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Italian specialty pharma maker of branded drugs for rare diseases and primary-care therapeutic areas.
Italian specialty pharma maker of branded drugs for rare diseases and primary-care therapeutic areas.
Sells prescription drugs through its own sales forces in Europe and other regions, with rare-disease drugs priced high for small patient groups and older primary-care brands providing a steady base. Growth has relied partly on buying drug rights and companies, rather than only on in-house research.
In one line: A smaller, Italian Jazz Pharmaceuticals.
Moat: narrow (IP / patents, regulatory licence, distribution). Orphan-drug exclusivity and a long-standing branded sales network across Europe/Turkey.
Headquarters: Milan, Italy · Founded: 1926 · Employees: 4,693
Size Recordati (REC.MI) is an Italy Health Care company (Pharmaceuticals: Major) with a market value of $12.3B, the 23rd largest of 123 Italy companies the cockpit tracks. Shares closed at €53.25 on 6 Nov 2026.
Performance Over six months the shares gained 2.8%, against +6.0% for the median peer and +3.1% for the Italy market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +23.0%); the operating margin is 29.9% (peer median 17.0%).
Valuation It trades at 16.7× forward earnings against a peer median of 31.8× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.6 points above its cost of capital (6.8% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.71B | €2.62B | €2.34B | €2.08B | €1.85B |
| Revenue growth | — | +12% | +12% | +12% | — |
| Gross profit | €1.91B | €1.79B | €1.60B | €1.42B | €1.29B |
| EBITDA | €1.02B | €926M | €827M | €708M | €620M |
| Net income | €497M | €444M | €417M | €389M | €312M |
| Free cash flow | €600M | €557M | €533M | €456M | €438M |
| Capital expenditure | €121M | €85.1M | €851M | €383M | €96.3M |
| Total debt | €2.31B | €2.47B | €2.48B | €1.81B | €1.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Recordati REC.MI | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% |
| Jazz Pharmaceuticals Public JAZZ | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% |
| Ipsen IPN.PA | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% |
| Swedish Orphan Biovitrum SOBI.ST | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REC.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +7.5% | 6th lowest of 21 |
| 6-month return | +2.8% | +6.0% | 7th lowest of 21 |
| Distance from 52-week high | -2.2% | -10.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +9.1% | +23.0% | 4th lowest of 20 |
| Operating margin | 29.9% | 17.0% | 5th highest of 20 |
| Forward P/E | 16.7× | 31.8× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 28.5% | 6th least demanding of 15 |
| Growth delivered (Del g) | +12.6% | +12.3% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -10.6 pp | -8.0 pp | 8th least demanding of 15 |
| ROIC minus cost of capital | +7.6 pp | +1.0 pp | 6th highest of 19 |
| EV / EBITDA | 12.7× | 22.5× | 4th cheapest of 12 |
| Net debt / EBITDA | 1.9× | -0.1× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% | +18.1% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | n/a | n/a | n/a |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Madrigal Pharmaceuticals MDGL | United States | $9.28B | -22% | +93% | -11% | 79.5× | n/a | n/a |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 30.9× | 50.3% | +426.7% |