Recordati's 9-month profit rises 19.6%

Italian drugmaker Recordati says that net income for the first nine months of 2008 totaled 76.6 million euros ($95.4 million), an increase of 19.6% and more than the rise in operating income thanks to a lower tax rate.

Consolidated revenue jumped 9% to 508.2 million euros, as pharmaceutical sales grew 10.1% to 485.0 million euros, and include the Orphan Europe group of companies acquired at the end of 2007. The firm attributes the growth to international sales, which are up 16.5%, while those in Italy fell 2% due to a negative price effect. Pharmaceutical chemicals turnover reached 23.2 million euros, down 10.8%.