(Reuters) – Italian drug maker Recordati hiked its 2023 guidance on Thursday, as it posted first-quarter results showing solid growth for its specialty and primary care segments.
The Milan-based company now sees earnings before interest, taxes, depreciation, and amortization (EBITDA) between 750 million euros and 770 million euros ($825.60-$847.62 million), up from the previously estimated range of 700-730 million euros.
Recordati also upgraded its 2023 targets for revenue and net profit, now forecast in ranges of 2.05-2.09 billion euros and 490-500 million euros respectively.
“The strong momentum also continued in our rare disease portfolio, with very positive performance in endocrinology products and the successful integration of our oncology franchise” Chief Executive Rob Koremans said in a statement.
The group’s adjusted net profit in the three months to March was up 33.3% year-on-year at 115 million euros.
Shares in Recordati were up by more than 2% as of 1240 GMT, overperforming the Italian blue-chips index FTSE Mib, which was falling by about 0.6%.
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(Reporting by Enrico Sciacovelli, editing by Alvise Armellini)
