Recordati S.p.a. · MIL:REC
Recordati — BofA Merrill Lynch Global Healthcare Conference 2015
22 slides from Recordati's conference presentation, Sep 16, 2015
Slide 1: A Specialty Pharmaceutical Group
A Specialty Pharmaceutical Group BofA MERRILL LYNCH Global Healthcare Conference 2015, September 16, 2015
Slide 2: A strategy of growth and geographical expansion
A strategy of growth and geographical expansion • An international specialty pharmaceutical group (€ 987.4 m sales in 2014 and 4,000 employees). • Marketing operations in the main European markets, in Russia, Poland Profile and other Central and Eastern European countries, in Turkey, in the U.S.A. a
Slide 3: Extensive geographical footprint
Extensive geographical footprint 3
Slide 4: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical revenue Other international sales 16.5% (sales to licensees and exports) Italy 21.6% Other W. Europe 2.5% Other CEE 2.9% Portugal 3.7% North Africa 4.6% France 10.7% Russia, other CIS and Ukraine 6.7% Germany 8.7% Spain 6.7% U.S.A. 7.6% Turkey 7.8% Data: Firs
Slide 5: A diversified product portfolio
A diversified product portfolio Other corporate products 13.5% Drugs for rare diseases 13.7% Livazo 2.5% Urorec 6.1% OTC 17.6% Zanipress 6.4% Zanidip 11.9% Subsidiaries’ local product portfolios 23.6% Pharmaceutical chemicals 3.5% Methadone - France 3% Other revenue 1.2% Ortoton® (methocarbamol) - G
Slide 6: Core corporate products: Zanipress and Zanidip
Core corporate products Zanipress® (lercanidipine+enalapril) Zanidip® (lercanidipine) • Lercanidipine is a proprietary latest generation calcium channel blocker indicated for the treatment of hypertension. Enalapril is an ACE inhibitor indicated for the treatment of hypertension. • Sales of Zanidip®
Slide 7: Core corporate products: Urorec (silodosin)
Core corporate products Urorec® (silodosin) • Highly selective α1A receptor antagonist indicated for the treatment of symptoms associated with benign prostatic hyperplasia (BPH). • Fast onset of action. High efficacy. Very good cardiovascular safety. • Launched in 30 markets: Armenia, Azerbaijan, Be
Slide 8: Core corporate products: Livazo (pitavastatin)
Core corporate products Livazo® (pitavastatin) • Highly effective HMG-CoA reductase inhibitor indicated for the treatment of hypercholesterolaemia. • Thanks to its unique chemical structure Livazo® is a potent LDL-lowering drug with a consistent and progressive HDL-raising effect. (Atherosclerosis S
Slide 9: Drugs for rare diseases: A worldwide business
Drugs for rare diseases A worldwide business Huge market potential: > 6,000 rare diseases identified for which treatments exist for only around 300. Progressive country introduction of rare disease plans and access to diagnostic tests will stimulate the market for orphan drugs. • Acquisition of Orph
Slide 10: Drugs for rare diseases
Drugs for rare diseases NORMOSANG® (EU-RoW) /PANHEMATIN® (US) (human haemin), used to treat acute attacks of hepatic porphyria CARBAGLU® (carglumic acid), indicated in the treatment of hyperammonaemia due to NAGS deficiency and to the main organic acidemias COSMEGEN® (dactinomycin), used mainly in t
Slide 11: A well balanced product pipeline
A well balanced product pipeline NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Approved by a number of VITAROS® Apricus Erectile dysfunction health authorities in Europe Approved in EU CARBAGLU® Recordati Organic acidemias Phase III in U.S.A. CYSTADROPS® Recordati Ocular cystinosis Filed in EU FORTA
Slide 12: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • VITAROS® (alprostadil) is a topically applied cream formulation of alprostadil for the treatment of erectile dysfunction. A patient-friendly form of alprostadil as an alternative to PDE-5 inhibitors for difficult to treat patients. • CARBAGLU® (carglumic acid)
Slide 13: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • CITRAFLEET® is an intestinal evacuant used in preparation for colonoscopy. The objective of the trial is to assess the clinical effectiveness of a split-dose administration schedule compared to that of the current SmPC regimen. • GRASPA® is L-asparaginase enca
Slide 14: First half 2015 highlights
First half 2015 highlights • Revenue € 539.1 million, up 6.2% • EBITDA € 163.9 million or 30.4% of sales, up 15.5% • Operating income (EBIT) € 145.2 million or 26.9% of sales, up 19.2% • Net income € 103.2 million or 19.2% of sales, up 24.3% • Net debt € 139.9 million, a reduction of € 46.2 million
Slide 15: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 59.3% of revenue (million Euro) 1H 2015 1H2014 Change % Zanidip® (lercanidipine) 63.9 58.4 9.4 Zanipress® (lercanidipine+enalapril) 34.3 31.2 9.9 Urorec® (silodosin) 33.0 28.4 16.1 Livazo® (pitavastatin) 13.4 12.4 7.
Slide 16: Composition of revenue by geography
Composition of revenue by geography Solid volume growth (million Euro) 1H 2015 1H 2014 Change % Italy 112.7 119.7 (5.9) France 55.5 55.3 0.4 Germany 45.3 40.5 11.8 Turkey 40.6 33.6 20.6 U.S.A. 39.8 27.7 43.8 Spain 34.8 33.8 3.1 Russia, other CIS countries and Ukraine 34.6 39.3 (11.9) North Africa 23
Slide 17: First half 2015 results
First half 2015 results Further margin growth (million Euro) 1H 2015 1H 2014 Change % Revenue 539.1 507.6 6.2 Gross Profit 366.8 336.6 9.0 as % of revenue 68.0 66.3 SG&A Expenses 182.1 173.6 4.9 as % of revenue 33.8 34.2 R&D Expenses 37.9 40.7 (6.8) as % of revenue 7.0 8.0 Other Income (Expense), ne
Slide 18: First half 2015 results: Operating segments
First half 2015 results Operating segments Revenue EBIT Treatments for rare diseases 13.7% Treatments for rare diseases 21.9% Primary & specialty care Primary & specialty care 86.3% 78.1% EBIT margin on sales: Treatments for rare diseases, 42.9% Primary & Specialty care, 24.4% 18
Slide 19: Financial position and Shareholders' equity
Financial position and Shareholders’ equity (million Euro) 30 Jun 2015 31 Dec 2014 Change Cash and short-term financial 186.8 137.0 49.8 investments Bank overdrafts and short-term loans (10.0) (8.6) (1.4) Loans – due within one year (29.9) (28.3) (1.6) Loans – due after one year (286.8) (286.2) (0.6
Slide 20: Financial projections: 2015 targets and 2017 plan
Financial projections 2015 targets and 2017 plan 2014 2015 2017 (million Euro) Actual Targets Plan Revenue 987.4 ± 1,040 ± 1,150 Operating income 231.0 ± 270 EBIT margin 25% - 26% (EBIT) Net income Net Income 161.2 ± 190 17% - 18% margin • Cash generated to be invested in corporate development activ
Slide 21: The Recordati share
The Recordati share The Recordati share (ticker REC, Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271) has been listed on the Italian Stock Exchange since 1984. It belongs to the FTSE IT Mid Cap and FTSE IT Health Care indexes. Share capital consists of 209,125,156 ordinary (common) shares with
Slide 22: 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
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