Recordati S.p.A. (0KBS), the international pharmaceutical group operating across approximately 150 countries, reported consolidated net revenue of €2,103.7 million for the first nine months of 2026, up 7.5% year-on-year, driven primarily by its Rare Diseases franchise. The company confirmed its full-year 2026 financial targets, expecting to land at the upper end of its guidance ranges. The results arrive as Recordati prepares for imminent delisting from Euronext Milan following a voluntary tender offer by CVC Fund IX and GBL, with a squeeze-out of remaining minority shareholders expected to complete by the end of November 2026.

Key Points

  • Recordati S.p.A. (0KBS) — international pharmaceutical group headquartered in Italy, operating in approximately 150 countries
  • Nine-month 2026 consolidated net revenue of €2,103.7 million, +7.5% reported or +9.4% on a like-for-like basis at constant exchange rates
  • EBITDA of €801.1 million (+7.7%); adjusted net income of €524.9 million (+6.4%); net income of €407.1 million (+24.8%); free cash flow of €459.8 million
  • Investors should watch the squeeze-out completion and final delisting from Euronext Milan, expected by end of November 2026

Isturisa® and Rare Diseases Franchise Drive Recordati's Revenue Growth to €928 Million

Rare Diseases revenue reached €928.2 million for the first nine months of 2026, an increase of 18.7%, or 21.3% on a like-for-like basis at constant exchange rates. The Endocrinology franchise was a standout performer, generating €389.8 million, up 37.5%, with Isturisa® (osilodrostat) contributing €285.9 million, a rise of 54.8%, fuelled by strong new patient uptake particularly in the United States. The Hema-Oncology franchise contributed €347.5 million, up 15.3%, with Enjaymo® (sutimlimab) growing 30.0% to €135.2 million across geographies. The Metabolic franchise recorded a modest decline of 3.3% to €190.9 million, reflecting phasing effects and prior-year one-offs.

Recordati's EBITDA Reaches €801 Million as Full-Year 2026 Guidance Confirmed at Upper End

EBITDA for the nine-month period was €801.1 million, representing a margin of 38.1% of net revenue, with growth partially offset by increased investment to support US expansion of Isturisa® and ongoing Enjaymo® development. Net income of €407.1 million increased 24.8% year-on-year. Free cash flow improved by €63.0 million versus the prior year to €459.8 million. Net debt stood at €1,697.8 million, approximately 1.6 times EBITDA. For the full year 2026, the company confirmed net revenue guidance of €2,730–€2,800 million and EBITDA of €995–€1,030 million, expecting results at the upper end of both ranges.

CVC and GBL Tender Offer Triggers Squeeze-Out and Recordati's Euronext Milan Delisting

Following the close of the offering period on 9 November 2026, the Offeror — Respighi BidCo S.p.A., backed by CVC Fund IX and GBL — holds approximately 91.451% of Recordati's share capital. A squeeze-out of the remaining 16,881,530 shares, representing approximately 8% of share capital, is expected to proceed under Italian law, resulting in the delisting of Recordati shares from Euronext Milan. The Board resolved not to distribute an interim dividend for 2026, noting that the offer price of €53 per share was priced on a cum-dividend basis, meaning any interim payment would have been deducted from the offer consideration.

Recordati Advances Pipeline With Phase 3 Plans for Pasireotide and Sutimlimab in New Indications

The announcement outlines several pipeline milestones. A Phase 2 trial of pasireotide for post-bariatric hypoglycaemia met its primary endpoint, with Phase 3 planning expected to be finalised by end of 2026. Recordati also anticipates advancing sutimlimab (Enjaymo®) into a pivotal Phase 3 trial for chronic immune thrombocytopenia at the beginning of 2027, based on encouraging FDA feedback. Additionally, a potential registrational study of mRNA-3927 — developed in collaboration with Moderna for propionic acidemia — has reached its target patient enrolment, with a data readout expected by the end of 2026. Currency headwinds, including US dollar and Turkish lira devaluation, represented a €35.6 million adverse FX impact over the period.