Recordati Industri Stock Earnings Reports

Recordati reported a strong first half 2026: revenues of €1.4bn (+6.6% reported; +9.1% like-for-like at constant FX), EBITDA €540m (+8.8%) with a 38.3% margin, and adjusted net income €350m (+6.7%). Rare Disease was the main growth engine (+17.1% reported; +22% at constant FX) led by Isturisa (58% growth) and Enjaymo, while Specialty & Primary Care was resilient and broadly stable (+0.6% like-for-like). Geographic strength was led by the U.S. (+29.5% reported; +38.2% local currency), offsetting headwinds in Italy (Cardicor loss) and seasonal/market phasing in certain markets. Gross margin expanded to 71.5%; free cash flow was €299m and net debt ended below 1.9x EBITDA, supporting continued investment and BD opportunities. Guidance for full-year 2026 was confirmed: net revenues €2.73–2.80bn, EBITDA €995m–€1.03bn, adjusted net income €655m–€685m, driven by high‑teens organic growth in Rare Diseases and low single‑digit growth in SPC. Other highlights: licensing deal with Ionis for zilganersen to expand the Rare Disease pipeline; Isturisa commercial execution improving with conversion rates up in Q2; some non-recurring costs (performance share plan acceleration) and FX-driven financial expenses. Management reiterated limited comment on the proposed CVC/GBL transaction and asked to keep the Q&A focused on business performance.