3 Group Overview Core businesses 2025-2027 Rob Koremans • Specialty & Primary Care Financial projections Chief Executive Officer Alberto Martinez Luigi La Corte Executive VP Specialty & Primary Care Chief Financial Officer Rob Koremans • Rare Diseases Chief Executive Officer Scott Pescatore Exec
Slide 13: SPC – Long Legacy of Consistent Organic Growth, Complemented by Business Development
SPC – LONG LEGACY OF CONSISTENT ORGANIC GROWTH, COMPLEMENTED BY BUSINESS DEVELOPMENT Revenue* 2012 - 2024 Acquisition Commercialization million Euro Patent Expiry Launch Re-launch Re-launch 1,508 Acquisition Patent Expiry 1,368 1,232 1,258 1,196 1,136 1,130 1,077 967 864 895 814 752 2012 2013 2014 2
Slide 14: SPC – Broad and Diversified Portfolio Across Rx and OTC
SPC – BROAD AND DIVERSIFIED PORTFOLIO ACROSS RX AND OTC PRESCRIPTION PRODUCTS OTC GROWTH BRANDS Major Growth Brands Major Established Brands 14
Slide 15: Highly-Integrated Business, with Robust Supply Chain
HIGHLY-INTEGRATED BUSINESS, WITH ROBUST SUPPLY CHAIN Highlights Pharmaceutical ~ 60% of volumes Cork Nanterre (RRD) Pardubice production manufactured by Chemical Recordati plants Basel (RRD) production Majority of CMOs based in Europe and in US Milano Saragozza Cerkezkoy Campoverde Producing API for
Slide 16: Majority of Business in Geographies with Positive Underlying Fundamentals
MAJORITY OF BUSINESS IN GEOGRAPHIES WITH POSITIVE UNDERLYING FUNDAMENTALS… Highlights N. Europe 22% of SPC sales Strong brand loyalty across S. Europe, CEE and Türkiye offsetting minimal price erosion in N. CEE Europe, with net positive average pricing on 18% of SPC sales total business of ~1%/ year
Slide 17: Relevant Markets in Core TAs Sustained by Growing Prevalence and Treatment Rates
…WITH RELEVANT MARKETS IN CORE TAs SUSTAINED BY GROWING PREVALENCE AND TREATMENT RATES European Market Outlook* 2024-2027 Billion Euro UROLOGY(1) CARDIOVASCULAR(2) GASTROENTEROLOGY(3) 5 35 30 30 25 4 25 20 3 20 CAGR CAGR 15 CAGR 15 2 8.0% 6.4% 6.0% 10 10 1 5 5 0 0 0 2024 2025 2026 2027 2024 2025 202
Slide 18: SPC Strategic Pillars
SPC STRATEGIC PILLARS Uniquely diversified business of brand originator products with direct presence in 30 markets leveraging competitive and cost-effective commercial capabilities that consistently deliver sector leading growth and profitability TAILORED STRATEGIC COMMERCIAL DIVERSIFICATION COMMER
Slide 19: SPC Transformation Since 2021
SPC TRANSFORMATION SINCE 2021 Improving competitiveness and optimizing portfolio through clear focus and enhanced capabilities Timely transformation since 2021 built on 4 EBITDA ratio steady Switch from Primary to ~€200m growth at 7.3% key pillars: increase from 33% to 35% Specialty Care focus CAGR
Slide 20: Urology: Key Growth Driver of SPC
UROLOGY: KEY GROWTH DRIVER OF SPC Urology Revenue Key growth drivers million Euro Main products represent ~77% of Urology revenue with growth driven by: Mid-single digit growth • Eligard®: Strong market share gains across at CER markets • Urorec®: Italy, Russia, Turkey to drive future growth • Avoda
Slide 21: Eligard: Competitiveness Turnaround with Robust Growth Prospects Ahead
ELIGARD®: COMPETITIVENESS TURNAROUND WITH ROBUST GROWTH PROSPECTS AHEAD Eligard Evolution Index(1) Sep 2020 - Jan 2025 Highlights March 2021(2) Revenue declining before product was 117 in-licensed in March 2021 112 110 Eligard® identified as a priority growth brand 101 New device successfully launch
Slide 22: Cardiovascular Sales Stabilization Driven by Targeted Promotion in Sensitive Markets
CARDIOVASCULAR SALES STABILIZATION DRIVEN BY TARGETED PROMOTION IN SENSITIVE MARKETS Cardiovascular Revenue million Euro Key growth drivers Main products representing ~80% of Cardiovascular revenue supported by targeted promotion in select Broadly stable markets: sales at CER • Zanidip®/Zanipress®:
Slide 23: Growth of GI, C&C and Others Driven by OTC Portfolio
