J.P. Morgan Healthcare Conference
Rob Koremans, CEO
January 14, 2026
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 current best estimates, and on assumptions believed to be reasonable by Management. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control.
These risks and uncertainties include among other things, the uncertainties inherent in pharmaceutical marketing and development, impact of decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug or biological application that may be filed as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of our products, the future approval and commercial success of therapeutic alternatives, Recordati's ability to benefit from external growth opportunities, to complete capital markets or other transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and capital market conditions, cost containment initiatives by payors of medicines and subsequent changes thereto, and the impact that pandemics, political disruption or armed conflicts or other global crises may have on our business.
Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.
Recordati (Reuters RECI.MI, Bloomberg REC IM) is an international pharmaceutical group listed on the Italian Stock Exchange (ISIN IT 0003828271) uniquely structured to bring treatment across specialty and primary care and rare diseases. We believe that health, and the opportunity to live life to the fullest, is a right, not a privilege. We want to support people in unlocking the full potential of their lives. We have fully integrated operations across research & development, chemical and finished product manufacturing through to commercialization and licensing. Established in 1926, Recordati operates in approximately 150 countries across EMEA, Americas and APAC regions. At the end of 2023, Recordati employed over 4,450 people and consolidated revenue of € 2,082.3 million. For more information, please visit https://www.recordati.com
Offices: Recordati S.p.A. Via M. Civitali 1
20148 Milano, Italy
Website:
https://www.recordati.com
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RECORDATI: A CENTURY CREATING VALUE AND NOW A GLOBAL LEADER IN RARE DISEASES9M 2025
Rare Diseases
40.0% of Revenue
EBITDA margin 42.6%
+29.2% vs PY or
14.1% LFL(3) at CER
Founded in 1926 in Correggio (Italy)
Fully integrated operations across R&D, manufacturing, commercialization and licensing
Employees: > 4,500
Global market: approx. 150 countries
9M 2025
Specialty & Primary Care
60.0% of Revenue
(incl. chemicals)
EBITDA margin 35.0%
+3.2% vs PY or
5.0% LFL(3) at CER
ADJ. NET INCOME(2)
493.1
+25.2% margin
FINANCIALS - 9M 2025 REVENUE EBITDA(1)
1,956.2 743.9
+12.2% vs PY +38.0% margin
Strong track record of organic growth complemented by BD/ M&A (>€ 3.5B+ invested in 37 deals since 2007)
ESG RECOGNITION
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Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3
Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects
Proforma growth calculated excluding contribution of Enjaymo® and Vazkepa® for 9M 2025
Group Revenue 2014-2027 - actual and guidance
million Euro
CAGR
+9.0%
1,853
2,082
2,600 - 2,670
2,342
Double digit
3,000 - 3,200
(incl. BD/M&A)
RRD
987 1,048 1,154
1,288
1,352 1,482 1,449 1,580
organic growth
Mid-single digit organic growth
SPC(1)
2014 2015 2016 2017 2018 2019 2020* 2021 2022 2023 2024 2025 2027
+6%
+5%
-1%
+6%
+3%
-7%
-1%
+6%
+4%
+2%
-1%
Actual vs Mid-point of guidance range %
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*2020 figures impacted by LOE on silodosin and on pitavastatin (and COVID-19 pandemic)
(1) Including Chemical Division
SOLID FOUNDATION AND PROVEN TRACK RECORD POSITIONS RECORDATI WELL FOR THE NEXT PHASE OF GROWTHStrengthened portfolio of key Rare Diseases growth drivers with lifecycle management and geographic expansion opportunities
CONSISTENT FINANCIAL PERFORMANCE
