Recordati First-Half Profit Up 8.8% as Rare Diseases Drive Growth
Recordati Reports Strong First-Half Financial Results
July 28 (Reuters) - Italian drug maker Recordati on Tuesday posted an 8.8% rise in its first-half core profit (EBITDA) to €540.2 million ($615.6 million) boosted by its rare diseases segment.
Board Response to Takeover Offer
The results follow an announcement earlier this month that a majority of Recordati's board deemed a €10.7 billion cash offer from private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert to be "fair," even as its four independent directors dissented.
Rare Diseases Segment Performance
Revenue Growth in Rare Diseases
• Rare diseases revenue rose 17.1% to €603.9 million, with Isturisa, a treatment for Cushing's syndrome, surging 58% to €178.8 million
Overall Financial Highlights
• First-half adjusted net income rose 6.7% to €349.9 million
• The Milan-based firm confirmed its full-year 2026 financial targets as shareholders weigh a takeover offer that has divided its board
CEO Commentary
• "Rare diseases remains the key growth driver, with Isturisa delivering another excellent quarter driven by expanded physician adoption, increased patient demand and improved commercial execution," CEO Rob Koremans said
Additional Information
($1 = 0.8774 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Matt Scuffham)
