Italy's Recordati 9M revenue rises on strong Rare Diseases business momentum

Overview

• Italy pharma group's 9M 2026 revenue rose 7.5% yr/yr, driven by Rare Diseases growth

• Adjusted net income for 9M 2026 increased 6.4% yr/yr

• Company will not pay interim dividend due to imminent squeeze-out and delisting

Outlook

• Recordati sees FY 2026 net revenue between €2.73 bln and €2.8 bln with FX headwind

• Company expects FY 2026 EBITDA between €995 mln and €1.03 bln, margin around 36.5%

• Recordati guides for FY 2026 adj net income of €655 mln to €685 mln, margin near 24%

Result Drivers

• RARE DISEASES GROWTH - Strong volume growth in Endocrinology and Hema-Oncology, especially from Isturisa in the U.S. and Enjaymo across geographies, drove Rare Diseases revenue higher

• SPECIALTY & PRIMARY CARE - Modest growth in Specialty & Primary Care was supported by promoted products, offset by loss of Cardicor license and weaker Cough & Cold sales

• CURRENCY IMPACT - Adverse FX, mainly from weaker U.S. dollar and Turkish lira, reduced reported revenue

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy."

• Wall Street's median 12-month price target for Recordati Industria Chimica e Farmaceutica S.p.A. is €56.00, about 5.5% above its November 9 closing price of €53.10

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads

• Nov 9 - CVC, GBL secure over 90% of Recordati, clear path to delisting

• Nov 9 - Biopharma Almirall 9M sales rise on European dermatology growth

• Nov 10 - Denmark's Lundbeck posts higher Q3 profit, raises FY revenue and EBITDA guidance

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)