Recordati Reports Strong First Nine Months Revenue Growth
News related to:Recordati S.p.A · 3 min read
Recordati S.p.A., a leading pharmaceutical company, reported strong financial performance for the first nine months of 2026. The company's net revenue reached €2,103.7 million, marking a 7.5% increase from the same period in 2025. On a like-for-like basis at constant exchange rates (CER), the growth was even more robust, at 9.4%. The adverse foreign exchange (FX) impact was €35.6 million, representing a 1.8% decrease.
The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at €801.1 million, a 7.7% increase from the previous year. The EBITDA margin on net revenue was 38.1%. Adjusted net income was €524.9 million, a 6.4% rise from the same period in 2025, with an adjusted net income margin on net revenue of 25.0%. Net income for the period was €407.1 million, a 24.8% increase over the previous year.
Recordati also reported a positive free cash flow of €459.8 million, an increase of €63.0 million compared to the first nine months of 2025. The net debt as of September 30, 2026, was €1,697.8 million, maintaining a leverage ratio of around 1.6x EBITDA.
In the first nine months of 2026, the Rare Diseases business contributed significantly to the company's growth, with revenue of €928.2 million, a 18.7% increase from the same period in 2025. On a like-for-like basis at CER, the growth was 21.3%. The Endocrinology franchise, a key driver of this growth, achieved net revenue of €389.8 million, a 37.5% increase, driven by strong new patient uptake, particularly in the U.S. The Hema-Oncology franchise also saw growth, with net revenue of €347.5 million, a 15.3% increase, supported by the strong momentum of Enjaymo® across geographies.
The Specialty & Primary Care business, while showing resilience, saw a 0.5% increase in revenue, or 1.7% on a like-for-like basis at CER, compared to the same period in 2025. The Cardiovascular franchise achieved net revenue of €311.4 million, a 0.4% increase, while the Urology franchise saw a 1.0% increase in net revenue, driven by the strong performance of Eligard®. The Gastrointestinal franchise also reported growth, with net revenue of €196.2 million, a 2.1% increase, mainly driven by Procto-Glyvenol®.
The company's financial expenses were €83.2 million, up by €15.9 million compared to the same period in 2025, primarily due to net exchange rate losses. Lower interest expenses contributed a positive impact of €2.4 million, while the impact of hyperinflation was negative €4.3 million.
Recordati's pipeline development efforts continued, with the initiation of a Phase IV study for osilodrostat (Isturisa®) in patients with hypertension caused by hypercortisolemia due to Cushing’s syndrome. Additionally, a Phase 2 trial for pasireotide in the treatment of post-bariatric hypoglycemia met its primary endpoint, with a dose-dependent and significant increase in glucose levels during a standardized meal test. The company also plans to advance sutimlimab into a pivotal registrational Phase 3 trial for the treatment of chronic immune thrombocytopenia (ITP) at the beginning of 2027, based on encouraging FDA feedback and early clinical evidence.
In corporate development, Recordati entered into a collaboration and license agreement with Moderna to develop and commercialize mRNA-3927, an investigational product for the treatment of propionic acidemia (PA). The company also secured exclusive development and commercialization rights to zilganersen, an investigational RNA-targeted medicine for the treatment of Alexander disease (AxD), in all countries outside the U.S.
The company's financial statements as of September 30, 2026, were approved by the Board of Directors, representing additional voluntary financial reporting. The report was prepared using the assessment, measurement, and recognition criteria prescribed by international accounting standards (IFRS).