RECORDATI
PRELIMINARY 2020 RESULTS CONFIRM CONTINUED GROWTH OF OPERATING INCOME AND NET INCOME. EBITDA +4.7% AND ADJUSTED NET INCOME +7.3%.
RECORDATI: PRELIMINARY 2020 RESULTS CONFIRM CONTINUED GROWTH OF OPERATING INCOME AND NET INCOME. EBITDA +4.7% AND ADJUSTED NET INCOME +7.3%.
- Consolidated revenues € 1,448.9 million, -2.2% (+0.4% at constant exchange rates).
- EBITDA(1) € 569.3 million, +4.7%.
- Operating income € 469.0 million, +0.8%.
- Net income € 355.0 million, -3.8%; excluding the non-recurring “Patent Box” tax benefits, net income increased by +3.2%.
- Adjusted Net income(2) € 410.4 million, +7.3%.
- Net financial position(3): net debt of € 865.8 million, with positive underlying cash generated, excluding dividends and payments associated with new licenses and milestones, of approximately € 360 million.
- New product launches, combined with portfolio expansion through new commercial agreements, lay the foundation for solid future growth.
- 2021 objectives include continued growth in revenues, EBITDA(1) and adjusted net income(2).
- Approved a share buy-back program to service the stock options plans.
- Payment dates of the 2020 dividend balance and the 2021 interim dividend announced
Milan, 22 February 2021 – The Board of Directors of Recordati S.p.A. reviewed the preliminary consolidated financial statements for 2020 and the 2021 objectives. The company’s final
consolidated annual financial statements will be submitted to the Board for approval on 18 March 2021.
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Financial highlights
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Consolidated revenues, at € 1,448.9 million, fell by 2.2% compared to 2019, reflecting also the devaluation of almost all currencies against the euro, which was especially
notable during the second half of the year. At constant exchange rates, the Group’s sales grew slightly by +0.4%. Revenues for the new drugs acquired at the end of 2019, Signifor and Signifor LAR
and initial sales of Isturisa totalled € 79 million.
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EBITDA(1) was € 569.3 million, an increase of 4.7% over 2019, thanks to expense controls and a better gross margin, at 39.3% of sales, up compared to 36.7% in
2019.
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Operating income was € 469.0 million, an increase of 0.8% over the previous year, lower compared to EBITDA growth due to the increase in amortization associated with new
products, a margin of 32.4% of sales compared to 31.4%.
- Net income, equalled € 355.0 million, at 24.5% of sales, compared to € 368.9 million in 2019; excluding non-recurring “Patent Box” tax benefits, equal to € 2 million in 2020 and to € 27 million in 2019, net income increased by 3.2% thanks to the progress in operating income and the decrease in financial expenses.
- Adjusted net income(2), equal to € 410.4 million, grew by 7.3% compared to 2019, at 28.3% of sales, higher than the previous year, which as 25.8%.
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