REC: 6% Q1 EBITDA beat on positive Rare Disease mix; FY guidance reiterated

研报英文原文证据摘录

REC: 6% Q1 EBITDA beat on positive Rare Disease mix; FY guidance reiterated

ported by higher adjusted operating income, lower financial

expenses and a favourable tax rate.

Balance sheet: Net debt was €1,985m on 31 March (just below 2.0x EBITDA), down from €2,037m at YE-25, while free cash flow

of €92m represented a €67m decrease YoY, reflecting higher working capital absorption.

Guidance: The company has reiterated FY 2026 guidance for revenue of €2,730-2,800m (+4-7% YoY reported, or c.8-10% at CER,

considering the c.3.5ppt FX headwind guided), EBITDA of €995-1,030m (c.36.5% margin), which includes c.4% FX headwind, and

adj. net income of €655-685m (c.24.0% margin). Company-compiled consensus estimates currently sit towards the middle of the

guided ranges at €2,780m, €1,010m and €668m, respectively. The company's 2027 targets also remain unchanged, and include

both organic and inorganic growth.

Pipeline updates: Recordati has decided to advance sutimlimab (Enjaymo) into a pivotal ph3 trial for chronic immune

thrombocytopenia (ITP), and has met its ph2 primary endpoint for pasireotide (Signifor) in post-bariatric hypoglycaemia (PBH).

• The company highlights the significant unmet need for refractory ITP with c.20-30% of patients failing several lines of therapy, and

reports encouraging FDA feedback and early clinical evidence for sutimlimab as encouraging, showing the rapid and sustained

platelet response in refractory patients.

○This indication is not currently included in Recordati's peak sales guidance for Enjaymo of €250-300m, which relates only to

CAD.

• The ph2 trial for pasireotide in PBH met its primary endpoint with a dose-dependent and significant increase in glucose levels

during a standardised meal test.