Strong focus driving robust revenue growth, sector-leading margins and high Return on Invested Capital (ROIC)
ENHANCED VALUE DRIVERS
DISCIPLINED
Proven M&A and integration capabilities to complement organic growth and disciplined cost management
BD/M&A
DE-RISKED BUSINESS MODEL
EXPERIENCED LEADERSHIP TEAM
Diversified business across Specialty & Primary Care/ Rare Diseases and geographies with negligible LoE and low R&D spend
World class management team with strong track record of delivering consistent performance and creating value for all stakeholders
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LoE: Loss of exclusivity
LCM: Lifecycle management
GLOBAL RARE DISEASES BUSINESS WITH SIGNIFICANT FURTHER GROWTH POTENTIALAnnual revenue accelerating and on track to exceed € 1B in FY 2025, with EBITDA margin >40%
Portfolio of >20 orphan/ ultra-orphan products across Endocrinology, Oncology and Metabolic
with generic impact anticipated to be mitigated due to market dynamics and complexity of products
Direct presence in key geographies: N. America, EU, Japan, Australia/NZ, Lat America, S. Korea
Continued double-digit growth at CER driven by Endocrinology, Hema-Oncology and increased international presence
Targeted de-risked programs for new indications and geographic expansion for existing products
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KEY RARE DISEASES DRIVERS OF DOUBLE-DIGIT GROWTH€ 283.6M
+18.4% vs PY
€ 301.3M
+71.4% vs PY
(+12.2% LFL(1))
€ 197.3M
+3.7% vs PY
9M 2025 results
Metabolic Hema-Oncology Endocrinology
Solid foundation for Rare Diseases
business built on
differentiated portfolio of 15 products serving patients with rare metabolic conditions
Broader usage in
EU, geographic expansion
opportunity in U.S./intl.
Step up in diagnosis and treatment rates (currently
~30% diagnosis rate in main
countries)
Continued educational efforts on CAD disease severity and value proposition of Enjaymo
Greater than € 1.2 bn opportunity by capturing the broader Cushing's syndrome market with expanded label in the U.S.
Increasing share both within SSA class and Acromegaly market; potential update in treatment guidelines to move into earlier line of therapy
(1) Proforma growth calculated excluding contribution of Enjaymo® for 9M 2025 7
ACCELERATION IN U.S. ISTURISA® PATIENT UPTAKE220
200
180
Index
160
140
120
100
U.S. Isturisa® Patient Growth
April 15, 2025: FDA approval for expanded indication for the treatment of endogenous hypercortisolemia in patients with Cushing's syndrome
Continued strong patient uptake as new patient enrollments ramp up across all etiologies, following expanded label in April 2025
~ 1,400 net active patients1
Highlights
Revenue ramp accelerating as new patient starts continue to increase and existing patients titrate up to optimal dose, average maintenance dose continues to improve
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
Substantial potential remains in the Cushing's syndrome market as screening, diagnosis and treatment increase
2025
(1) Preliminary numbers 8
ISTURISA: PYS DOUBLED TO > € 1.2B1 ON BROADER U.S. CUSHING'S MARKET OPPORTUNITYAddressable patients2: >5K-6K overt and >20K-30K non-overt a peak
Mostly non-overt (milder)
Primarily non-CD Cushing's Syndrome with cardiometabolic co-morbidities
Treated by community endocrinologists, PCP, cardiologists
Cortisol levels: 1-2x normal limit2
Expect lower average dose vs. Overt
Additional U.S. opportunity
Current U.S. market
Mostly overt (moderate/severe)
Primarily Cushing's disease (classical clinical expression)
Treated at pituitary centers/academic hospitals
Cortisol levels: 3-5x normal limit2
Average dose: ~6-7mg/day3
Addressable patients3: 4K-5K overt and 2-3K non-overt
Additional investments in U.S will ramp up to a total of ~€ 40-€ 50 million/year
Field force/ MSLs
Real-world evidence studies
Phase IV study in adults with mild hypercortisolemia and uncontrolled hypertension
