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Recordati boosted by new launches and Turkish pharma acquisition

Further growth expected in 2012 for Italy-based pharma company

Recordati's net income increased by 7.2 per cent to €116.4m last year, boosted by new product launches and its acquisition of Turkish pharmaceutical company Frik Ilaç.

The Italy-based pharma company's revenues climbed by 4.7 per cent to €762m, aided by its high blood pressure treatment Zanipress (lercanidipine+enalapril), which saw annual sales jump by 31.5 per cent to €41.6m.

This growth helped the company cope with a decline in sales from another blood pressure treatment Zanidip/Lercadip (lercanidipine). The drug lost its patent in January 2010 and sales continue to decline, falling 16.1 per cent for 2011.

But the drug was still the company's biggest selling product, however, taking in €124.7m over the year.

Elsewhere, sales were helped by Procto-Glyvenol for the localised treatment of haemorrhoids, full rights of which were purchased from Novartis Consumer Health for a number of countries during the year.

The initial launch in Spain and Portugal of Livazo (pitavastatin), a statin indicated for the reduction of elevated levels of cholesterol, also helped add to the company's sales figures.

2011 also saw Recordati extend the licences of some of its existing drugs, with Orphan Europe, the company's subsidiary dedicated to treatments for rare diseases, win European approval to widen the use of its hyperammonaemia treatment Carbaglu (carglumic acid).

Elsewhere, the company successfully concluded the acquisition of Turkish pharmaceutical company Frik Ilaç for $130m. The purchase was the second made by Recordati in Turkey following its acquisition of Yeni Ilaç in December 2008.

The country was a particularly strong growth market for the company, with sales in Russia, Turkey, other CEE countries increasing by 21.7 per cent. Sales also improved in Spain, Italy and Germany.

Recordati expects the positive growth to continue, with chairman and CEO of the company, Giovanni Recordati, saying “our targets are to achieve sales of between €810m and €830m, operating income of between €160m and €170m and net income of between €115m and €120m”.

13th February 2012

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