Recordati announces higher 2004 and 2005 targets

Milan, 13 December, 2004

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.

• Recordati expects its 2004 performance to exceed its previously announced targets. Sales will be of around € 485 million, EBIT of around € 90 million and net income of around e 54 million.
• The strategic role of its R&D activities for future growth is confirmed and expenditure will increase by 25% in the 2004-2005 two year period.
• The group's targets for 2005 are sales of over € 500 million, EBIT of at least € 95 million and net income of at least € 56 million.
• Furthermore, Recordati confirms its plans to expand its pharmaceutical operations into other European countries through acquisitions.

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, Spain, Switzerland and the United States.