On July 28, 2026 The Board of Directors of Recordati S.p.A. reported the interim financial statements as of June 30, 2026, pursuant to Art. 154-ter of Italian Legislative Decree 58/1998 and subsequent amendments, prepared in accordance with said Decree and the CONSOB Issuers Regulation. The statements were prepared in accordance with International Accounting Standard (IAS) 34 requirements for interim reporting, based on the assessment, measurement and recognition criteria set by the IFRSs. The interim financial statements on June 30, 2026 – as well as the Independent Auditors’ report on such statements – will be available within the legal deadline at the company’s offices and on the company’s website (www.recordati.com) and can also be viewed on the authorized storage system 1Info (www.1Info.it).
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Rob Koremans, Chief Executive Officer of Recordati, commented: "Our strong first half performance reflects the strength of our diversified portfolio and the disciplined execution of our strategy. Rare Diseases remains the key growth driver, with Isturisa delivering another excellent quarter driven by expanded physician adoption, increased patient demand and improved commercial execution. As planned, we are stepping up our investments to support the future growth of our Rare Diseases portfolio with the U.S. expansion of Isturisa and other lifecycle management initiatives including sutimlimab for ITP and Qarziba in the U.S. We further strengthened our pipeline through our licensing agreement with Ionis, adding a late-stage development program for Alexander disease that has the potential to address a devastating disease with no approved treatment options. We remain well positioned to build on this momentum and continue creating long-term value."
H1 2026 Financial highlights
Consolidated net revenue for the first half of 2026 was € 1,410.8 million, up 6.6% or 9.1% on a like-for-like(3) basis at CER (+7.8% excluding Türkiye) versus the first half of 2025. This was driven, in particular, by the strong momentum from the Rare Diseases business. The adverse FX impact for the first half of 2026 was € 34.5 million (-2.6%), mainly driven by the U.S. dollar and Turkish lira devaluation.
Rare Diseases revenue was € 603.9 million for the first half of 2026, up 17.1%, or 22.0% on a like-for-like(3) basis at CER as compared to the first half of 2025, driven by strong volume growth across the Endocrinology and Hema-Oncology franchises. The Endocrinology franchise achieved net revenue of € 247.6 million, an increase of 39.0%, reflecting continued growth of Isturisa (€ 178.8 million, +58.0%), driven by strong new patient uptake in the U.S. and growth of Signifor (€ 68.8 million, +5.8%). The Hema-Oncology franchise achieved net revenue of € 230.4 million, growing by 14.8%, reflecting the strong momentum of Enjaymo across geographies (€ 91.0 million, +31.1%), as well as growth of Qarziba (€ 83.7 million, +6.5%) and Sylvant (€ 48.1 million, +6.4%). The Metabolic franchise achieved net revenue of € 125.9 million, a decrease of 8.0%, reflecting phasing of Carbaglu across geographies and slightly lower demand of Panhematin in the U.S. against a strong performance in the first half of 2025.
Specialty & Primary Care revenue was € 773.5 million for the first half of 2026, down 0.1% or up 0.6% on a like-for-like(3) basis at CER as compared to the first half of 2025(6), reflecting continued in-market growth of the promoted portfolio (+7.0%(7)) and some expected one-off headwinds. In particular, the Cardiovascular franchise achieved net revenue of € 213.3 million, a decrease of 1.6%, mainly reflecting the loss of the Cardicor license and lower sales of mature products due to phasing, mostly offset by the growing contribution of Vazkepa. The Urology franchise achieved net revenue of € 209.3 million, an increase of 1.0%, driven by the strong performance of Eligard benefiting from a competitor stock-out in Türkiye as well as by local products, mostly offset by the one-off Tergynan re-launch in Russia in 2025. The Gastrointestinal franchise achieved net revenue of € 135.8 million, an increase of 3.9%, mainly driven by Procto-Glyvenol. The Cough & Cold franchise achieved net revenue of € 53.6 million, a decrease of 9.7% due to a weaker season in key markets.
EBITDA(1) was € 540.2 million for the first half of 2026, up 8.8% compared to the first half of 2025, with margin of 38.3% of net revenue. Strong revenue performance and the positive mix effect at the gross profit level was partially offset by a higher level of investments to support the U.S. expansion, primarily for Isturisa, the continued development of Enjaymo, ongoing geographic expansion in Rare Diseases as well as the launch of Vazkepa in Specialty & Primary Care.
Adjusted operating income(8) was € 434.8 million in the first half of 2026, an increase of 10.2% versus the first half of 2025. This represents 30.8% of net revenue, compared with 29.8% in the prior year, supported by strong operating performance. Operating income was € 419.2 million in the first half of 2026, up 26.6% over the first half of 2025, when non-cash charges of € 46.9 were posted, mainly due to the fair value revaluation of the inventory acquired as part of the acquisition of the Enjaymo rights. Non-recurring costs were €15.6 million, compared with €16.8 million in the first half of 2025, mainly reflecting the acceleration of the LTI Performance Share Plan triggered by the potential delisting of Recordati.
Financial expenses were € 57.3 million in the first half of 2026, up by € 10.6 million compared to the same period of the previous year, mainly due to net exchange rate losses of € 4.2 million as compared to exchange rate gains of € 7.5 million in the first half of 2025, with the variance mainly driven by U.S. dollar exchange rate movements. The impact of hyperinflation was negative € 3.0 million compared to € 2.5 million in the first half of 2025.
