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Investing.com -- Italian pharmaceutical company Recordati (BIT:RECI) stock fell 3% on Tuesday after the company reported second quarter earnings that missed expectations despite in-line revenue growth.
Recordati posted second quarter revenue of €643.9 million, which was in line with analyst consensus and represented an 11% increase YoY. However, adjusted EBIT came in at €175.5 million, 8% below consensus estimates, as the company faced higher operating costs related to recent product launches.
The pharmaceutical firm cited increased expenses to support the launch of Isturisa in Cushing’s syndrome and to support Enjaymo as primary factors weighing on profitability. Reported earnings metrics, including EBIT and net income, fell significantly below expectations due to higher one-off costs.
Second quarter inventory adjustments related to Enjaymo totaled €24.5 million, while non-recurring costs reached €15.6 million. These expenses were primarily attributed to restructuring of the Specialty and Primary Care business in Italy and Spain, resulting in a net headcount reduction of 80 employees.
Despite the earnings miss, Recordati maintained its full-year guidance, projecting net revenue between €2,600 million and €2,670 million, EBITDA between €970 million and €1,000 million, and adjusted net income between €640 million and €670 million.
The company noted that it is maintaining this guidance despite a deteriorating foreign exchange environment, which is now expected to create a 3% headwind compared to the initial forecast of 1%.
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