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NEWS RELEASE
RECORDATI: SALES AND INCOME INCREASE IN THE FIRST QUARTER
2011. THREE YEAR BUSINESS PLAN UPDATED.
• Consolidated revenue € 197.8 million, + 6.4%.
• Operating income € 44.3 million, + 2.9%.
• Net income € 31.4 million, + 4.8%.
• Net financial position*: net cash of € 37.5 million.
• Procto-Glyvenol® acquired from Novartis Consumer Health
• 2011-2013 Business Plan updated.
Milan, 6 May 2011 – The Board of Directors of Recordati S.p.A. approved the Group’s
consolidated results for the first quarter 2011 prepared in accordance with International Accounting
Standards and International Financial Reporting Standards (IAS/IFRS) and in particular as per IAS
34 requirements for interim reporting. These financial statements are available at the company’s
offices, at Borsa Italiana S.p.A. and on the company’s website:
http://www.recordati.com/rec_en/investors/reports/
Recordati presents its First quarter 2011 results and its updated 2011-2013 Business Plan, which
was approved by the Board of Directors, to the financial community and specialized press today at
4.00 pm at Borsa Italiana. The complete presentation will be placed on the company’s website at
the following address:
http://www.recordati.com/rec_en/investors/presentations/
Financial highlights
• Consolidated revenue in the first quarter of 2011 is € 197.8 million, up by 6.4% compared to
the same period of the preceding year, despite sales of lercanidipine down by 19.7% as a result
of the entry of generics into the market following this product’s patent expiry in January 2010 .
• Operating income, at 22.4% of sales, is € 44.3 million, an increase of 2.9% over the same
period of the preceding year. Selling expenses increase by 8.5% mainly to support the launch
of the new products.
• Net income is € 31.4 million, an increase of 4.8%, higher than that recorded by operating
income thanks to a lower tax rate.
• Net financial position* at 31 March 2011 records net cash of € 37.5 million, a decrease of of €
8.5 million as compared to 31 December 2010 due to the acquisition of the new product
Procto-Glyvenol® and the purchase of own shares. Shareholders’ equity increased to € 599.1
million.
* Cash and short-term financial investments net of bank overdrafts and medium/long-term loans which include the
measurement at fair value of hedging derivatives (fair value hedge).
Business development news
The marketing authorizations, the brand and the rights to the product Procto-Glyvenol® were
acquired from Novartis Consumer Health for the following countries: Poland, Russia, Turkey,
Romania, Czech Republic, Slovakia, Ukraine, Portugal, the Baltic countries and Cyprus. Procto-
RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.p.A.
VIA M. CIVITALI, 1 - 20148 MILANO, ITALY - TEL (39) 0248787.1 - FAX (39) 0240073747
CAPITALE SOCIALE € 26.140.644,50 I.V. - REG. IMP. MILANO N. 00748210150 - R.E.A. MILANO N. 401832 - CODICE FISCALE/P.IVA 00748210150

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Glyvenol® is indicated for the localized treatment of internal and external hemorrhoids and is
currently on the market in the countries included in the agreement.
Business plan update
The development of the Recordati group will continue to be focused on the European
pharmaceutical markets, both in Western and the emerging CEE countries. The group will develop
its business through the growth of its product portfolio, which includes the launch of its new
approved products, the acquisition of new product licenses, the enhancement of its pipeline of
products in development and by entering new markets.
Excluding the contribution of further acquisitions which may be completed within the period under
analysis, our financial performance expectations for the 2011-2013 period are the following:
• Expectations for the full year 2011 are confirmed: revenues of around € 750 million, operating
income of around € 160 million and net income of around € 110 million.
• Targets for 2012: revenues of around € 810 million, operating income of around € 170 million
and net income of around € 120 million.
• Targets for 2013: revenues of around € 875 million, operating income of around € 185 million
and net income of around € 132 million.
Management comments
“The results of the first quarter and the Business Plan that we have just presented show that we are
starting a new growth cycle, thanks to the quality of our product portfolio and the development of
our business in the new emerging markets. Our new plan includes an acceleration of sales growth
from 5% to 8% over the period and an increase of around 10% per year in the 2012 and 2013 net
income” declared Giovanni Recordati, Chairman and Chief Executive Officer. “Furthermore, we
will continue with our policy to acquire new products to develop as well as new geographical
presence in order to enhance both sales and profits growth.”
Conference Call
A simultaneous translation into English of the proceedings, which will start at 4.00 pm, is available
via conference call. Dial-in numbers for the call in English and access ID are:
Italia +39 064 521 7063
UK +44 (0) 20 7136 2058
USA +1 718 247 0884
Francia +33 (0) 1 70994301
Germania +49 (0) 69 5007 1309
ID to access the call in the English language: 3380664
A set of slides which will be referred to during the call will be available on our website:
http://www.recordati.com/rec_en/investors/presentations/
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Callers are invited to dial-in 10 minutes before conference time. If conference operator assistance
is required during the connection please digit * followed by 0 or call +353 23 8832493. A recording
of the conference call will be subsequently placed on the website:
http://www.recordati.com/rec_en/investors/presentations/
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters
RECI.MI, Bloomberg REC IM, ISIN IT 0003828271),with a total staff of over 2,800, dedicated to the research,
development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the
main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European
field force of around 1,400 medical representatives promotes a wide range of innovative pharmaceuticals, both
proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to
treatments for rare diseases. Recordati’s current and growing coverage of the European pharmaceutical market makes
it a partner of choice for new product licenses from companies which do not have European marketing organizations.