Adjusted net income(2) was € 349.9 million, 24.8% of net revenue, up by 6.7% compared to the same period of 2025, benefitting from higher adjusted operating income, partly offset by higher financial expenses and tax rate. Net income was € 269.7 million, 19.1% of net revenue, an increase of 24.8% versus the prior year, reflecting higher operating income, despite the higher financial expenses and income tax rate versus the first half of 2025.
Free cash flow(4) was € 299.4 million for the first half of 2026, an increase of € 42.6 million versus the first half of 2025, driven primarily by higher EBITDA.
Net debt(5) as of June 30, 2026 was € 1,917.1 million, or leverage below 1.9x EBITDA, compared to net debt of € 2,037.3 million on December 31, 2025.
Shareholders’ equity was € 2,130.6 million.
Pipeline Development
The osilodrostat (Isturisa) Phase IV study in patients with hypertension caused by hypercortisolemia due to Cushing’s syndrome is expected to begin enrollment in August 2026.
The Phase 2 trial evaluating pasireotide for 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 (p<0.02)(9). The Phase 3 development plan is expected to be finalized by the end of 2026.
On the basis of encouraging FDA feedback as well as early clinical evidence showing that sutimlimab, by targeting the classical complement pathway, can lead to a rapid and sustained platelet response in patients with immune thrombocytopenia (ITP) refractory to multiple lines of treatment, Recordati expects to advance sutimlimab into a pivotal registrational Phase 3 trial for the treatment of chronic ITP at the beginning of 2027.
The other lifecycle management programs are progressing in line with plans.
Corporate Development
On January 29, 2026, Recordati announced a collaboration and license agreement with Moderna to develop and commercialize worldwide mRNA-3927, an investigational product for the treatment of propionic acidemia (PA). Under the terms of the agreement, Moderna will continue to lead the development of mRNA-3927, in collaboration with Recordati, and if approved, Recordati will lead global commercialization. mRNA-3927 is a post proof-of-concept, investigational product aimed to restore propionyl-CoA carboxylase (PCC) enzyme activity in patients with propionic acidemia. If approved, this could be the first disease-modifying treatment option on the market for this severe disease. mRNA-3927 is currently being evaluated in a potential registrational clinical study. The target patient enrollment has been reached, with a data readout expected by the end of 2026.
On June 25, 2026, Recordati announced a license agreement with Ionis Pharmaceuticals, Inc. for 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. Recordati will be responsible for regulatory filings and commercialization outside the U.S., including country-specific support for early access pathways based on local regulations and access dynamics. Ionis will maintain sole commercial responsibility for zilganersen in the U.S. and will continue to lead development globally. Alexander disease is a rare, progressive and often fatal neurological disorder caused by mutations in the GFAP gene. The disease affects astrocytes, critical support cells in the brain, leading to progressive loss of neurological function, including mobility, independence, swallowing and breathing. There are currently no approved disease-modifying therapies for AxD.
Business outlook
The Group confirms its financial targets for full year 2026 as follows:
Net revenue between € 2,730 and € 2,800 million with FX headwind of ~-3.5%
EBITDA(1) between € 995 and € 1,030 million; margin of +/- 36.5% with FX headwind of ~-4.0%
Adjusted net income(2) between € 655 and € 685 million; margin of +/- 24.0%
The full year 2027 targets(10) remain unchanged, with strong organic growth complemented by bolt-on business development and M&A.
(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS.
(2) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.
(3) Pro-forma growth calculated excluding revenue of Vazkepa and Cardicor for H1 2026 and H1 2025 (Specialty & Primary Care) and Inrebic for H1 2026 (Rare Diseases).
(4) Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options.
(5) Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives.
(6) The 2025 figures have been restated to reflect the reclassification of certain brands from Other Therapeutic areas to Cardiovascular and Gastrointestinal areas in 2026. The amount of reclassification for H1 2025 is as follows: €3.4 million from Other Therapeutic areas to Cardiovascular area and €6.9 million from Other Therapeutic areas to Gastrointestinal area.
(7) IQVIA May-YTD.
(8) Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
(9) p=0.0106 (50 µg s.c. pasireotide vs placebo); p=0.0010 (100 µg s.c. pasireotide vs. placebo); p< 0.0001 (200 µg s.c. pasireotide vs placebo).
(10) FY 2027 targets: Net Revenue €3,000 – €3,200 million, EBITDA €1,140 – €1,225 million, Adjusted Net Income €770- €820 million, excluding potential impact from tariffs and/or most favored nation pricing policies in the U.S.
Conference Call
Recordati will host a conference call on July 29th, at 2:00 p.m. CEST (1:00 p.m. BST) to present the results for the first half of 2026. Please find the pre-registration link here with all the dial-in details and a calendar invitation to follow.
Alternatively, if not pre-registered, the dial-in numbers for the conference call are:
Italy + 39 02 802 09 11, toll free 800 231 525
UK + 44 1 212818004, toll free (44) 0 800 0156371
USA +1 718 7058796, toll free (1) 1 855 2656958
France +33 1 70918704
Germany +49 6917415712
Participants are invited to dial in 10 minutes before the start of the conference call. If operator assistance is required to connect, please dial *0.
(Press release, Recordati, JUL 28, 2026, View Source [SID1234669461])