Recordati confirmed as chief executive officer

Recordati confirmed as chief executive officer
Andrea Recordati remains chief executive officer of Recordati following the recent change of ownership

12 February 2019 - Deborah Wilkes

Recordati reported worldwide sales up by 5.0% to EUR1.35 billion (USD1.52 billion) in 2018, and confirmed Andrea Recordati as chief executive officer following the recent change of ownership.

The Italian pharmaceutical company, which is now majority-owned by private-equity firm CVC Capital Partners, said Andrea Recordati would have the "same powers previously granted to him".

Flemming Ornskov – former chief executive officer of pharmaceutical company Shire, which has just been acquired by Japan's Takeda – has been appointed chairman.

OTC business boosted by acquisitions

Reporting its financial results for 2018, Recordati said its OTC business had generated 15.7% of worldwide sales.

During the year, Recordati acquired French OTC firm Tonipharm, including its Ginkor brand, for an undisclosed sum. Recordati said at the time of the acquisition that Tonipharm was expected to report sales of around EUR26.5 million in 2018 from a portfolio containing a broad range of OTC products plus some prescription drugs (click here to read the News story).

Also in 2018, Recordati bought Italian vitamins, minerals and supplements (VMS) specialist Natural Point for an undisclosed sum. Natural Point recorded sales of EUR15 million in 2017.

Around 80.4% of Recordati's sales were generated outside the Italian pharmaceutical company's home market. International sales were up by 4.8% compared to 2017.

Recordati's operating income grew by 8.8% to EUR442 million, representing 32.7% of sales.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were up by 9.8% to EUR499 million, representing 36.9% of sales.

Recordati announced in June 2018 that a consortium led by private-equity firm CVC Capital Partners was taking a majority stake of 51.8% in the company for EUR3.03 billion (click here to read the News story).

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