Recordati has posted its financials for 2011 which show that revenues were up 4.7% to 762.0 million euros, while net income climbed 7.2% to 116.4 million euros.
Pharmaceutical turnover was up 4.5% to 733.6 million euros, despite the expiry in January 2010 of the patent covering the blood pressure treatment Zanidip/Lercadip (lercanidipine) in the main European countries. Sales of the drug fell 16.1% to 124.7 million euros, though the antihypertensive combo Zanipress (lercanidipine/enalapril) brought in 41.6 million euros, up 31.4%.
Recently-launched Urorec (silodosin) for benign prostatic hyperplasia had sales of 19.8 million euros, while Livazo (pitavastatin), the firm's new cholesterol drug, contributed 6.8 million euros.
Sales of Recordati's orphan drugs segment, driven by Carbaglu (carglumic acid) for hyperammonaemia, climbed 17.9% to 69.3 million euros. Geographically, Recordati did particularly well in central and eastern Europe, including Russia and Turkey (+21.7%) and Spain (+7.4%), but fell in the UK (-22.5%) and France (-8.0%). Domestic sales were up 10.5% to 217.7 million euros.
Chief executive Giovanni Recordati said that for 2012, "taking into account the overall slow-down of the economy in Europe and the difficulty in estimating the impact of the new pharmaceutical cost containment measures under discussion", sales are expected to reach 810-830 million euros. The firm expects net income to come in at 115-120 million euros.