Recordati posts 13.8% rise in 1st-half sales

Italian drugmaker Recordati (RC: MI), which just yesterday announced it was acquiring a 90% stake in Tunisian drugmaker Opalia Pharma (The Pharma Letter July 25), this morning reported first-half 2013 financial results, showing that sales for the period had increased 13.8% to 477.7 million euros ($627.7 million) and a similar rise in operating income to 102.6 million euros. Net income grew 11.1% to 70.3million euros. Recordati’s shares rose 2% to 8.80 euros on the news.

At June 30, the company’s net financial position records a net debt of 172.9 million euros. During the period $80 million was paid for the acquisition of a portfolio of products for the treatment of rare and other diseases, sold mainly in the USA, and dividends were distributed for a total of 20.1 million euros. Shareholders’ equity increases to 703.4 million euros.

“The strong international expansion of the group is the driver behind the excellent results obtained in the first half of 2013,” declared Giovanni Recordati, chairman and chief executive, adding: “We therefore confirm our objective to achieve sales of around 930 million euros, operating income of around 190 million euros and net income of around 132 million euros.”