GROWTH OF GI, C&C AND OTHERS DRIVEN BY OTC PORTFOLIO (~50% OF TOTAL) Gastrointestinal, Cough & Cold, Other Pharma revenue Gastrointestinal million Euro Revenue 50% OTC and 50% RX with majority of growth driven by OTC brands in Italy, Spain & Mid-single CEE digit growth at CER Cough & Cold Main produ
Slide 24: SPC Expected to Continue Delivering Mid-Single Digit Organic Growth
SPC EXPECTED TO CONTINUE DELIVERING MID-SINGLE DIGIT ORGANIC GROWTH WITH SECTOR LEADING PROFITABILITY Revenue actual and 2025-2027 plan million Euro Highlights Sales growing ~3.5-4.5% CAGR at Chemicals CAGR CER, with adverse FX approx. -1.5% OTC ~3.5-4.5% Rx at CER Resilient margins thanks to focuse
Slide 25: Group Overview, Core businesses, Financial projections
1 2 3 Group Overview Core businesses 2025-2027 Rob Koremans • Specialty & Primary Care Financial projections Chief Executive Officer Alberto Martinez Luigi La Corte Executive VP Specialty & Primary Care Chief Financial Officer Rob Koremans • Rare Diseases Chief Executive Officer Scott Pescatore Exec
Slide 26: Rare Disease Market Addressing Unmet Medical Needs
RARE DISEASE MARKET ADDRESSING UNMET MEDICAL NEEDS SIGNIFICANT UNMET PATIENT NEED Out of >7,000 known rare diseases, Most rare diseases do not have an approved pharmaceutical only ~5% have approved product treatment and even if available, low diagnosis rates remain available LONGER MARKET EXCLUSIVIT
Slide 27: Long-Standing Presence in Rare Diseases Accelerating with Recent Acquisitions
LONG-STANDING PRESENCE IN RARE DISEASES ACCELERATING WITH RECENT ACQUISITIONS AND GEOGRAPHIC EXPANSION Revenue 2008 - 2024 million Euro Acquisition of global rights Ex-US/China/Israel rights Acquisition of EUSA Pharma 834 Acquisition First Launch 715 of Isturisa Acquisition Commercial launch 596 in
Slide 28: Rare Diseases Strategic Pillars
RARE DISEASES STRATEGIC PILLARS Global high growth/high margin business focused on high unmet needs, with portfolio of over 20 products across three therapeutic areas PATIENT EXECUTIONAL STRATEGIC LCM CENTRIC EXCELLENCE MARKET FOCUS OPPORTUNITIES Maximize number of Enhance commercial Focus on produc
Slide 29: Rare Diseases Products by Therapeutic Area
LONG-STANDING PRESENCE IN RARE DISEASES ACCELERATING WITH RECENT ACQUISITIONS AND GEOGRAPHIC EXPANSION ENDOCRINOLOGY PRODUCTS HEMA-ONCOLOGY PRODUCTS METABOLIC AND OTHER PRODUCTS 29
Slide 30: Endocrinology Strong Double-Digit Growth to Be Driven by Isturisa
ENDOCRINOLOGY STRONG DOUBLE-DIGIT GROWTH TO BE DRIVEN BY ISTURISA® Key growth drivers Endocrinology Revenue million Euro Isturisa® • U.S. label expansion from Cushing's disease to the treatment of endogenous hypercortisolemia in adults with Cushing’s syndrome • Differentiated clinical profile with r
Slide 31: Broader US Label to Enable Significant Growth in Patient Numbers
BROADER US LABEL TO ENABLE SIGNIFICANT GROWTH IN PATIENT NUMBERS Isturisa U.S. Patients Highlights Broader label unlocks significantly CAGR larger opportunity with further >15% additional growth from Cushing's disease ~35% Provides full access to Cushing's syndrome patients suffering from hypercorti
Slide 32: Hema-Oncology: Potential to More Than Double Revenue
HEMA-ONCOLOGY: POTENTIAL TO MORE THAN DOUBLE REVENUE, INCLUDING CONTRIBUTION OF ENJAYMO® Hema-Oncology Revenue Key growth drivers million Euro Qarziba® • Recommended standard of care in the maintenance setting of NB1,2,3 • EU: Increase penetration in relapse & refractory settings and ensure proper d
Slide 33: Qarziba Opportunity to Expand into US and Earlier Line of Therapy
QARZIBA® OPPORTUNITY TO EXPAND INTO US AND EARLIER LINE OF THERAPY CURRENT POTENTIAL FUTURE TREATMENT TREATMENT Highlights INDUCTION THERAPY Qarziba® is an anti-GD-2 monoclonal antibody CHEMO which is the recommended standard of care for children with high-risk neuroblastoma in the maintenance setti
