Q3 2025 Recordati Industria Chimica e Farmaceutica SpA Earnings Call Transcript
Key Points
- Recordati SpA (RICFY) reported a net revenue increase of 12.2% to EUR1960 million for the first nine months of 2025.
- EBITDA rose by 11.8% to EUR743.9 million, maintaining a strong margin of 38% of net revenues.
- The company completed enrollment in the Pasirriotide Phase 2 trial for PBH and had a productive meeting with the FDA regarding Karziba's potential US regulatory pathway.
- Recordati SpA (RICFY) doubled its peak year sales estimates for Isturisa to over EUR1.2 billion, targeting a broader patient population.
- The US market showed strong growth, contributing close to 20% of total revenue, with local currency growth exceeding 30%.
- Net income decreased by 3.6% due to a one-off provision of EUR14.1 million related to litigation with the Italian pharma agency.
- Currency headwinds, particularly from the US dollar, negatively impacted revenue by approximately 3% and are expected to persist into 2026.
- The SPC segment is expected to grow at low single-digit rates in 2026 due to headwinds such as the loss of the Cardio license.
- Turkey faced challenges with over 30% currency devaluation and no price increases, impacting growth.
- Operating expenses increased due to investments in Isturisa and other strategic initiatives, which may weigh on 2026 margins.
Good afternoon. This is the Car school conference operator. Welcome and thank you for joining the Recordati nine-month 2025 results conference call. (Operator Instructions)
At this time I would like to turn the conference over to Mrs. Eugenia Litz of Recordati Investor Relations. Please go ahead, madam.
Thank you and good afternoon, everyone. I'm pleased to be here today with Rob Koremans, our CEO; and Luigi La Corte, our CFO, who will present results for the first nine months of 2025. Then Scott Pescatore, Executive Vice President of Rare Diseases, will provide further insight into the exciting Esa opportunity.
Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care; and Milan Zdravkovic, Executive Vice President of R&D. As always, the presentation is available in the Investor section of our website. It is now my pleasure to pass the call over to Rob. Please go ahead.
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