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]

Core Insights - Recordati S.p.A. reported a strong start to 2025, with solid execution and disciplined cost management, highlighted by FDA approval for Isturisa's expanded indication, leading to an increase in peak year sales target [2][4][10] Financial Performance - Consolidated net revenue for Q1 2025 was €680.0 million, representing an increase of 11.9% year-over-year, or 7.2% on a like-for-like basis at constant exchange rates [4][5] - EBITDA for Q1 2025 was €270.2 million, up 10.7% from the previous year, with a margin of 39.7% [4][10] - Adjusted net income reached €175.5 million, reflecting a 7.2% increase compared to Q1 2024 [4][10] - Free cash flow for Q1 2025 was €158.8 million, an increase of €11.7 million from the prior year [4][10] Revenue Breakdown - Specialty & Primary Care revenue was €408.6 million, up 3.3%, while Rare Diseases revenue surged by 29.0% to €254.8 million [5][10] - The Endocrinology franchise generated €87.4 million, an 18.0% increase, driven by Isturisa's growth [5][10] - Hema-Oncology revenue grew by 64.3% to €95.8 million, supported by the performance of Enjaymo and Sylvant [5][10] Business Development - The FDA approved Isturisa for treating endogenous hypercortisolemia in adults with Cushing's syndrome, expanding its market potential [7][8] - Recordati increased its peak year sales target for Isturisa to €550-650 million, up from €500-600 million [8][10] Future Outlook - The company confirmed its FY 2025 financial targets, expecting double-digit growth across all key metrics [10][11] - Financial targets for FY 2027 were also set, indicating continued strong organic growth and potential contributions from acquisitions [12][19]

Core Viewpoint - Recordati S.p.A. has approved its 2025-2027 three-year plan, targeting significant revenue and income growth through organic expansion and strategic acquisitions [1][2][7] Financial Targets - Net Revenue is projected to be between €3,000 million and €3,200 million, driven by strong organic growth in both Specialty & Primary Care and Rare Diseases segments [3][5] - EBITDA is expected to range from €1,140 million to €1,225 million, maintaining a margin of at least 38% [5] - Adjusted Net Income is forecasted to be between €770 million and €820 million [5] Growth Drivers - The Specialty & Primary Care business is anticipated to grow at a mid-single digit CAGR of approximately 3.5-4.5% from 2024 to 2027, while the Rare Diseases segment is expected to achieve a double-digit CAGR of 17-20% during the same period [3] - The company plans to leverage recent FDA approvals, such as the expanded label for Isturisa, increasing its peak sales target for the product to between €550 million and €650 million [4] Business Development Strategy - Recordati will continue to focus on organic growth, complemented by business development and M&A activities, while investing in lower-risk pipeline opportunities [1][7] - The company aims to maintain a net debt level between 1.7-2.0 times EBITDA, with flexibility for temporary increases for high-quality acquisitions [6] Recent Performance - In Q1 2025, Recordati reported revenue of €680 million, reflecting an 11.9% increase compared to Q1 2024, with notable growth in both business units [8] - Specialty and Primary Care revenue was €408.6 million, up 3.3%, while Rare Diseases revenue reached €254.8 million, a 29.0% increase [8]