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Recordati confirms 2022 targets despite Ukraine conflict

By Reuters

– Italian pharmaceutical group Recordati said on Tuesday it confirmed its 2022 financial targets despite the ongoing conflict in Ukraine, after posting a rise in sales and core earnings in the first three months of the year.

The Milan-based company, which operates in both Russia and Ukraine, said in a statement “the first quarter of 2022 was characterised by a general recovery in relevant markets” and that results were in line with the guidance set for the year.

Earnings before interests, taxes, depreciation and amortization (EBITDA) in the months to March were up 8.7% 163.0 million euros ($171.77 million), lifted by a 9% increase in net revenue.

($1 = 0.9489 euros)