Recordati is committed to the research and development of new drug entities within the cardiovascular and urogenital
therapeutic areas and of treatments for rare diseases. Consolidated revenue for 2010 was € 728.1 million, operating
income was € 154.8 million and net income was € 108.6 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media Relations
Marianne Tatschke Claudio Rossetti (Echo Comunicazione d’Impresa)
(39)0248787393 (39)02 62694736
e-mail: inver@recordati.it e-mail: crossetti@echocom.it
Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is
defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available
information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates
and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the
Company’s control. Hence, actual results may differ materially from those expressed or implied by such forward-
looking statements. All mentions and descriptions of Recordati products are intended solely as information on the
general nature of the company’s activities and are not intended to indicate the advisability of administering any
product in any particular instance.
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RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting
Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)
INCOME STATEMENT First quarter First quarter Change %
2011 2010
REVENUE 197,842 185,856 6.4
Cost of sales (66,910) (59,699) 12.1
GROSS PROFIT 130,932 126,157 3.8
Selling expenses (60,024) (55,323) 8.5
Research and development expenses (15,627) (16,428) (4.9)
General & administrative expenses (10,903) (10,433) 4.5
Other income (expenses), net (52) (898) (94.2)
OPERATING INCOME 44,326 43,075 2.9
Financial income (expenses), net (1,015) (780) 30.1
PRE-TAX INCOME 43,311 42,295 2.4
Provision for income taxes (11,888) (12,321) (3.5)
NET INCOME 31,423 29,974 4.8
Attributable to:
Equity holders of the parent 31,420 29,974 4.8
Minority interests 3 0 n.s.
EARNINGS PER SHARE First quarter First quarter Change %
2011 2010
Basic € 0.158 € 0.152 3.9
Diluted € 0.150 € 0.144 4.2
Earnings per share (EPS) are based on average shares outstanding during each year, 198.778.475 in 2011 and
197.652.801 in 2010, net of average treasury stock which amounted to 10.346.681 shares in 2011 and to 11,472,355
shares in 2010.
Diluted earnings per share is calculated taking into account stock options granted to employees.
COMPOSITION OF REVENUE First quarter First quarter Change %
2011 2010
Pharmaceuticals 189,595 179,627 5.5
Pharmaceutical chemicals 8,247 6,229 32.4
TOTAL 197,842 185,856 6.4
- of which International 135,936 129,419 5.0
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RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting
Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)
ASSETS 31.3.2011 31.12.2010
Property, plant and equipment 51,376 53,017
Intangible assets 143,327 113,512
Goodwill 303,695 305,741
Equity investments 1,930 1,930
Non-current receivables 2,406 2,485
Deferred tax assets 19,853 20,221
TOTAL NON-CURRENT ASSETS 522,587 496,906
Inventories 89,489 85,190
Trade receivables 149,078 126,575
Other receivables 21,557 26,734
Other current assets 4,859 2,825
Fair value of hedging derivatives (fair value hedge) 0 1,164
Short-term financial investments, cash and cash equivalents 200,088 161,680
TOTAL CURRENT ASSETS 465,071 404,168
TOTAL ASSETS 987,658 901,074
EQUITY AND LIABILITIES 31.3.2011 31.12.2010
Share capital 26,141 26,141
Capital in excess of par value 83,719 83,719
Treasury stock (59,877) (52,579)
Hedging reserve (3,386) (4,299)
Translation reserve (3,564) (592)
Other reserves 25,844 25,733
Retained earnings 498,724 389,284
Net income for the period 31,420 108,571
GROUP SHAREHOLDERS’ EQUITY 599,021 575,978
Minority interest 31 28
SHAREHOLDERS’ EQUITY 599,052 576,006
Loans due after one year 139,118 96,767
Employees’ termination pay 19,078 19,259
Deferred tax liabilities 5,740 5,699
Other non-current liabilities 611 606
TOTAL NON-CURRENT LIABILITIES 164,547 122,331
Trade payables 103,397 93,068
Other payables 58,048 53,536
Tax liabilities 14,159 9,691
Other current liabilities 596 620
Provisions 21,009 21,413
Fair value of hedging derivatives (cash flow hedge) 3,386 4,299
Fair value of hedging derivatives (fair value hedge) 1,276 0
Loans due within one year 16,327 16,604
Bank overdrafts 5,861 3,506
TOTAL CURRENT LIABILITIES 224,059 202,737
TOTAL EQUITY AND LIABILITIES 987,658 901,074
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DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE
COMPANY’S FINANCIAL REPORTS
The manager responsible for preparing the company’s financial reports Fritz Squindo declares,
pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting
information contained in this press release corresponds to the document results, books and
accounting records.
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DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE
COMPANY’S FINANCIAL REPORTS
The manager responsible for preparing the company’s financial reports Fritz Squindo declares,
pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting
information contained in this press release corresponds to the document results, books and
accounting records.
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