Recordati's like 2004 pharma sales grow 8.4%

Italian drugmaker Recordati saw total group turnover rise just 0.2% to 488.3 million euros ($635.8 million) in 2004, with pharmaceutical sales growing 3.5% to 438.9 million euros. However, on a like-for-like basis (excluding the French subsidiary Sophartex which was sold to BTT Finances last April; Marketletters passim), revenues increased 8.4%. Pharmaceutical chemicals sales, on the other hand, declined 22.1% to 49.4 million euros.

The company posted an 11.6% increase in its operating income at 90.4 million euros, or 18.5% of turnover, for the year, while pretax profit leapt 127.2% to 86.7 million euros, due primarily to the extraordinary write-down of pharmaceutical chemicals assets booked in 2003. The firm's financial structure was boosted not only by the divestment of Sophartex but also by the sale of an office building in Paris, France. At end-December 2004, Recordati held 72.1 million euros in funds and shareholders' equity reached 261.8 million euros.

Sales lifted by Zanidip; positive 2005 start