Italy · Delayed Price · Currency is EUR Recordati Industria Chimica e Farmaceutica Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong revenue and profit growth, led by rare disease, especially ISTURISA and Enjaymo, despite FX headwinds. Guidance for 2026 is reaffirmed, with high-teen growth in rare disease and sector-leading margins expected.
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Rare diseases drive high-teen growth and now represent 40% of 2025 revenue, with Isturisa’s U.S. label extension and Enjaymo’s integration fueling expansion. SPC remains stable, and disciplined R&D and BD support long-term targets despite FX and product headwinds.
Fiscal Year 2025
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Revenue grew 11.8% to €2.62B in 2025, with rare disease up 29.7% and EBITDA margin at 37.8%. 2026 guidance targets €2.73–2.8B revenue and high-teens rare disease growth, despite FX headwinds. Investments in ISTURISA and new partnerships, including Moderna, support future growth.
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Strong revenue and EBITDA growth were reported, with rare disease driving high teens growth and Isturisa’s peak sales guidance raised above €1.2 billion. Strategic investments and M&A continue, with 2026 marked as an investment year impacting margins, but long-term guidance and operational efficiency remain robust.
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Revenue grew 12.2% year-over-year to €1.96 billion, with strong rare disease and U.S. performance. Isturisa’s peak sales estimate was doubled to over €1.2 billion, targeting non-overt Cushing’s syndrome, and significant investments are planned to support this growth. FX headwinds and the Cardicor license loss will impact near-term margins, but long-term growth prospects remain robust.
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Revenue grew 11.7% year-over-year to EUR 1.32 billion, with strong gains in rare diseases and specialty care. EBITDA margin was 37.5%, and full-year guidance was confirmed despite FX headwinds. Vascepa and Vistariza are expected to drive future growth.
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Q1 2025 saw 11.9% revenue growth to €680M, with strong gains in both specialty/primary care and rare disease. EBITDA margin was 39.7%, and adjusted net income rose 7.2%. Full-year guidance and 2027 double-digit growth targets were reaffirmed.
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Ambitious targets reaffirm double-digit growth through 2027, aiming to double revenue by 2030 with a resilient, diversified model. Growth is driven by SPC and rare diseases, supported by disciplined M&A, robust financials, and a strong ESG focus. Guidance reflects confidence in portfolio momentum and risk mitigation.
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Recordati presented strong financial performance, with 2024 revenues expected above EUR 2.3 billion and a growing rare disease segment. The company continues to pursue disciplined M&A, highlighted by the recent Enjaymo acquisition, and expects further growth and high margins into 2025.
Fiscal Year 2024
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2024 saw double-digit revenue and profit growth, with rare diseases and specialty care both outperforming. 2025 guidance targets further margin expansion and strong top-line growth, supported by new product launches and increased peak sales targets for key assets.
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The conference highlighted the importance of cultural transformation, international expansion, and strategic deal-making in rare disease pharma. Panels emphasized the need for biotech firms to balance licensing, M&A, and IPO options, with investor alignment and market readiness as key factors. 2025 is seen as volatile but full of opportunity for well-prepared companies.
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Revenue grew 12% year-over-year to €1,743 million, with strong performance in both specialty primary care and rare diseases. EBITDA margin reached 38.2%, and free cash flow was €434.3 million. Full-year guidance is confirmed, with minimal 2024 impact from the Enjaymo acquisition.
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Acquisition of global rights to Enjaymo strengthens the rare disease and hematology portfolio, with strong IP protection, limited competition, and expected peak sales of EUR 250–300 million. The deal is financed mainly by new debt and is set to close by end-2024, pending regulatory approval.
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Net revenue rose 30.5% year-over-year to €1.185 billion, with strong growth in both specialty/primary care and rare disease segments. EBITDA margin remained robust at 38.2%, and full-year guidance was raised for both revenue and profitability, reflecting continued momentum.