Italy's Recordati has reported financials for the first nine months of 2007 which show that revenues rose 6.1% to 466.4 million euros, while net income climbed 14.5% to 64.0 million euros.
Pharmaceutical turnover was up 7.4% to 440.4 million euros, with international sales climbing 11.9% to 313.3 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 4.2% to 139.1 million euros.
Zanidip enjoyed strong growth in France (+14.4%) and the UK (+8.4%) and Recordati has started direct marketing of the drug in Ireland and Greece. However Zanidip revenues slipped 2.8% in Italy and Spain (-8.3%) as a result of pricing pressures.
The third quarter was a busy one for Recordati, a period which saw the Milan-headquartered firm acquire the French group Orphan Europe for 135 million euros and announce positive Phase III data for silodosin, for the treatment of symptoms associated with benign hypertrophy of the prostate which it licensed from Japan’s Kissei. The company plans to file for approval in Europe during the last quarter of 2008, while Zanitek/Zaniril (lercanidipine plus enalapril) has been launched in Germany last June and further European launches will take place next year.
Chief executive Giovanni Recordati said the expansion of its international business and the continued success of lercanidipine means that 2008 sales should reach 630 million euros, while net income is forecast to be 83 million euros.