Q2 2026 Recordati Industria Chimica e Farmaceutica SpA Earnings Call Transcript

Jul 29, 2026 / 12:00 PM GMT

Release Date Price: €51.4 (+0.19%)

Transcript

Key Points

Positve

Recordati SpA (RCDTF) delivered strong financial results in H1 2026, with revenue increasing 6.6% to 1.4 billion and EBITDA growing 8.8% to $540 million, reflecting robust operational performance.
Rare disease portfolio continues to be a key growth engine, with revenues up 17.1% to $604 million, driven by outstanding performance of ISTRISA (up 58%) and strong contributions from hemo-oncology products like Injemo (up 31.1%).
The company maintained strong cash generation, with free cash flow of $299 million in H1, and a healthy balance sheet with net debt below 1.9 times EBITDA, providing financial flexibility for investments and business development.
Specialty and primary care business showed resilience with revenue broadly stable at $774 million, supported by continued growth of promoted brands like Vascapa and Eligard, despite expected headwinds.
Recordati SpA (RCDTF) expanded its rare disease pipeline through a licensing agreement with Ionis for Zilgarnesen, reinforcing its long-term growth platform in ultra-rare diseases.

Negative

The specialty and primary care business faced headwinds, including a 1.6% decline in cardiovascular revenue due to the loss of Carticor and lower sales of mature products from order phasing.
Cough and cold revenue declined 9.7% as expected, due to a weaker season across major markets compared to the prior year.
Metabolic franchise in rare disease was lower versus a strong prior-year comparison, reflecting timing of Carboglue shipments and softer demand for panhematin in the US, though it returned to growth in Q2.
The company experienced a temporary competitor stockout in Turkey boosting Eligard sales, which is not expected to be sustained and may reverse in the future.
Recordati SpA (RCDTF) faces ongoing uncertainty related to the proposed transaction with CVC and GBL, which limits commentary on the deal and may create near-term distraction.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

RECI.MI - Recordati Industria Chimica e Farmaceutica SpA
Q2 2026 Recordati Industria Chimica e Farmaceutica SpA Earnings Call
Jul 29, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. This is the current call conference operator. Welcome and thank you for joining the Recordati first half 2026 results conference call.

As a reminder, all participants are in listen-only mode.

After the presentation, there will be an opportunity to ask questions.

Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone.

At this time, I would like to turn the conference over to Ms. Evgenia Litz, Vice President of Investor Relations of Recordati. Please go ahead, Madam.

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