The Chief Financial Officer of Italian pharmaceutical company Recordati announced today, Thursday, that the impact of the attacks on shipping traffic in the Red Sea on drug supplies is minimal. Luigi La Corte told Reuters that rerouting ships away from the Middle East via southern Africa slows down the delivery time of some components used in the manufacturing process, but there is no shortage of products. He added that the Milan-based company is considering potential merger and acquisition activities for its rare diseases division, primarily focusing on the United States, but is also looking at Europe.
La Corte stated, "The strategy has not changed and includes organic growth of the portfolio in addition to acquisition deals." He emphasized that the focus is not so much on a specific market but is increasingly on the portfolio, and they continue to treat the rare diseases division as an investment activity and specialized primary care for both existing products in the market and new products.
La Corte noted that the United States has become the leading market for the company in terms of sales share in 2023, which reached 15.6 percent, putting it slightly ahead of the Italian market at 15.3 percent of total sales. The company’s total revenue has surpassed two billion euros ($2.2 billion) for the first time. The company also witnessed strong demand for flu, cough, and cold medications last year, with an increase exceeding nine percent, pushing it to a level higher than that before the COVID-19 pandemic.
Recordati previously announced today that it expects adjusted net profit this year to rise to between 550 and 570 million euros, after exceeding expectations in 2023.
