(Reuters) -Italian drugmaker Recordati expects its 2023 results to land at the high-end of previously indicated ranges as it reported double-digit growth in revenue and net profit in the first nine months of the year on Tuesday.
Under guidance lifted in May, it said it sees full-year revenue in the range of 2.05-2.09 billion euros ($2.23 billion), adjusted net profit between 490-500 million euros and core profit between 750-770 million euros.
Recordati also expects revenue in 2025 to top 2.4 billion euros, exceeding a previous 2025 guidance of 2.25-2.35 billion euros “given the strong organic growth momentum” and expected contribution from products such as prostate medicines Avodart and Combodart.
For the nine months to end-September revenue rose 13% from the year earlier period to 1.56 billion euros, with the company pointing to a good performance across all its business units despite recent strong exchange-rate movements.
Adjusted net profit for the first nine months rose 14.2% to 406.6 million euros.
At 1308 GMT shares in Recordati were up 0.1%, outperforming the pan-European STOXX index, which fell 0.3%. So far this year shares have gained 14.1%.
The group added it will pay an interim dividend for 2023 of 0.57 euro per share.
($1 = 0.9372 euros)
(Reporting by Alberto Chiumento; Editing by Kirsten Donovan and Louise Heavens)
