Italy's Recordati has reported figures for 2006 which show that revenues were flat, with domestic sales down 7.8%, but the company has still managed to post healthy double-digit growth in net earnings.

Total revenues came in at 576.2 million euros, with international sales making up almost two-thirds of that total, while net income increased 14.7% to 74 million euros, driven by continued strong sales of its flagship drug lercanidipine for high blood pressure and “the careful management of the company's resources.”

However the domestic situation is a cause for concern but Recordati hopes to increase sales in Italy soon despite suffering from government’s decision last year to reduce the prices of reimbursed drugs by 5%. The company also suffered from pricing pressures in Spain and Germany.

However growth was strong in France and Recordati is confident that Portugal will make a major contribution to sales following its acquisition of that country’s Grupo Jaba. The latter, which was bought for some 45 million euros, is the third-largest pharmaceutical manufacturer in Portugal, with turnover of around 43 million euros for 2006

Revenues should also benefit from the firm’s new fixed-dose combination product, Zanitek/Zaniril (lercanidipine plus enalapril), which was approved in Germany last June. Recordati has signed up Sweden’s Meda as a co-marketing partner for the drug in Germany and the launch is expected to take place in April 2007, with a roll-out of the product in other European countries to follow through the year.

The company concluded by saying that thanks mainly to the expansion of its international business and the continued success of lercanidipine, it expects 2007 sales to reach 650 million, while net income is forecast to be 83 million euros.