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Global Peak Year Sales > €1.2 billion assuming ~35% patient share in the total addressable U.S. patient population; previous target €550 million - €650 million
Values refer to urinary free cortisol (UFC) test Avono Pharmacy actual patient shipment data
Nieman LK et al. Am J Med 2005;118:1340; 2. National Institute of Child Health and Human Development. Adrenal gland disorders. Available at: https://www.nichd.nih.gov/health/topics/factsheets/adrenalgland. Clarivate (2025) and Bain (2025) US Market Assessment, Company estimates
SPECIALTY & PRIMARY CARE: EUROPEAN PARTNER OF CHOICE DELIVERING RESILIENT ORGANIC GROWTH
9M 2025: +5.0% like-for-like(1) at CER with continued overperformance of promoted portfolio vs
relevant markets, driven by Gastrointestinal (+9.0%), Cardiovascular (+4.9%) and Urology (+5.5%)
Diversified portfolio of >400 brands across Urology, Cardiovascular and Gastro, in both Rx
and OTC (2), with sector leading margins
Commercial focus on promotionally-sensitive originator-brands with negligible LOE risk in markets with strong underlying growth fundamentals
Strong regional player with a direct presence in 30+ countries in Europe, CIS, Turkey and Tunisia
and decades of experience building relationships with the medical community
Expect to sustain mid-single digit organic growth at CER driven mainly by volumes, complemented by slightly positive year on year price evolution
Proforma growth calculated excluding contribution of Vazkepa® for 9M 2025 10
OTC represented 23.5% of SPC
2026
2025
BD / M&A
Licensing of Vazkepa® rights in Europe
Fast and effective integration of
Enjaymo® and Vazkepa®
R&D / LIFECYCLE MANAGEMENT
Isturisa® label extension for Cushing's
syndrome in U.S.
Enrollment completed for pasireotide Ph 2 trial for PBH
Dinutuximab beta (Qarziba®) IST initiated
for treatment of Ewing sarcoma
Potential U.S. BLA pathway established for Qarziba®
Continued disciplined M&A
Initiation of Ph IV randomized controlled study for Isturisa® in mild hypercortisolemia
and uncontrolled hypertension due to Cushing's
Syndrome
Go/ no go decision for Enjaymo® in ITP in Q12026
Topline results for Ph 2 study of pasireotide
for the treatment of PBH in Q2 2026
Top-line results of IST evaluating dinutuximab beta in Ewing sarcoma in mid-2026
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BLA: Biologics License Application; ITP: Immune Thrombocytopenic Purpura; BPH: Post-Bariatric Hypoglycemia
POSITIVE OUTLOOK DRIVEN BY STRONG MOMENTUM ACROSS THE BUSINESS AND SIGNIFICANT RARE DISEASES OPPORTUNITYmillion Euro
FY 2025
Targets1
FY 2027
Targets2
(incl. BD & M&A)
Revenue
yoy growth3
2,600 - 2,670
+/- 12.5%
3,000 - 3,200
EBITDA4
margin on sales
970 - 1,000
+/- 37.5%
1,140 - 1,225
≥38%
Adjusted Net Income5
margin on sales
640 - 670
+/- 25%
770 - 820
+/- 25.5%
Strong performance across the business expected to deliver FY 2025 results in line with original guidance (lower half of range) despite challenging macro environment (FX of approx. -3%, expected to continue into 2026)
Strong organic growth in FY 2026 to be driven by Rare Diseases high-teen growth at CER, with accelerating Isturisa® uptake, and Specialty & Primary Care low single-digit growth at CER (loss of Cardicor license; returning to mid-single digit in 2027). Margins to reflect incremental investments behind Isturisa® opportunity (activities to target non-overt patient population) and adverse FX
FY 2027 targets unchanged, with strong organic growth complemented by bolt-on BD and M&A
As previously announced on February 13th 2025
As previously announced on April 28th 2025; targets excluding potential impact from tariffs and/or most favoured nation pricing policies in the U.S.
Growth at mid-point of guidance range
Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired
inventory as foreseen by IFRS 12
Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects
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