Core Insights - Recordati S.p.A. demonstrated solid financial performance in 2025, achieving consolidated net revenue of €2,618.4 million, reflecting an increase of 11.8% compared to 2024, and 8.3% on a like-for-like basis at constant exchange rates [4][5] - The company expects continued growth in 2026, with financial targets set for net revenue between €2,730 million and €2,800 million, despite anticipated foreign exchange headwinds [19] Financial Performance - Consolidated net revenue for 2025 was €2,618.4 million, up 11.8% year-over-year, with a notable contribution from both Specialty & Primary Care and Rare Diseases [4][5] - EBITDA reached €991.1 million, representing a 14.5% increase, with a margin of 37.8% [10] - Adjusted net income was €651.1 million, up 14.5%, with a margin of 24.9% [10] - Free cash flow for 2025 was €558.8 million, an increase of €23.7 million from the previous year [10] Business Segments - Specialty & Primary Care revenue was €1,477.9 million, up 2.0%, while Rare Diseases revenue surged to €1,081.4 million, a 29.7% increase [5] - The Endocrinology franchise within Rare Diseases achieved net revenue of €394.1 million, a 22.5% increase, driven by the uptake of Isturisa [5] - The Hema-Oncology franchise saw a significant revenue increase of 63.8%, contributing €414.9 million, supported by the performance of Enjaymo [5] Strategic Developments - Recordati strengthened its portfolio through strategic partnerships in Rare Diseases and Specialty and Primary Care, with a focus on expanding the market for Isturisa [2] - The company received a B- rating with 'Prime' status from ISS ESG, highlighting its sustainability performance [4] Pipeline and Regulatory Updates - The FDA approved the supplemental new drug application for Isturisa, expanding its indication for treating Cushing's syndrome [7] - A Phase IV study for Isturisa is expected to commence in 2026, assessing its efficacy in patients with mild hypercortisolemia [7] - The company initiated a clinical trial for Qarziba in combination with chemotherapy for Ewing sarcoma [8] Corporate Development - Recordati entered a licensing agreement with Amarin for the commercialization of Vazkepa across 59 countries, with expected revenues of over €40 million in 2027 [14] - An exclusive license agreement was established with Impact Biomedicines for Inrebic in Japan, which received regulatory approval in June 2025 [15][16] - A collaboration with Moderna was announced to develop mRNA-3927 for propionic acidemia, with potential data readout expected by the end of 2026 [17][18]