Italy's Recordati has reported financials for 2007 which show that revenues rose 9.1% to 628.4 million euros, while net income climbed 14.6% to 84.9 million euros.

Pharmaceutical turnover was up 10.5% to 594.4 million euros, with international sales climbing 14.0% to 594.4 million euros, boosted by the contribution of Portugal’s Grupo Jaba, which was acquired at the end of 2006. The main driver of growth again was the blood pressure drug Zanidip/Lercadip (lercanidipine), sales of which rose 8.9% to 186.9 million euros.

Zanidip enjoyed strong growth in France (+17.6%) and the UK (+6.4%) and at home in Italy (+10.5%), but slipped 12.7% in Spain as a result of pricing pressures. However the company is looking to reduce its reliance on the drug, and has high hopes for silodosin, for the treatment of symptoms associated with benign hypertrophy of the prostate. Licensed from Japan’s Kissei, the Milan-headquartered company plans to file for approval in Europe before the end of 2008.

Research-wise, Recordati recently acquired the French group Orphan Europe for 135 million euros and the firm sees a lot of potential in developing drugs for rare diseases. These include Carbaglu (carglumicacid), a drug developed by Orphan for the treatment of N-acetylglutamate synthase deficiency, a rare urea cycle disorder. It was approved in the European Union in 2003 and will be filed shortly for approval with the US Food and Drug Administration. Recordati also highlighted Stanate (stannsoporfin) as a key drug in its pipeline. It is under development for the treatment of neonatal hyperbilirubinemia (jaundice).

As for 2008, the firm said that it expects sales and operating income to grow by 10%, while net income should rise 14% and its R&D spend will grow by 20%. Recordati is also looking to set up a direct presence in eastern Europe and “reinforce our presence in Germany, Spain and the UK through selective company and/or product acquisitions”.