Slide 34: Enjaymo Growth to Be Driven by Increased Penetration, Geo-Expansion and New Indications
ENJAYMO® GROWTH TO BE DRIVEN BY INCREASED PENETRATION, GEO-EXPANSION AND POTENTIAL NEW INDICATIONS CAD market opportunity in lead markets MORE CAD PATIENTS CAN BENEFIT FROM ENJAYMO • Commercialized in U.S. Japan, Germany/Austria, Israel and Italy, with currently less than 30% of the potential patien
Slide 35: Metabolic Portfolio to Be Driven by Geographic Expansion
METABOLIC PORTFOLIO TO BE DRIVEN BY GEOGRAPHIC EXPANSION Revenue expected be broadly stable BUILDING BLOCK OF THE RARE DISEASES BUSINESS FUTURE DRIVERS Solid and differentiated portfolio of 15 products serving patients with rare metabolic conditions Focus on brands with exclusivity in relevant geogr
Slide 36: Rare Diseases: Substantial Further Growth Potential
RARE DISEASES: SUBSTANTIAL FURTHER GROWTH POTENTIAL Revenue actual and 2025-2027 plan Highlights million Euro Continued strong double-digit growth at CAGR CER driven by Endocrinology, Hema-Oncology Endocrinology and increased international presence ~17-20%(1) Hema-Oncology at CER Metabolic Annual re
Slide 37: Opportunity to More Than Double Sales of Key Rare Diseases Growth Drivers
OPPORTUNITY TO MORE THAN DOUBLE SALES OF KEY RARE DISEASES GROWTH DRIVERS Peak Year Sales (PYS) PRODUCT 2024 REVENUE (€ M) targets (€ M) Future growth drivers • Favorable market dynamics (increasing treatment rates) (1) • Cushing syndrome label in US 204 550 – 650 • Potential extension of US exclusi
Slide 38: Group Overview, Core businesses, Financial projections
1 2 3 Group Overview Core businesses 2025-2027 Rob Koremans • Specialty & Primary Care Financial projections Chief Executive Officer Alberto Martinez Luigi La Corte Executive VP Specialty & Primary Care Chief Financial Officer Rob Koremans • Rare Diseases Chief Executive Officer Scott Pescatore Exec
Slide 39: Mid-Term Outlook Foresees Continued Strong Organic Growth, Complemented by Business Development
MID-TERM OUTLOOK FORESEES CONTINUED STRONG ORGANIC GROWTH, COMPLEMENTED BY BUSINESS DEVELOPMENT Revenue Planning – ILLUSTRATIVE ONLY Approach to mid-term target setting BD and M&A remain a key and integral part of Group strategy; growth over last decade broadly 50-50 organic/ BD, with organic moment
Slide 40: Mid-Term Financial Planning Assumptions
MID-TERM FINANCIAL PLANNING ASSUMPTIONS • Pricing and reimbursement broadly in-line with current environment • Potential impact of US tariffs not included Macro • FX headwinds of just approx. -1% to –2% per annum, impacting both SPC (TRY) and RRD (USD) • Inflation in low to mid-single digit across k
Slide 41: 2025-2027 Financial Targets
2025-2027 FINANCIAL TARGETS FY 2024 FY 2025 FY 2027 CAGR* Actual Target Target 2024-2027 million Euro (incl. BD & M&A) (mid-point) Revenue 2,341.6 2,600 – 2,670 3,000 – 3,200 +9.8% yoy growth EBITDA (1) 865.8 970 – 1,000 1,140 – 1,225 +11.0% margin on sales 37.0% +/- 37.5% ≥38% Adjusted Net Income (
Slide 42: Unchanged Value Proposition and Capital Allocation
UNCHANGED VALUE PROPOSITION AND CAPITAL ALLOCATION Drive organic growth of Sustain high level of Pursue targeted Maintain clear capital diversified business profitability pipeline opportunities allocation policy Strong underling volume Maintain sector leading Targeted clinical Progressive growth ove
Slide 43: 2030 Ambition
2030 AMBITION Aspiration to Supported by agile double revenue Supplement with organization and by 2030 strong track record disciplined business of execution Maximize SPC and development Rare Diseases organic growth 2.3 bn 2024 2030 EBITDA margin EBITDA margin 37.0% >38.0% 43
Slide 44: Company Declarations, Disclaimers and Profile
COMPANY DECLARATIONS, DISCLAIMERS AND 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 currently available information, on
Slide 45: Recordati
NY RECORDATI