Recordati S.p.A. - Recordati confirms 2002 target (EBIT +37%) and updates growth prospects

Press Releases

Recordati confirms 2002 target (EBIT +37%) and updates growth prospects

Milan - 12 December 2002

Recordati meets with the financial community and specialized media at the Milan Stock Exchange to comment on the main events regarding the group during the last months and present its development prospects.

Recordati expects consolidated sales to be approximately € 490 million in 2002 and EBIT to be around € 89 million, a growth of about 37% over 2001. This year will once again be the best in Recordati's history. The announced targets will be met, despite measures applied by the Italian government in an effort to curb public spending. These positive results were achieved through the continuing international success of Zanidip® (lercanidipine), currently launched in 42 markets, and the good performance of the main new products Peptazol®, Lercadip® and Nitrocor®. EBIT for 2002 also includes approximately € 10 million related to lercanidipine in the U.S..

For 2003, lercanidipine in the U.S. excluded, Recordati announces an EBIT target of € 87 million or more and revenues in excess of € 500 million. This objective implies a significant increase in sales volumes.

Recordati also indicates a 10% annual average EBIT growth in the following two years, excluding the potential launches of lercanidipine in the U.S.A. and Japan.

In order to share the information presented with the whole financial community Recordati will be hosting a conference call at 5:45 pm Italian time (4:45 pm London time, 11:45 am New York time). Dial-in numbers are:

Italy +39 02 802 09 11

U.K. +44 207 866 41 11

U.S.A. +1 412 858 4600

The presentation is available on www.recordati.com (Investor Relations or Press Room sections).

Regulations issued by the Italian Stock Exchange regarding trading by insiders will be effective shortly. Recordati's Board of Directors decided today to adopt its own code of behavior on this subject effective as of 1 January 2003. Trading involving the company's stock or related financial instruments by those individuals who occupy key positions within the Group, such as directors, statutory auditors, top management, etc. exceeding € 50,000 on a cumulative basis will be reported quarterly, while that exceeding € 250,000 will be reported immediately. Key persons will inform the company when exercising stock options or warrants. In addition, the code includes restrictions on operations involving the company's stock or related financial instruments in certain periods during the year.

The Board also approved the Group's code of ethics the object of which is to assure high professional and behavioral standards, beyond the official regulations in place.

Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003074447), dedicated to the research, development, manufacturing and marketing of pharmaceuticals and pharmaceutical chemicals, with headquarters in Milan, Italy and operating subsidiaries in France, Ireland, Portugal, Spain, Switzerland and the United States.

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Recordati at a glance Key Financial Data Recordati Share Press Releases 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Company Presentations Annual and Interim Reports Regulated information Shareholders’ Meetings Calendar Analyst Coverage Contacts	Press Releases Recordati confirms 2002 target (EBIT +37%) and updates growth prospects Milan - 12 December 2002 Recordati meets with the financial community and specialized media at the Milan Stock Exchange to comment on the main events regarding the group during the last months and present its development prospects. Recordati expects consolidated sales to be approximately € 490 million in 2002 and EBIT to be around € 89 million, a growth of about 37% over 2001. This year will once again be the best in Recordati's history. The announced targets will be met, despite measures applied by the Italian government in an effort to curb public spending. These positive results were achieved through the continuing international success of Zanidip® (lercanidipine), currently launched in 42 markets, and the good performance of the main new products Peptazol®, Lercadip® and Nitrocor®. EBIT for 2002 also includes approximately € 10 million related to lercanidipine in the U.S.. For 2003, lercanidipine in the U.S. excluded, Recordati announces an EBIT target of € 87 million or more and revenues in excess of € 500 million. This objective implies a significant increase in sales volumes. Recordati also indicates a 10% annual average EBIT growth in the following two years, excluding the potential launches of lercanidipine in the U.S.A. and Japan. In order to share the information presented with the whole financial community Recordati will be hosting a conference call at 5:45 pm Italian time (4:45 pm London time, 11:45 am New York time). Dial-in numbers are: Italy +39 02 802 09 11 U.K. +44 207 866 41 11 U.S.A. +1 412 858 4600 The presentation is available on www.recordati.com (Investor Relations or Press Room sections). Regulations issued by the Italian Stock Exchange regarding trading by insiders will be effective shortly. Recordati's Board of Directors decided today to adopt its own code of behavior on this subject effective as of 1 January 2003. Trading involving the company's stock or related financial instruments by those individuals who occupy key positions within the Group, such as directors, statutory auditors, top management, etc. exceeding € 50,000 on a cumulative basis will be reported quarterly, while that exceeding € 250,000 will be reported immediately. Key persons will inform the company when exercising stock options or warrants. In addition, the code includes restrictions on operations involving the company's stock or related financial instruments in certain periods during the year. The Board also approved the Group's code of ethics the object of which is to assure high professional and behavioral standards, beyond the official regulations in place. Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003074447), dedicated to the research, development, manufacturing and marketing of pharmaceuticals and pharmaceutical chemicals, with headquarters in Milan, Italy and operating subsidiaries in France, Ireland, Portugal, Spain, Switzerland and the United States.