Recordati posts nearly 8% rise in core profit, skips interim dividend ahead of delisting
Recordati posts nearly 8% rise in core profit, skips interim dividend ahead of delisting Nov 10 (Reuters) - Italian pharmaceutical group Recordati RECI.MI on Tuesday posted a 7.7% rise in its nine-month core profit, boosted by the rare diseases segment.
The firm also said it had decided not to pay an interim dividend because of its imminent squeeze-out and delisting, following a takeover bid by private equity firm CVC Capital Partners CVC.AS and Belgian investment group Groupe Bruxelles Lambert GBLB.BR.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €801.1 million ($899.31 million) from €743.9 million in the January-September period a year ago
Revenue from the rare diseases business rose 18.7% to €928.2 million, led by strong US sales of Isturisa, a treatment for Cushing's syndrome
The Milan-based group confirmed its full-year financial targets at the upper end of guidance ranges
It expects 2026 net revenue between €2.73 billion and €2.8 billion and EBITDA in a range of €995 million to €1,030 million
($1 = 0.8908 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Maju Samuel)
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