• Shareholders approve the 2018 results: consolidated revenues € 1,352.2 million (+5.0% vs 2017), operating income € 442.2 million (+8.8%), net income € 312.4 million (+8.2%).
  • Dividend for 2018 € 0.92 per share (+8.2% vs 2017), of which € 0.45 already paid in November 2018.
  • Remuneration policy approved.
  • Amendments to the 2018-2022 stock option plan approved.
  • Authorization to buy-back and dispose of Recordati shares renewed.
  • First quarter 2019 consolidated revenues € 383 million (+4.5% vs the first quarter of 2018).

Milan, 11 April 2019 – Today the Annual Meeting of Recordati S.p.A. Shareholders was held.

Recordati S.p.A.’s Annual Shareholders’ Meeting approved the company’s 2018 financial accounts, which were prepared according to IFRS.  In addition, the Group’s consolidated statements, which were also prepared according to IFRS, and the consolidated non financial information disclosure pursuant to Legislative Decree n. 254 dated 30 December 2016, were presented.  The tables attached contain a summary of the 2018 financial statements which were commented in the press release issued on 28 February 2019. In 2018 consolidated revenues were € 1,352.2 million (+5.0%), operating income (EBIT) was € 442.2 million (+8.8%), and net income was € 312.4 million (+8.2%).  International sales account for 79.8% of total sales.

As proposed by the Board of Directors, the shareholders approved a dividend of € 0.47 per share, in full balance of the interim 2018 dividend of € 0.45, to be paid to all shares outstanding at ex-dividend date, excluding those in treasury stock, as from 25 April 2019 (record date 24 April 2019), with ex-dividend on 23 April 2019 (against presentation of coupon no. 23). The full 2018 dividend is therefore of € 0.92 per share (€ 0.85 per share in 2017).

Further shareholder resolutions

Remuneration policy

The Shareholders’ Meeting also expressed a favourable vote on the remuneration policies for the year 2019, in accordance with article 123ter of Legislative Decree No. 58 of 24 February 1998, which can be found on the company’s website under Shareholders Meetings in the Investors section as well as under Remuneration Reports in the Corporate Governance section.

Amendments to the 2018-2022 stock option plan

The Shareholders’ Meeting approved the amendments to the 2018-2022 Stock Option Plan (the “Plan”) intended to include within the Beneficiaries category of the Plan the Chief Executive Officer of the Company - already participating in the Plan by virtue of the employee relationship previously in existence with Recordati - who, as a result of the changes in the articulation of top management figures that occurred after Recordati’s change of control, is no longer linked to the Company by an employment relationship.

Authorization to buy-back and dispose of Recordati shares

The Shareholders’ Meeting authorized the buyback and disposal of Recordati shares until the Annual Shareholders’ Meeting which will approve the 2019 financial statements. The objective of the proposal is, as in previous years, to grant the Board the possibility of:
(i) fulfilling the obligations arising from the stock option plans already adopted by the Company and other stock option plans which might be approved in future;
(ii) carrying out industrial initiatives, since the authorization to purchase treasury stock will allow transactions such as the sale, contribution and exchange of treasury stock in order to acquire stakes in companies and/or to reach agreements with strategic partners within the Group’s expansion objectives;
(iii) supporting the Recordati shares’ liquidity, in order to promote the regular course of the shares’ negotiations and avoid price fluctuations inconsistent with the market trend.
The company would be allowed to purchase up to 7,500,000 Recordati existing ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of € 280,000,000.  The purchase price must be at least equal to the shares’ nominal value (€ 0.125) and must not exceed the average official Stock Exchange price recorded over the 5 trading days prior to the transaction, plus 5%.  Possible purchases will be made, if carried out for liquidity purposes, or to comply with stock options plans obligations, in compliance with (i) the market practice approved by Consob according to art. 13 Reg. EU 596/2014, and (ii) art. 5 of such Regulation, as well as second Chapter of Reg. EU 1052/2016B. 
At 10 April 2019 the company has 4,693,071 shares in Treasury stock which amounts to 2.244% of the current share capital.

