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]