Recordati first-half core profit rises 8.8% on rare diseases
Recordati first-half core profit rises 8.8% on rare diseases July 28 (Reuters) - Italian drug maker Recordati RECI.MI on Tuesday posted an 8.8% rise in its first-half core profit (EBITDA) to €540.2 million ($615.6 million) boosted by its rare diseases segment.
The results follow an announcement earlier this month that a majority of Recordati's board deemed a €10.7 billion cash offer from private equity firm CVC Capital Partners CVC.AS and Belgian investment group Groupe Bruxelles Lambert GBLB.BR to be "fair," even as its four independent directors dissented.
Rare diseases revenue rose 17.1% to €603.9 million, with Isturisa, a treatment for Cushing's syndrome, surging 58% to €178.8 million
First-half adjusted net income rose 6.7% to €349.9 million
The Milan-based firm confirmed its full-year 2026 financial targets as shareholders weigh a takeover offer that has divided its board
"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," CEO Rob Koremans said
($1 = 0.8774 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Matt Scuffham)
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