Key Results
Financial Highlights
2,618.4
Net Revenue (Million Euros)
+11.8% versus FY 2024
651.1
Adjusted Net Income (Million Euros)
+14.5% versus FY 2024
991.1
EBITDA (Million Euros)
+14.5% versus FY 2024
“2025 was a year of continued delivery for Recordati, with solid financial performance achieved despite foreign exchange headwinds and a complex macroeconomic environment. We delivered double‑digit revenue growth, expanded EBITDA margins and generated strong operating cash flow, while maintaining a disciplined approach to capital allocation. We remain focused in 2026 on sustainable value creation, long‑term growth and financial resilience.”
Mike McClellan
Executive Vice President, Group Chief Financial Officer
Revenue
Million Euros
EBITDA*
Million Euros
EBITDA* AS % OF REVENUE
:
RESEARCH & DEVELOPMENT
Million Euros
NET INCOME
Million Euros
ADJUSTED NET INCOME**
Million Euros
dividend per share
Euro
NET INCOME per share
Euro
ADJUSTED NET INCOME per share
Euro
* Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and no-cash charges arising from the allocation of the purchase pice of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.
Balance Sheet
As of 31 December 2025
No Data Found
No Data Found
1,919.8
Shareholder’s Equity (Million Euros)
(2,037.3)
Net Financial Position (Million Euros)
Pharmaceutical Revenue by Therapeutic Area
The Group’s pharmaceutical business includes two segments: Specialty & Primary Care and Rare Diseases.
SPECIALTY & PRIMARY CARE 58.7%
RARE DISEASES 41.3%
Key Results
Revenue by Therapeutic Area
Specialty & Primary Care
Specialty & Primary Care revenue totalled € 1,477.9 million for FY 2025, growing 2.0% or 3.8% excluding revenue contribution from Vazkepa® and at constant exchange rates (+1.6% excluding Türkiye).
This reflects the continued robust performance of all core therapeutic areas (promoted product evolution index of 103), despite a slight slowdown in relevant market growth. In particular, the Urology and Cardiovascular franchises grew mid-single digit rates by 2.5% and 2.8% respectively, while the Gastrointestinal franchise achieved high single digit growth of 9.9%, driven by the strong in-market performance of several products in the portfolio, both prescription and OTC.
“In 2025, our Specialty & Primary Care business once again delivered sustained growth across core therapeutic areas. Performance was supported by robust contributions from gastrointestinal and cardiovascular portfolios, alongside the continued rollout of Eligard®’s new device and the addition of Vazkepa®.
With more than 100 million people benefiting from our treatments worldwide, we remain focused on delivering accessible innovation through trusted brands and strong commercial execution.”
Alberto Martinez
Executive Vice President, Specialty & Primary Care
The table below shows Specialty & Primary Care revenue in 2025, broken down by therapeutic area, compared to the previous year.
Loading..........
The Data is Not Available
Rare Diseases
In 2025, sales of products for the treatment of Rare Diseases reached €1,081.4 million, marking a 29.7% increase compared to the previous year. This growth reflects full-year sales of Enjaymo® of € 146.3 million in 2025 compared to 2024 sales for the single month of December (€ 10.9 million), following the execution of the Asset Purchase Agreement with Sanofi at the end of November 2024. The like-for-like growth at constant exchange rates of 16.6% is driven by a robust volume growth of both franchises Endocrinology and Oncology thanks also to the greater awareness and improvement in diagnosis and treatment of these diseases.
“Rare Diseases continued to be a key growth driver for Recordati in 2025, with strong double‑digit growth across our Endocrinology and Hema‑Oncology franchises. The expanded global reach of Isturisa® and the successful integration of Enjaymo® further strengthened our portfolio. We remain focused on helping more patients benefit from our rare disease treatments worldwide.”
Scott Pescatore
Executive Vice President, Rare Diseases
Loading..........
The Data is Not Available
* Isturisa® € 262.8 million and Signifor® € 131.3 million in 2025, compared to € 203.6 million and € 118.0 million, respectively, in 2024.
Key Results
Revenue by Geography
Pharmaceutical sales by geographic area for the different Recordati Group subsidiaries are listed in the table and graph below:
Loading..........
The Data is Not Available
* Excluding sales of pharmaceutical chemicals, which were at € 59.1 million, up by 1.0%, representing 2.3% of total revenue.