Recordati S.p.A. - Recordati confirms its targets and presents its development prospects

Press Releases

Recordati confirms its targets and presents its development prospects

Milan, December 11, 2003

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

For 2003, and in line with previous announcements, Recordati expects sales to be slightly below those of 2002 and EBIT to be of around € 80 million.
The program to dispose of the pharmaceutical chemicals business and of the Sophartex production facility (toll manufacturing of pharmaceutical finished products) is confirmed and should take place over the first months of 2004 with the objective of focusing the group's activity on the development of the pharmaceutical business.
In 2004, on a comparable basis (i.e. excluding any contribution from Sophartex), pharmaceutical sales are expected to grow between 5 and 10%, research and development expenditure will increase significantly and a slight increase in EBIT is forecasted.
Further growth will come from our expansion policy in Europe through acquisitions with a CAGR objective of 10% in the 2003 - 2005 period.
Recordati confirms the strategic role of its R&D activities for future growth and presents updates of its projects in the cardiovascular and urogenital therapeutic areas as well as communicating that it expects to increase expenditure and reinforce its organization in 2004.

In the cardiovascular area, and in particular regarding the lercanidipine reformulation program for the U.S. market, Recordati's licensee Forest Laboratories has identified a modified release formulation which is to enter clinical trials.

As to the internal drug discovery efforts in the urogenital therapeutic area, these are aimed at identifying potential new treatments for many conditions which significantly reduce quality of life in the ageing population, and which affect millions of individuals. Of these conditions, still unsolved, are certain types of micturition disorders and female sexual dysfunction. In order to address the strong request for new drugs to treat these conditions, and thereby satisfy this socio-medical need, Recordati's drug discovery team has selected for development two candidates which are about to enter proof-of-concept trials in man.

The presentation in Italian and a simultaneous translation into English of the proceedings will be available via conference call starting at 5pm Italian time. Dial-in numbers for participation are:

France +33 170 700 532
Germany +49 69 2222 2225
Italy +39 02 802 09 11
UK +44 208 7929 750
USA +1 866 2396 425

The slides that will be projected during the presentation are available on Recordati's website www.recordati.com under the Investor Relations Press Room / Company Presentations tab as from 5pm Italian time.

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.

		Home Site Map Alert Service Versione Italiana
About us Pharmaceutical operations Rare diseases Investors Corporate Governance Publications Join Us Contacts
Home Investors Press Releases 2003 Print Page Bookmark Page
Shareholder information Recordati at a glance Key Financial Data Recordati Share Press Releases 2008 2007 2006 2005 2004 2003 2002 2001 2000 Company Presentations Annual and Interim Reports Calendar Analyst Coverage Contacts	Press Releases Recordati confirms its targets and presents its development prospects Milan, December 11, 2003 Recordati meets with the financial community and specialized media at the Italian Stock Exchange in Milan to comment on the main events regarding the group during the last months and present its development prospects. For 2003, and in line with previous announcements, Recordati expects sales to be slightly below those of 2002 and EBIT to be of around € 80 million. The program to dispose of the pharmaceutical chemicals business and of the Sophartex production facility (toll manufacturing of pharmaceutical finished products) is confirmed and should take place over the first months of 2004 with the objective of focusing the group's activity on the development of the pharmaceutical business. In 2004, on a comparable basis (i.e. excluding any contribution from Sophartex), pharmaceutical sales are expected to grow between 5 and 10%, research and development expenditure will increase significantly and a slight increase in EBIT is forecasted. Further growth will come from our expansion policy in Europe through acquisitions with a CAGR objective of 10% in the 2003 - 2005 period. Recordati confirms the strategic role of its R&D activities for future growth and presents updates of its projects in the cardiovascular and urogenital therapeutic areas as well as communicating that it expects to increase expenditure and reinforce its organization in 2004. In the cardiovascular area, and in particular regarding the lercanidipine reformulation program for the U.S. market, Recordati's licensee Forest Laboratories has identified a modified release formulation which is to enter clinical trials. As to the internal drug discovery efforts in the urogenital therapeutic area, these are aimed at identifying potential new treatments for many conditions which significantly reduce quality of life in the ageing population, and which affect millions of individuals. Of these conditions, still unsolved, are certain types of micturition disorders and female sexual dysfunction. In order to address the strong request for new drugs to treat these conditions, and thereby satisfy this socio-medical need, Recordati's drug discovery team has selected for development two candidates which are about to enter proof-of-concept trials in man. The presentation in Italian and a simultaneous translation into English of the proceedings will be available via conference call starting at 5pm Italian time. Dial-in numbers for participation are: France +33 170 700 532 Germany +49 69 2222 2225 Italy +39 02 802 09 11 UK +44 208 7929 750 USA +1 866 2396 425 The slides that will be projected during the presentation are available on Recordati's website www.recordati.com under the Investor Relations Press Room / Company Presentations tab as from 5pm Italian time. 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.