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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Recordati
Recordati (REC) investor relations material
Recordati 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary14 Jan, 2026
Strategic Focus and Business Performance
The company has evolved into a global rare disease leader with a strong European SPC business and presence in over 150 countries.
Rare diseases now account for 40% of 2025 revenue, growing at high-teen percentages, while specialty/primary care contributes 60% and maintains steady mid-single-digit growth.
Consistent over-delivery on financial targets, with sector-leading EBITDA margins, 15%-20% ROCE, and a diversified business model with low loss of exclusivity risk.
Over €3.5B invested in 37 business development and M&A deals since 2007, supporting both organic and inorganic growth.
Experienced leadership team with a strong track record in value creation and disciplined cost management.
Financial Performance and Outlook
9M 2025 revenue reached €1,956.2M (+12.2% vs PY), with FY 2025 revenue guided just above €2.6 billion and EBITDA margin at 38%.
Rare diseases segment achieved 42.6% EBITDA margin and 29.2% growth vs PY; specialty/primary care at 35% margin and 3.2% growth.
FY 2025 revenue target set at €2,600–2,670M, EBITDA of €970–1,000M, and adjusted net income of €640–670M.
FY 2027 targets unchanged: revenue €3,000–3,200M, EBITDA €1,140–1,225M, and adjusted net income €770–820M.
FX headwinds expected to impact 2026 revenue by 3% and EBITDA by 2%, with margins reflecting increased U.S. investment and Isturisa costs.
Rare Disease Portfolio and Growth Drivers
Over 20 orphan/ultra-orphan products across endocrinology, oncology, and metabolic, with global reach and €1 billion+ annual revenue.
Hemato-oncology and endocrinology are key growth drivers, with significant expansion in North America and ongoing geographic investments.
Isturisa’s U.S. label extension for Cushing’s syndrome opens a large new patient segment, with peak sales potential of at least €1.2 billion and investments ramping up to €40–50M/year.
Enjaymo fully integrated, on track for €150 million revenue in 2025, with further growth from education and potential ITP indication.
Targeted de-risked programs for new indications and further international expansion for existing products.
Isturisa: Detail strategy for non-overt patients
Enjaymo: How to reach EUR 300M peak sales?
M&A appetite given leverage and asset prices?
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Next Recordati earnings date
Q4 202518 Mar, 2026
Recordati
Next Recordati earnings date
Q4 202518 Mar, 2026
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Frequently asked questions
Recordati Industria Chimica e Farmaceutica S.p.A. is a pharmaceutical company that researches, manufactures, and markets prescription and specialty medicines. The company operates in therapeutic areas such as cardiovascular, urology, and rare diseases, serving both primary care and specialist markets. The company is headquartered in Milan, Italy, and its shares are listed on the BIT.
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