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]