RECORDATI (+) : Clean Q1: Isturisa on-track, P&L beat, positive pipeline updates - guidance maintained

研报英文原文证据摘录

RECORDATI (+) : Clean Q1: Isturisa on-track, P&L beat, positive pipeline updates - guidance maintained

EQUITIES

PHARMACEUTICALS

RECORDATI OUTPERFORMPRICE* EUR49.9  TARGET PRICE EUR56 (UPSIDE 12%)

FLASH NOTE

Clean Q1: Isturisa on-track, P&L beat, positive pipeline updates - guidance

maintained

12 MAY 2026 Securities Research Report Production time: 18:23* (London time)

Research Analyst & Publishing Entities

Kirsty Ross-Stewart BNP Paribas London Branch (+44) 203 430 8452 kirsty.ross-stewart@uk.bnpparibas.com

What happened?

Though divisional and group sales were pre-announced earlier in the month, 1Q26 earnings announced this afternoon

include Isturisa sales of €86m (+56% growth) coming in in-line with our street-high expectations – we expect fuelled by

growth in the Endogenous Cushing’s population. On the P&L, Adjusted EBIT of €231m driven by sales beat and COGS,

EBITDA of €284m and Net Profit of €188m came in +9/6/7% vs consensus respectively. FY26 guidance has been

reiterated. Overall, we see this as a solid and clean update with key growth driver Isturisa very much on track, positive

pipeline updates and a solid P&L beat.

BNPP View:

Standing out to us is the positive update on the Signifior Ph II program in PBH; topline data will not be shared until a

medical conference later in the year, but we expect the company will provide a high-level update on the trial and

timelines for progression to Ph III on the call tomorrow. We currently forecast €60m PYS for Signifor in PBH with a 20%

PoS and believe the ultimate market opportunity in this setting is likely to be larger than the company’s current €150m

PYS guidance given the high rates of post-prandial hypoglycaemia seen in patients who have undergone bariatric

surgery.