Zanidip sales drive healthy earnings for Recordati

Italy's Recordati has reported financials for the first nine months of 2009 which show that revenues increased 9.4% to 556.2 million euros, while net income climbed 11.3% to 85.3 million euros.

Pharmaceutical turnover was up 10.4% to 535.6 million euros, helped by the recently-acquired Yeni Ilac of Turkey and Czech drugmaker Herbacos-Bofarma,. The main drivers of growth once again were the blood pressure drugs Zanidip (lercanidipine) and Zanipress (lercanidipine/enalapril), combined sales of which rose 13.3% to 175.3 million euros.

In geographic terms, Recordati sales were strong in Germany (+16.8%) and Spain (+6.9%), but fared less well at home in Italy (+2.5%) and France (+2.3%). The results were in line with expectations and the firm has upped its full-year net earnings forecast to over 110 million euros, up from previous guidance of 105 million euros. Revenues are expected to reach 750 million euros.

In an interview with Reuters, Chief executive Giovanni Recordati said that the company is looking at potential acquisitions in Poland, Russia and Turkey and has a warchest of some 300-400 million euros. He confirmed that a bid has been made for the Polish drugmaker Polfa Pabianice.