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1. Company Snapshot

1.a. Company Description

Recordati Industria Chimica e Farmaceutica S.p.A., together with its subsidiaries, engages in the research, development, manufacture, marketing, and sale of pharmaceuticals worldwide.The company offers pharmaceuticals in various therapeutic areas, including cardiovascular, dermatology, over the counter/non-prescription pharmaceuticals, urology, anti-infectives, central nervous system, gastrointestinal, gynecology and obstetrics, musculo-skeletal disorders and analgesia, nutrition and related products, cosmetics, dietary supplements, medical devices, allergy, endocrinology, respiratory, pain management/inflammation, generics, antipyretics and cold preparations, and oncology, as well as ear, nose, and throat.It also provides products for rare diseases; and pharmaceutical chemicals, such as chemical syntheses, active pharmaceutical ingredients, and intermediates.


The company was founded in 1926 and is headquartered in Milan, Italy.Recordati Industria Chimica e Farmaceutica S.p.A. operates as a subsidiary of Rossini S.à R.L.

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1.b. Last Insights on REC

Recordati Industria Chimica e Farmaceutica S.p.A. recent performance was driven by strong revenue growth, with a 12% increase in the first nine months of 2024, and a 9.3% like-for-like growth at constant exchange rates. The company's EBITDA and adjusted net income also saw significant increases, with 11.8% and 9.5% growth, respectively. Additionally, Recordati's free cash flow reached €434.3 million, a €42.5 million increase from the prior year. The company has confirmed its financial targets for FY 2024, excluding any potential contributions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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RECORDATI FIRST NINE MONTHS 2025 RESULTS: REVENUE +12.2%, EBITDA(1) +11.8%, ADJUSTED NET INCOME(2) +10.7%; ISTURISA PEAK SALES ESTIMATE DOUBLED TO GREATER THAN € 1.2 BILLION

Nov -11

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European Market Gems 3 Stocks Estimated To Be Trading Below Intrinsic Value

Oct -31

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RECORDATI APPOINTS MIKE MCCLELLAN AS NEW CHIEF FINANCIAL OFFICER

Oct -23

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Recordati Launches 12th Edition of Arrigo Recordati Prize to Support Research in Paediatric Oncology

Oct -21

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Global Market Stocks Estimated To Be Trading At A Discount In October 2025

Oct -02

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European Stocks Estimated To Be Undervalued In August 2025

Aug -22

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RECORDATI: STRONG MOMENTUM OF THE GROUP CONTINUES IN THE FIRST HALF OF 2025 REVENUE +11.7%, EBITDA(1) +9.6%, ADJUSTED NET INCOME(2) +8.9%

Jul -29

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European Value Stocks That Could Be Trading Below Their Estimated Worth In July 2025

Jul -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.69%)

6. Segments

Specialty & Primary Care

Expected Growth: 5%

Recordati's Specialty & Primary Care segment growth is driven by increasing demand for rare disease treatments, expansion into emerging markets, and strategic acquisitions. Additionally, investments in R&D and innovative product launches contribute to the 5% growth rate. Strong brand recognition, effective sales and marketing strategies, and a diversified product portfolio also support segment growth.

Rare Diseases

Expected Growth: 7%

Recordati's Rare Diseases segment growth is driven by increasing orphan drug demand, expansion into emerging markets, and strategic acquisitions. Growing prevalence of rare genetic disorders, advancements in gene therapy, and favorable regulatory environments also contribute to the 7% growth rate.

7. Detailed Products

Cardiovascular Products

Recordati's cardiovascular products are used to treat hypertension, heart failure, and other cardiovascular diseases.

Women's Health Products

Recordati's women's health products are used to treat menopause symptoms, osteoporosis, and other women's health issues.

Specialty Care Products

Recordati's specialty care products are used to treat rare and orphan diseases, such as Fabry disease and Gaucher disease.

Dermatology Products

Recordati's dermatology products are used to treat skin conditions such as acne, psoriasis, and atopic dermatitis.

Oncology Products

Recordati's oncology products are used to treat various types of cancer, including breast, lung, and colon cancer.

8. Recordati Industria Chimica e Farmaceutica S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Recordati Industria Chimica e Farmaceutica S.p.A. is medium due to the presence of alternative products in the pharmaceutical industry.

Bargaining Power Of Customers

The bargaining power of customers for Recordati Industria Chimica e Farmaceutica S.p.A. is low due to the company's strong brand presence and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Recordati Industria Chimica e Farmaceutica S.p.A. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Recordati Industria Chimica e Farmaceutica S.p.A. is high due to the increasing trend of new pharmaceutical companies entering the market.

Intensity Of Rivalry

The intensity of rivalry for Recordati Industria Chimica e Farmaceutica S.p.A. is high due to the presence of established competitors in the pharmaceutical industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.37%
Debt Cost 4.67%
Equity Weight 48.63%
Equity Cost 5.75%
WACC 5.20%
Leverage 105.63%

11. Quality Control: Recordati Industria Chimica e Farmaceutica S.p.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 4.2

Quality: 7.8

Yield: 7.5

Momentum: 5.5

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A-Score: 6.1/10

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Yield: 6.2

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Recordati

A-Score: 5.8/10

Value: 2.5

Growth: 6.2

Quality: 8.6

Yield: 5.0

Momentum: 4.0

Volatility: 8.7

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GSK

A-Score: 5.7/10

Value: 3.9

Growth: 2.2

Quality: 6.5

Yield: 6.9

Momentum: 7.5

Volatility: 7.3

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A-Score: 5.5/10

Value: 5.0

Growth: 6.0

Quality: 7.7

Yield: 1.2

Momentum: 6.0

Volatility: 7.3

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A-Score: 4.0/10

Value: 3.1

Growth: 6.3

Quality: 6.5

Yield: 0.0

Momentum: 2.0

Volatility: 6.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

48.78$

Current Price

48.78$

Potential

-0.00%

Expected Cash-Flows