Recordati has posted a good set of financials for the first quarter despite generic competition hitting sales of the Italian drugmaker’s big-selling blood pressure tablet Zanidip.
Revenues were up 6.4% to 197.8 million euros, while net income climbed 4.8% to 31.4 million euros. Pharmaceutical turnover was up 5.5% to 189.6 million euros, an impressive performance given the expiry in January 2010 of the patent covering Zanidip/Lercadip (lercanidipine) in the main European countries.
Sales of the drug fell 19.7% to 35.5 million euros, while the antihypertensive combo Zanipress (lercanidipine/enalapril) brought in 8.8 million euros, up 37% on the like, year-earlier period. Recently-launched Urorec (silodosin) for benign prostatic hyperplasia had sales of 3.8 million euros.
Sales of Recordati's orphan drugs segment, driven by Carbaglu (carglumic acid) for hyperammonaemia, climbed 15.1% to 18.1 million euros. Geographically, Recordati did well in Portugal (+11.7%), Spain (+20.2%) and Russia and in the other countries in the Commonwealth of Independent States (+84.8%), but fell in the UK (-15.9%) and France (-11.6%). Domestic sales were up 9.1% to 55.6 million euros.
For this year, revenues should be in the region of 750 million euros, while net income will be around 110 million euros. For 2012 and 2013, net income should rise 10% per year.
Chief executive Giovanni Recordati said the results "show that we are starting a new growth cycle, thanks to the quality of our product portfolio and the development of our business in the new emerging markets". He added that "we will continue with our policy to acquire new products to develop as well as new geographical presence".