Q2 2024 Recordati Industria Chimica e Farmaceutica SpA Earnings Call Transcript
Key Points
- Recordati SpA (RICFY) reported a strong net revenue of EUR1.185 billion for the first half of 2024, marking a 30.5% increase compared to the previous year.
- The company achieved sector-leading EBITDA margins of 38.2% for the first half, reflecting strong revenue and operating leverage.
- Recordati SpA (RICFY) successfully submitted the Isturisa sNDA for the Cushing's syndrome label extension in the US ahead of schedule.
- The rare disease unit showed robust growth, with endocrinology and oncology franchises posting significant gains.
- The company adjusted its full-year 2024 financial targets upwards, indicating confidence in continued growth and success.
- The gross profit margin was slightly impacted in the second quarter due to the consolidation of Avodart and Combodart.
- The REC-0559 study did not meet its primary endpoint, leading to a small impairment of just above EUR2 million.
- The first half of 2024 saw an increase in financial expenses, partly due to unrealized FX losses.
- The rare disease unit's EBITDA margin has been declining, partly due to the consolidation of the oncology portfolio.
- The company faced a milder flu season compared to 2023, affecting sales in the cough and cold segment.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Recordati 2024 first half results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Ms. Eugenia Litz, Vice President of Investor Relations of Recordati. Please go ahead, madam.
Thank you, and good afternoon, everyone. I'm pleased to be here today with Rob Koremans, our CEO; and Luigi La Corte, our CFO. Together, they will present results for the first half of 2024. Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care; Scott Pescatore, Executive Vice President of Rare Diseases; and Milan Zdravkovic, Executive Vice President of R&D. As always, the presentation is available in the Investors section of our website.
It is now my pleasure to pass the call over to Rob. Please go ahead.
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