Recordati has posted a good set of financials for the first half of 2011 given that generic competition is hitting sales of the Italian drugmaker’s big-selling blood pressure tablet Zanidip.
Revenues were up 6.6% to 401.0 million euros, while net income climbed 5.3% to 62.4 million euros. Pharmaceutical turnover was up 6.1% to 385.5 million euros, despite the expiry in January 2010 of the patent covering Zanidip/Lercadip (lercanidipine) in the main European countries.
Sales of the drug fell 15.6% to 69.2 million euros, though the antihypertensive combo Zanipress (lercanidipine/enalapril) brought in 19.6 million euros, up 35.4%. Recently-launched Urorec (silodosin) for benign prostatic hyperplasia had sales of 7.9 million euros, while Livazo (pitavastatin), the new cholesterol drug which has just hit the market in Spain and Portugal, contributed 2.4 million euros.
Sales of Recordati's orphan drugs segment, driven by Carbaglu (carglumic acid) for hyperammonaemia, climbed 11.9% to 35.2 million euros. Geographically, Recordati did particularly well in central and eastern Europe, including Russia and Turkey (+33.4%) and Spain (+9.5%), but fell in the UK (-15.0%), Portugal (-8.2%) and France (-8.0%). Domestic sales were up 15.0% to 121.8 million euros.
Chief executive Giovanni Recordati said the highlight of the first half was the $130 million acquisition of Turkish drugmaker Frik Ilac announced earlier this month. He said "we are very satisfied with our second acquisition in Turkey" (Yeni Ilac was bought in December 2008) and claimed it is "a country with excellent economic development prospects and a pharmaceutical market which is growing strongly".
Mr Recordati concluded by saying that the firm has upped its forecast for the full year as revenues are expected to come in above 750 million euros, while net income should top 110 million euros.