• Consolidated revenue € 507.6 million, + 6.3%.
  • EBITDA(1) € 141.9 million, + 18.2%
  • Operating income € 121.8 million, + 18.8%.
  • Net income € 83.0 million, + 18.1%.
  • Net financial position(2):  net debt of € 211.0 million.
  • Vitaros®, an innovative product for the treatment of erectile dysfunction licensed in from Apricus Biosciences.
  • Acquisition of a further 23% of the share capital of Opalia Pharma S.A. in Tunisia.
  • Subsequent events: Orphan drug designation granted to Carbaglu® for the treatment of organic acidemias in the U.S.A..

MILANO, Italy, July 29, 2014 (GLOBE NEWSWIRE) --  The Board of Directors of Recordati S.p.A. approved the Group's consolidated results for the first half 2014 prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IAS/IFRS) and in particular as per IAS 34 requirements for interim reporting. These financial statements will be available today at the company's offices and on the company's website: can also be viewed on the authorized storage system 1Info ( The independent auditors' report on the consolidated condensed half-year financial statements will be available within the legal deadline at the company's offices and on the company's website

Financial highlights

  • Consolidated revenue in the first half 2014 is € 507.6 million, up by 6.3% compared to the same period of the preceding year. International sales grow by 8.6%.
  • EBITDA(1), at 27.9% of sales, is € 141.9 million, an increase of 18.2% over the same period of the preceding year.
  • Operating income, at 24.0% of sales, is € 121.8 million, an increase of 18.8%.
  • Net income, at 16.4% of sales, is € 83.0 million, an increase of 18.1% over the first half of 2013.
  • Net financial position(2) at 30 June 2014 records a net debt of € 211.0 million. Shareholders' equity increases to € 772.1 million.

(1) Earnings before interest, taxes, depreciation and amortization.
(2) Cash and short-term financial investments less bank overdrafts and medium/long-term loans which include the measurement at fair value of hedging derivatives (fair value hedge).

Business development news

In February an exclusive license agreement was entered into with Apricus Biosciences Inc., a pharmaceutical company based in San Diego, U.S.A., for the marketing and sales of Vitaros® (alprostadil), an innovative topical product for the treatment of erectile dysfunction, in certain W. European countries including, among others, Spain, EU member countries in Central and Eastern Europe, Russia, Ukraine and the Commonwealth of Independent States (C.I.S.), Turkey and certain African countries. Vitaros® is approved for the treatment of erectile dysfunction by a number of European health authorities and by Health Canada.  Vitaros® is a topically-applied cream formulation of alprostadil, a vasodilator, which directly increases blood flow to the penis, causing an erection. Alprostadil is an alternative to the PDE-5 inhibitors for difficult to treat patients and Vitaros® offers a patient-friendly form versus other alprostadil dosage forms.

In May the acquisition of a further 23% of the share capital of Opalia Pharma S.A., a Tunisian pharmaceutical company with headquarters in Ariana, near Tunis, was successfully concluded. This second tranche consists of share capital held by Tunisian shareholders. In October 2013, following permission received from the Tunisian anti-trust authorities, 67% of the share capital of Opalia Pharma S.A. held by non-Tunisian shareholders was acquired. An amount of € 22.6 million were paid at the closing. In May 2014, following permission granted by the Commission Supérieure des Investissements in Tunisia, a further 23% of the share capital of Opalia Pharma S.A. was acquired. The price of this portion of shares is of around € 5.9 million of which € 4.3 million already paid. Consequently, as of today Recordati holds 90% of the share capital of Opalia Pharma S.A., while the remaining 10% is held by Mrs. Alya El Hedda, one of the founders of Opalia Pharma S.A. and current General Manager of the company.

Stock options granted

As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations") we furthermore inform that the Board of Directors, as proposed by the Remuneration Committee in its meeting of 23 July 2014, resolved to grant 6,095,000 stock options under the 2014-2018 Stock Option Plan approved by the Shareholders' Meeting of 17 April 2014, to 142 employees of Recordati S.p.A. and its subsidiaries (see table attached). The options may be exercised only if certain consolidated net income objectives are reached. The strike price, calculated by averaging the market price of the share over the period between the date of grant and the same day of the preceding month, is fixed at € 12.29. The characteristics of the plan are described in the information document comprising the object of the fifth point of the Board's explanatory report on the 17 April 2014 Shareholder Meeting's Agenda and are available on the company's website:

Conference call

Recordati will be hosting a conference call today 29 July 2014 at 4.00 pm Italian time (3.00 pm London time, 10.00 am New York time). The dial-in numbers are:

Italy                             +39 02 8058811, toll free 800 213 858
UK                                +44 1 212818003, toll free 800 0156384
USA                             +1 718 7058794, toll free 855 2656959
France                        +33 170918703
Germany                   +49 65 255114451

Callers are invited to dial-in 10 minutes before conference time.  If conference operator assistance is required during the connection please digit * followed by 0 or call +39 02 8061371.  A recording of the conference call will be placed on the website

A set of slides which will be referred to during the call will be available on our website under Investors/Company Presentations.

Recordati , established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of around 4,000, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey, in North Africa and in the United States of America.  An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories. Recordati is committed to the research and development of new specialties within the urogenital therapeutic area and of treatments for rare diseases.  Consolidated revenue for 2013 was € 941.6 million, operating income was € 195.4 million and net income was € 133.7 million.

For further information:

Recordati website:

Investor Relations                                                                       Media Relations                    
Marianne Tatschke                                                                     Studio Noris Morano                                                           
(39)0248787393                                                                          (39)0276004736, (39)0276004745
e-mail:                                                          e-mail:

Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.