RECORDATI: STRONG MOMENTUM OF THE GROUP CONTINUES IN THE FIRST HALF OF 2025 REVENUE +11.7%, EBITDA(1) +9.6%, ADJUSTED NET INCOME(2) +8.9%

Core Insights - Recordati S.p.A. reported strong financial performance in the first half of 2025, with consolidated net revenue of €1,323.8 million, reflecting an increase of 11.7% compared to the same period in 2024 [4][5] - The company confirmed its financial targets for FY 2025 despite facing increased foreign exchange headwinds, projecting a revenue range between €2,600 million and €2,670 million [15][19] - The licensing agreement with Amarin for the commercialization of Vazkepa in Europe is expected to enhance Recordati's cardiovascular franchise and overall business strategy [2][9] Financial Performance - Consolidated net revenue for H1 2025 was €1,323.8 million, up 11.7% year-over-year, with a like-for-like growth of 7.8% at constant exchange rates [4][5] - EBITDA reached €496.3 million, representing a 9.6% increase, with a margin of 37.5% [11] - Adjusted net income was €327.8 million, an increase of 8.9%, while net income decreased by 4.1% to €216.1 million due to higher non-cash charges [11][25] Revenue Breakdown - Specialty & Primary Care revenue was €774.4 million, up 2.6%, while Rare Diseases revenue surged by 29.2% to €515.7 million [5][24] - The Endocrinology franchise generated €178.2 million, a 16.6% increase, and the Hema-Oncology franchise saw a remarkable growth of 71.2% to €200.7 million [5][24] - The adverse foreign exchange impact for H1 2025 was €23.2 million, equating to a -2.0% effect on revenue [5] Corporate Developments - The FDA approved the supplemental new drug application for Isturisa, expanding its indication for treating Cushing's syndrome, which is expected to drive future growth [7] - Recordati received approval for Signifor LAR in China, further expanding its Rare Diseases portfolio [8] - The company initiated a clinical trial for Qarziba in combination with chemotherapy for Ewing sarcoma patients [12] Business Outlook - Recordati anticipates double-digit growth across all key metrics for FY 2025, despite increased foreign exchange headwinds projected at approximately -3% [15] - The company remains confident in achieving its financial objectives, supported by strong execution and disciplined cost management [2][15]