olivLaw · European equity research
RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. REC.MI
Italy · Euronext Milan · ISIN IT0003828271 · Vertical: Listed companies from Italy
Recordati is a European pharmaceutical group based in Italy, active mainly in rare disease medicines, specialty products and primary care. The company is expanding its rare disease portfolio through new programmes and partnerships, which could strengthen its position in international markets.
At the close of 05 Nov 2026, RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. (REC.MI) stock was 53.05 EUR (−0.09% on the day), with beta 0.43, 52-week range 44.48–53.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 52.63 – 53.40
- in the upper half of the band · %B 0.55 · band width 1.4%
- SMA 50 / 200
- 52.74 / 50.49
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / 0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.1% | −0.6% | +0.6 pp | — |
| 3 months | +0.8% | −4.2% | +4.9 pp | — |
| 6 months | +6.5% | +4.3% | +2.2 pp | — |
| Year to date | +9.3% | +7.5% | +1.8 pp | — |
| 1 year | +4.3% | +9.9% | −5.6 pp | −5.5% |
| 3 years | +20.3% | +49.8% | −29.6 pp | +8.9% |
| 5 years | −6.2% | +42.8% | −49.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 221.8 m | 322.4 m | 428.8 m | esef· 07 Apr 2026verified |
| Current assets | — | 1.5 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Goodwill | — | 797.1 m | 795.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 2.5 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Total assets | — | 5.1 bn | 5.3 bn | esef· 07 Apr 2026verified |
| Current liabilities | — | 929.1 m | 1.1 bn | esef· 07 Apr 2026verified |
| Equity | — | 1.9 bn | 1.9 bn | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial66/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. IN BREVE RECORDATI S.P.A. (REC.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for REC.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Recordati is a European pharmaceutical group based in Italy, active mainly in rare disease medicines, specialty products and primary care. The company is expanding its rare disease portfolio through new programmes and partnerships, which could strengthen its position in international markets.
SWOT
Strengths
- The global production and distribution network, with several quality certifications, supports deliveries to many countries.
- The rare disease and specialty portfolio provides regulatory-protected positions in certain markets.
- Experience with complex regulation in the US, EU and Japan facilitates access to demanding markets.
Weaknesses
- Dependence on a limited number of key products could amplify the impact of regulatory difficulties.
- Eurasian re-registration processes involved delays and significant administrative costs.
- The closure of production activity in the Czech Republic shows the restructuring costs of the industrial network.
Opportunities
- Capacity and automation investments in Türkiye and Tunisia could support organic growth.
- Partnerships with biotechnology companies may bring access to new technologies and additional markets.
Threats
- The failure of an important clinical programme could affect investor confidence and growth plans.
- Regulatory changes in international markets may alter access conditions and pricing.
- Geopolitical and currency risks in the regions where the company operates could affect results.
Risks
- Clinical development riskhigh
Programmes in early or registrational stages may not meet their objectives, which could delay or halt planned launches.
- Regulatory riskmedium
Changes in regulations or delays in approvals could affect launch timing and market access.
- Supplier and partner dependence riskmedium
Reliance on an extensive network of contract manufacturers could expose the company to quality or delivery problems.
- Currency and geopolitical riskmedium
Operating in many countries, including regions with instability, may generate currency effects and trade restrictions.
- Environmental and safety risklow
Chemical production activities carry safety and environmental risks, and any incidents could entail significant costs.
Investment thesis
What would need to be true (bull case)
- If rare disease programmes prove successful, the company could significantly extend its portfolio of therapies with regulatory protection.
- The global production and distribution network may support growing volumes in existing and new markets.
- Investments in energy efficiency and certifications could reduce costs and strengthen the company's reputation.
What would break the thesis
- If clinical programmes do not confirm early results, the anticipated growth could be postponed or reduced.
- Re-registration processes and regulatory changes may slow launches and increase administrative costs.
- Dependence on external markets and partners may expose the company to currency and operational risks.
What to watch
- Decision on advancing the sutimlimab programme in chronic ITP into Phase 3 developmentQ1 2026
- Completion of the Ariana warehouse expansion and new automation lines2026
- Performance of new product launches, including Eligard in the UK after the January 2026 approvalnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, Recordati is an Italian chemical-pharmaceutical company with a global production and distribution network. The group operates 10 manufacturing sites worldwide, including seven pharmaceutical plants and two chemical plants for active ingredients, plus a packaging and distribution centre for rare disease products in Nanterre near Paris. Its network includes over 150 contract manufacturing organisations and 40 logistics providers, and the company delivers more than 330 million units of medicines and therapies worldwide.
The business model combines in-house production with an extensive network of external partners. The company has grown through innovation and internationalisation since its founding in 1926, and the report highlights its focus on highly regulated markets such as the US, Europe and Japan. Its range includes rare disease medicines, specialty products and primary care products.
Segments
Specialty and primary care
This division covers products such as Eligard, Vazkepa, Zanidip, Lomexin, Livazo and Urorec, sold mainly in Europe, Russia and other Eurasian markets. The report describes re-registrations and new authorisations in Russia, Armenia, Belarus, Kazakhstan and Taiwan, indicating a broad geographic footprint.
Market context
Recordati operates in regulated pharmaceutical markets, where product approvals and re-registrations are essential for market access. The report shows that the United States is an important outlet for production from the Campoverde site, underlining the role of the US market for the group.
The rare disease market is characterised by unmet medical needs and costly development programmes, and success depends on regulatory approvals and the ability to reach geographically dispersed patients. Specialised logistics, such as the Nanterre centre, therefore become a competitive element.
Trends
- Regulation and re-registration in Eurasiamixed
The new Eurasian Economic Union regulation required re-registration of many products, creating administrative costs and delays. The report shows, however, that procedures were completed for several products, which reduces short-term risk.
- Pressure on production costsmixed
Investments in technology and renewable energy, including photovoltaic systems in Italy, Türkiye and Tunisia, could reduce long-term costs but require capital. If these investments deliver efficiency, operating margins could benefit.
- Stronger regulatory focus on qualitytailwind
Strict cGMP compliance requirements and inspections by US, EU and Japanese authorities are becoming more important for market access. A solid quality system can become a competitive advantage in regulated markets.
Competitive position
The report does not explicitly describe competitors, but activity in rare disease and specialty markets implies competition with other specialised pharmaceutical producers. Competitive pressure is likely high in areas with established therapies.
Recordati's competitive strengths described in the report include its multi-certified production network, its presence in regulated markets and its partnerships with biotechnology companies. If these advantages are maintained, they could support the company's position against competitors.
- Specialised rare disease companies
Companies developing therapies for rare metabolic and endocrine conditions, an area where Recordati is active.
- Generic and specialty producers
Companies competing in the specialty and primary care segments, especially in Europe and Eurasia.
- Active ingredient suppliers
API producers that may compete with the group's chemical plants in international markets.
- Biotechnology development partners
Companies with which Recordati collaborates or could collaborate on innovative therapy programmes, such as the agreement with Moderna.
News & filings
In the press
- Un nou pas înainte în lupta împotriva bolilor cardiovasculare: MagnaPharm și Recordati extind accesul la o opțiune terapeutică inovatoare pentru pacienții cu risc crescut din RomaniaMediafax · 22 Jun 2026 · RO
- CVC, GBL Offer to Acquire Italy’s Recordati in $12 Billion DealBloomberg Markets · 22 May 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.