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Recordati (REC) investor relations material
Recordati Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Net revenue for H1 2025 reached €1,323.8 million, up 11.7% year-over-year, with strong growth in both Specialty & Primary Care and Rare Diseases segments, despite adverse FX impacts and higher investments in launches and integration activities.
EBITDA rose 9.6% to €496.3 million (37.5% margin), while adjusted net income increased 8.9% to €327.8 million; reported net income declined 4.1% to €216.1 million due to higher non-cash charges and tax rate.
Rare Diseases revenue surged 29.2% to €515.7 million, driven by Enjaymo® and strong organic growth across all franchises; Specialty & Primary Care grew 2.6% to €774.4 million, with robust cardiovascular and GI performance offsetting weaker Cough & Cold.
Major regulatory milestones included FDA approval for Isturisa® in Cushing's syndrome, Signifor® LAR approval in China, and a licensing deal for Vazkepa® in Europe.
FY 2025 targets were confirmed despite increased FX headwinds, with continued investment in key product launches and R&D pipeline progress.
Financial highlights
Net revenue: €1,323.8M (+11.7% YoY); EBITDA: €496.3M (+9.6% YoY); adjusted net income: €327.8M (+8.9% YoY); reported net income: €216.1M (-4.1% YoY).
Gross margin: 66.7% (adjusted: 70.2%); adjusted operating income: €394.7M (+7.3% YoY); free cash flow: €256.8M, stable YoY.
Leverage just below 2.3x EBITDA pro-forma post May dividend; net financial position: net debt of €2,127.1M.
EPS: €1.048 basic, €1.033 diluted for H1 2025.
Adjusted net income margin: ~25%; effective tax rate: 24.0%, up from 22.8% due to expiry of Patent Box benefit in Italy.
Outlook and guidance
FY 2025 guidance confirmed: net revenue €2,600–2,670M, EBITDA €970–1,000M (margin ~37.5%), adjusted net income €640–670M (margin ~25%), tax rate ~24%.
FX headwinds for FY 2025 now expected at -3%, higher than initial -1% estimate.
Continued investments in Isturisa, NJMO, and U.S. Cushing's syndrome opportunity; Vaskepa/Vazkepa to contribute positively from 2026.
Guidance unchanged despite FX and Vaskepa's slightly dilutive effect.
How will Enjaymo investments trend in 2H?
Isturisa: What's the worldwide patient figure?
Vazkepa: What's the sales trajectory to 2039?
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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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