Recordati has posted a decent set of financials for 2010 despite generic competition hurting sales of the Italian drugmaker’s big-selling blood pressure tablet Zanidip.
Revenues slipped 2.6% to 728.1 million euros, while net income was down 1.8% to 108.6 million euros. Pharmaceutical turnover fell 2.5% to 702.3 million euros, following the expiry a year ago of the patent covering Zanidip/Lercadip (lercanidipine) in the main European countries.
Sales of the drug fell 30.8% to 148.7 million euros, but the antihypertensive combo Zanipress (lercanidipine+enalapril) brought in 31.7 million euros, a rise of 52.5%. Geographically, Recordati did well in the territory including Russia, Turkey and other central and eastern European markets, up 28.1% to 70.3 million euros, but sank 34.9% in the UK to 9.9 million euros. Domestic sales fell 6.5%% to 197.0 million euros.
Chief executive Giovanni Recordati said the firm is "very satisfied with the results", maintaining profitability despite the reduction of lercanidipine sales. This was mainly thanks to "the development of our presence in emerging markets, the growth of our drugs for the treatment of rare diseases and the revenues generated by our international licensing-out business”.
Mr Recordati added that highlights of the year included European launches of Urorec (silodosin) for benign prostatic hyperplasia and approval from the US Food and Drug Administration for Carbaglu (carglumic acid) for hyperammonaemia due to an autosomal genetic disorder resulting in the deficiency of the liver enzyme N-acetylglutamate synthase. He also noted that the cholesterol drug Livazo (pitavastatin) has got the green light in Europe and the company has also linked up with Nymox Pharmaceutical Corp for NX-1207, which is in Phase III BPH.
The Recordati chief concluded by saying that through the acquisition of ArtMed International, the company now has a presence in Romania and "we intend to continue with our policy to acquire new products" and expand internationally. For 2011, sales are forecast to reach 750 million euros, with net income of around 110 million euros, significantly higher than guidance issued in May last year.