First quarter 2019

Revenue performance in the first quarter 2019 is in line with expectations. Group sales are € 383 million, an increase of 4.5% over those in the first quarter of the preceding year.

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 more than 4,100, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations throughout the whole of Europe, including Russia, Turkey, North Africa, the United States of America, Canada, Mexico, some South American countries, Japan and Australia.  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 with a focus on treatments for rare diseases.  Consolidated revenue for 2018 was € 1,352.2 million, operating income was € 442.2 million and net income was € 312.4 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.

Summary of consolidated results prepared in accordance with the International Financial Reporting Standards (IFRS)
(thousands of €)

INCOME STATEMENT20182017Change %
  Cost of sales(395,569)(382,754)3.3
GROSS PROFIT956,666905,3695.7
  Selling expenses(333,497)(330,793)0.8
  Research and development expenses(109,693)(100,256)9.4
  General & administrative expenses(67,722)(65,582)3.3
  Other income (expenses), net(3,535)(2,246)57.4
OPERATING INCOME442,219406,4928.8
  Financial income (expenses), net(24,284)(17,377)39.7
PRE-TAX INCOME417,935389,1157.4
  Provision for income taxes(105,513)(100,316)5.2
NET INCOME312,422288,7998.2
Attributable to:   
Equity holders of the parent312,376288,7628.2
Minority interests463724.3

EARNINGS PER SHARE20182017Change %
Basic€ 1.529€ 1.3959.6
Diluted€ 1.494€ 1.3818.2

Earnings per share (EPS) are based on average shares outstanding during each year, 204,379,165 in 2018 and 207,030,319 in 2017, net of average treasury stock which amounted to 4,745,991 shares in 2018 and 2,094,837 shares in 2017.

Diluted earnings per share is calculated taking into account stock options granted to company personnel.

Total revenue1,352,2351,288,1235.0

Summary of consolidated results prepared in accordance with the International Financial Reporting Standards (IFRS)
(thousands of €)

Property, plant and equipment103,582103,009
Intangible assets672,462540,565
Equity investments20,77324,171
Non-current receivables5,8605,944
Deferred tax assets81,26769,162
TOTAL NON-CURRENT ASSETS1,463,5011,282,722
Trade receivables245,742244,117
Other receivables38,46239,730
Other current assets5,1934,836
Fair value of hedging derivatives (cash flow hedge)6,4143,825
Short-term financial investments, cash and cash equivalents198,036302,077
TOTAL ASSETS2,163,4322,056,407

EQUITY AND LIABILITIES31.12.201831.12.2017
Share capital26,14126,141
Capital in excess of par value83,71983,719
Treasury stock(145,608)(17,029)
Hedging reserve(8,399)(5,867)
Translation reserve(154,146)(124,004)
Other reserves43,08140,684
Retained earnings897,990822,154
Net income for the period312,376288,762
Interim dividend(91,761)(87,470)
Minority interest193147
SHAREHOLDERS’ EQUITY963,5861,027,237
Loans due after one year640,647612,462
Employees’ termination pay19,54721,093
Deferred tax liabilities45,65317,554
Other non-current liabilities3,2572,515
Trade payables165,020141,740
Other payables85,53482,779
Tax liabilities42,14924,373
Other current liabilities19,359486
Fair value of hedging derivatives (cash flow hedge)9,7469,559
Loans due within one year130,58351,710
Bank overdrafts16,90516,577

Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IFRS)
(thousands of €)

 20182017Change %
Operating income152,175101,46250.0
Pre-tax income263,896249,7005.7
Net income217,330212,5062.3

Non-current assets1,253,8891,098,171
Current assets310,340430,776
TOTAL ASSETS1,564,2291,528,947
Shareholders’ equity336,058444,499
Non-current liabilities707,431616,087
Current liabilities520,740468,361

Pending completion of independent and statutory audits.


The manager responsible for preparing the company’s financial reports Fritz Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.