Select Page
Italian Pharmaceutical Company Recordati Said to Explore Exit

Italian Pharmaceutical Company Recordati Said to Explore Exit

Bloomberg reported. The company has a market value of €6.1 billion ($6.9 billion). “The first half results confirm the sustained growth of the group with revenues and profitability increasing significantly,” said Giovanni Recordati, chairman and CEO. “Furthermore, the group’s business performance during July was in line with the first half and therefore targets for the full year 2016 were reviewed upwards of those announced on 5 May 2016.” “Taking into account the consolidation of the two recently acquired companies, Italchimici SpA in Italy and Pro Farma AG in Switzerland, expectations are now to achieve sales of around €1.14 billion, operating income of around €325 million and net income of around €230 million,” he added. In July, Recordati acquired Swiss pharmaceutical company Pro Farma AG, headquartered in Zug, at an enterprise value of 16 million Swiss francs. In May, Recordati acquired Italian pharmaceutical company Italchimici SpA, headquartered in Milan, at an enterprise value of €130 million. Both acquisitions were funded through existing liquidity. Pro Farma, with expected 2016 revenues of 10 million Swiss francs, markets proprietary and in-licensed specialties in selected therapeutic areas which include both prescription and OTC drugs. its main brands are Lacdigest (tilactase), Tretinac (isotretinoin) and Urocit (potassium citrate). Italchimici, with over 40 years of history and revenues in 2015 of €46 million, provides gastroenterological and respiratory therapeutic solutions. Its main brands are Reuflor, Peridon and Lacdigest in the gastroenterological segment, and Aircort among the respiratory products. Recordati is an international pharmaceutical group, listed on the Italian Stock Exchange, with a total staff of around 4,000, engaged in research, development, manufacturing and marketing of pharmaceuticals. Recordati, headquartered in Milan, Italy, has operations in Europe, Russia, other Central and Eastern European countries, Turkey, North Africa and the United States. The company reported revenue for 2015 of roughly €1 billion, operating income was €278.5 million and net income was €198.8 million. Recordati offers a wide range of pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized segment dedicated to treatments for rare diseases. The company’s leading products are drugs for the treatment of hypertension and other cardiovascular disorders, as well as treatments for disorders of the lower urinary tract, such as benign prostatic hyperplasia. Drugs for rare diseases are mainly treatments for metabolic deficiencies of a genetic nature. Recordati sells its proprietary pharmaceuticals directly to the market in the countries where it is present and through licensees elsewhere. Pharmaceutical production is based mainly in Italy (Milan), France (Montluçon) Turkey (Esenyurt), in Spain (Zaragoza) and in Tunisia (Ariana). Plants for the production of proprietary active ingredients are situated in Italy (Campoverde, Latina) and in Cork (Ireland). Research and development activities include projects on cancer-related pain, innovative programs in onco-hematology, and others in the section of rare diseases segment. Recordati also has a minor pharmaceutical chemicals business. The company produces active ingredients for both its own proprietary pharmaceuticals and for the generic drugs industry. Over 90% of third party production is for the export markets. The company was founded in 1926 by Giovanni Recordati. In 1953, Arrigo Recordati took over the company’s management, after his father died in 1952. After Arrigo’s death in 1999, his son Giovanni became the company’s chairman and CEO. Photo: Giovanni Recordati, Chairman & CEO, Recordati SpA.]]>