Recordati stock advances as growth and delisting converge

Published on 11/13/2026 at 11:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Recordati stock delivered higher nine-month revenue and profit while CVC and GBL moved the takeover toward a delisting. Full-year targets remain intact.

Growth Meets Delisting Timeline

Recordati increased nine-month revenue, EBITDA and adjusted net income in 2026.
CVC and GBL's offeror held 91.451% of the share capital on provisional results.
Final offer results are due on November 16, with payment for tendered shares on November 17.
Recordati expects to reach the upper end of its 2026 guidance ranges.

Recordati, IT0003828271, Illustration mit AI erstellt.

Recordati reported stronger operating results for the first nine months of 2026 on November 10, while the takeover by CVC and GBL moved closer to its final stage. In a release carried by Kauppalehti, the pharmaceutical group said revenue, EBITDA and adjusted net income all increased from the year-earlier period.

Recordati stock traded at 52.68 euros on Lang & Schwarz at 11:33:38 CET on Friday, November 13. No Xetra comparison is included here because the available market quote did not provide a confirmed Xetra closing basis for the relevant session.

Rare Diseases Lead Revenue Growth

Consolidated revenue reached 2,103.7 million euros in the first nine months, up 7.5% from the same period of 2025. On a like-for-like basis at constant exchange rates, growth was 9.4%; currency movements reduced reported revenue by 35.6 million euros, or 1.8%.

The Rare Diseases division remained the main growth engine. Revenue increased 18.7% to 928.2 million euros, supported by the Endocrinology and Hema-Oncology franchises. Isturisa revenue rose 54.8% to 285.9 million euros, while Enjaymo revenue gained 30.0% to 135.2 million euros.

Specialty and Primary Care revenue was broadly stable at 1,135.5 million euros, up 0.5%. The promoted portfolio grew 8.4%, but the division faced expected one-off effects and the loss of the Cardicor license. The Cough and Cold franchise declined 8.6% amid a weaker season in key markets.

Profitability And Cash Flow

EBITDA rose 7.7% to 801.1 million euros, producing a margin of 38.1%. Recordati attributed the performance to revenue growth and a favorable product mix, partly offset by investments supporting the US expansion, Enjaymo development, geographic growth in Rare Diseases and the Vazkepa launch.

Adjusted net income increased 6.4% to 524.9 million euros, while reported net income rose 24.8% to 407.1 million euros. The comparison benefited from the absence of 62.5 million euros in non-cash purchase-price allocation charges recorded in the prior-year period. Free cash flow climbed by 63.0 million euros to 459.8 million euros, and net debt fell to 1,697.8 million euros at September 30 from 2,037.3 million euros at the end of 2025.

Offer Sets The Next Milestones

The voluntary tender offer launched by CVC and GBL through Respighi BidCo ended on November 9. Provisional results put the offeror's holding at 91.451% of Recordati's share capital, leaving 16,881,530 shares, or approximately 8%, subject to a squeeze-out procedure that is expected to lead to delisting from Euronext Milan by the end of November.

Final results are scheduled for 7:29 a.m. on November 16, and payment for shares tendered during the reopening period is due on November 17. Recordati also said its shares are subject to the management and coordination of Respighi TopCo following settlement of the offer.

The board will not distribute the interim dividend previously scheduled for November. Because the 53-euro offer price is cum dividend, Recordati said an interim payment would have had no economic effect for minority holders.

Recordati expects 2026 revenue of 2,730 million to 2,800 million euros, EBITDA of 995 million to 1,030 million euros and adjusted net income of 655 million to 685 million euros, with results expected at the upper end of those ranges. The 2027 targets remain unchanged and include organic growth, bolt-on transactions and mergers and acquisitions.