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Recordati
Recordati (REC) investor relations material
Recordati Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Net revenue reached €2.62 billion in 2025, up 11.8% year-over-year, with EBITDA of €991.1 million, up 14.5%, driven by strong rare disease and SPC performance.
Rare Diseases segment delivered 29.7% year-over-year growth, led by Isturisa and Enjaymo, with significant contributions from new product launches and expanded indications.
Adjusted net income increased 14.5% to €651.1 million; net income grew 6.5% to €443.6 million.
Free cash flow was €559 million, with leverage just below 2.1x, supporting financial flexibility.
Strategic collaborations included VAZKEPA and Inrebic licensing, and a global partnership with Moderna for mRNA-3927, with a $50 million upfront payment and up to $110 million in milestones.
Financial highlights
EBITDA margin was 37.8%, with sector-leading performance despite FX headwinds; operating expenses increased due to ISTURISA investments and Enjaymo integration.
Adjusted net income margin was 24.9%; net income margin was 16.9%.
Free cash flow conversion was ~90% of adjusted net income.
Gross profit margin remained stable at 68.3%, with adjusted gross profit margin at 70.8%.
Net debt/EBITDA ratio was below 2.1x at year-end.
Outlook and guidance
2026 revenue guidance: €2.73–2.8 billion; rare diseases expected to deliver high-teens organic growth at constant FX, SPC low single-digit growth.
EBITDA expected at €995–1,030 million, with ~36.5% margin; adjusted net income €655–685 million (~24% margin).
FX headwinds projected at -3.5% on revenue and ~4% on EBITDA, mainly from US dollar.
2027 targets reaffirmed: net revenue €3,000–3,200 million, EBITDA €1,140–1,225 million, adjusted net income €770–820 million.
Specialty & Primary Care segment expected to return to mid-single digit growth in 2027.
Mitigate Enjaymo inventory unwind impact?
mRNA-3927 deal's EBITDA impact?
China Rare Diseases strategy after Isturisa NRDL?
Isturisa non-overt patient mix evolution?
Enjaymo ITP: Next steps post Q1 decision?
mRNA-3927 addressable patient population?
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Next Recordati earnings date
Q1 202613 May, 2026
Recordati
Next Recordati earnings date
Q1 202613 May, 2026
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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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