Italy's Recordati posts solid 2012 result, as sales rise 8.7%

Italian drugmaker Recordati (RC: MI) yesterday posted financial results for 2012, with consolidated revenue rising 8.7% to 828.3 million euros ($1.12 billion). Pharmaceutical sales rose by the same percentage, reaching 797.4 million euros, while pharmaceutical chemicals sales are € 30.9 million, an increase of 8.9%.

Operating income, at 20.2% of sales, came in at 167.0 million euros, an increase of 2.1% over the preceding year. Fourth quarter results include non-recurring costs related to the acquisition of the European rights to Graspa,  human erythrocytes encapsulating L-asparaginase, for the treatment of hematological malignancies licensed from France’s Erytech Pharma (5 million euros) and to the restructuring of the sales organization. For the full year 2012, net income at 14.3% of sales was 118.5 million euros, an increase of 1.8%.

As at December 31, 2012, Recordati had a net debt of 153.5 million euros compared to a net debt of 55.7 million euros a year earlier. During the year, 21.0 million euros was paid for the acquisition of six OTC products in Germany, and 14.3 million euros overall were paid for the acquisitions in Poland of the pharmaceutical company Farma-Projekt plus a portfolio of products, 67.2 million euros for the acquisition of a product portfolio in Russia and dividends for a total of 61.4 million euros were distributed.