Recordati reports 9.1% increase in annual revenues

Recordati has published its financial results for the 2007 fiscal year, with the company reporting a 9.1 per cent increase in consolidated revenues to 628.4 million euros (467.9 million pounds).

Pharmaceutical revenues accounted for 594.4 million euros, a 10.5 per cent increase on last year’s figures, while net income rose 14.7 per cent to 84.9 million euros.

Following the publication of these results, the company has set a target of revenues growth of ten per cent for 2008, with a 14 per cent increase the goal for net income at the firm.

The company will present its annual financial reports to its board of directors for approval on March 5th 2008.

Giovanni Recordati, chairman and chief executive officer of the company, said: “In 2007 revenue and profitability increased once again thanks to the continued development of our international business, the growth of our original antihypertensive drug lercanidipine and the careful management of the company’s resources.”

He added that the firm had also European pharmaceutical group Orphan Europe in a move in line with its strategy to expand into new markets and reinforce its drug development pipeline.

Last month, the firm signed an exclusive licensing agreement with a subsidiary of Watson Pharmaceuticals for the sale and marketing of in Europe.