Recordati

What Recordati does

Recordati is an international pharmaceutical group founded in 1926 in Correggio, Northern Italy, and listed on the Italian Stock Exchange (Euronext Milan, ticker: RECI) under the legal name Recordati Industria Chimica e Farmaceutica S.p.A. Headquartered in Milan, the company employs more than 4,300-4,700 staff and operates in approximately 150 countries through two reporting segments: Rare Diseases (which generated €1,081.4 million in 2025, up 29.7% year-over-year) and Specialty & Primary Care. Rare disease assets include Isturisa for Cushing's syndrome (peak sales estimate now exceeding €1.2 billion), Enjaymo for cold agglutinin disease, and Signifor LAR (approved in China in 2025); the specialty/primary care segment covers cardiovascular, metabolic, and other established therapeutic areas. The product portfolio combines proprietary developments with strategic in-licensing arrangements, including zilganersen (an antisense oligonucleotide for Alexander disease licensed from Ionis Pharmaceuticals, FDA PDUFA September 2026), mRNA-3927 (a Moderna-partnered mRNA therapy for propionic acidemia), Vazkepa (cardiovascular, licensed from Amarin for 59 European countries), and Inrebic (Japan rights from Bristol Myers Squibb subsidiary Impact Biomedicines).

The underlying technology centers on small-molecule pharmaceutical development and manufacturing augmented by access to antisense oligonucleotide and mRNA therapeutic platforms through partnerships. Pipeline assets include sutimlimab (Phase 3 in chronic immune thrombocytopenia) and pasireotide (Phase 2 success in post-bariatric hypoglycemia). Recordati commercializes through a hybrid go-to-market model: direct sales forces in major rare disease markets (US, EU) combined with regional licensing and distribution partnerships for broader geographic reach (e.g., Amarin for Vazkepa in Europe, Gedeon Richter UK acquiring Reagila rights). Marketing channels emphasize medical conferences (e.g., ASH Meeting), peer-reviewed publications, and engagement with key opinion leaders and patient advocacy groups; the company also funds the Arrigo Recordati Prize for pediatric oncology research.

Revenue is generated primarily through pharmaceutical product sales. FY2025 revenue reached €2,618.4 million (+11.8% YoY) with EBITDA of €991.1 million (37.8% margin) and adjusted net income of €651.1 million (+14.5%); Q1 2026 revenue grew 4.9% to €713.4 million with 2026 guidance of €2,730-2,800 million revenue and €995-1,030 million EBITDA. CVC Capital Partners, through Rossini Luxembourg S.àr.l., has held a controlling 46.82% stake since 2018 (acquired for €3.03 billion) and is currently leading a €10.7 billion all-cash tender offer (with Groupe Bruxelles Lambert) to take the company private at €51.29 per share, expected to close in late 2026. The company has historically scaled through targeted M&A including EUSA Pharma (2021), Orphan Europe (2007), Italchimici, Pro Farma AG, Opalia Pharma, Farma-Projekt, and Casen Fleet, and continues to expand via licensing and venture investment (e.g., STRM.BIO Series Seed 2 in January 2026).

Name

Recordati

Legal name

Recordati Industria Chimica e Farmaceutica S.p.A.

Website

https://recordati.it

Company type

Public

Founded year

1926

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Recordati is an Italian international pharmaceutical group founded in 1926, listed on Euronext Milan, that develops and commercializes treatments for rare diseases (Cushing's syndrome, hematologic and neurological rare disorders) and specialty/primary care conditions across approximately 150 countries with a workforce of 4,300-4,700.

Ownership category

akta.pro rank

Product category

Pharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Specialty Care Pharmaceuticals (HLAIAAAB)

akta.pro secondary industries

Primary Care & General Medicine Pharmaceuticals (HLAIAAAA), Rare Oncology & Hematologic Malignancy Therapies (HLAIAIAC), Genetic & Genomic Rare Disease Therapeutics (HLAIAIAA)

Keywords

• Pharmaceutical products
• Rare disease treatments
• Specialty pharmaceuticals
• Prescription medications
• Pharmaceutical manufacturing

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Supply Chain, Marketing or Sales, Operations

Revenue model

1. Pharmaceutical product sales: Recordati generates revenue through the development, manufacturing, and commercialization of pharmaceutical products across two main segments: Rare Diseases (grew 29.7% to €1,081.4 million in 2025) and Specialty & Primary Care.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Recordati develops, manufactures, and commercializes pharmaceutical products across two main business segments: Rare Diseases (treatments for conditions such as Cushing's syndrome, Alexander disease, cold agglutinin disease, and Castleman disease) and Specialty & Primary Care (cardiovascular, metabolic, and other therapeutic areas). The company operates its own commercial infrastructure in rare diseases and specialty/primary care segments, distributing products through direct sales teams and regional distribution partners across approximately 150 countries.

Product overview

Recordati is an international pharmaceutical group listed on the Italian Stock Exchange with approximately 4,700 employees operating in approximately 150 countries. The company operates through two main segments: Rare Diseases and Specialty & Primary Care. The Rare Diseases segment is the primary growth driver, featuring treatments for rare conditions including Isturisa (Cushing's syndrome) and Enjaymo (Hema-Oncology), along with licensed products like zilganersen (Alexander disease from Ionis) and mRNA-3927 (propionic acidemia from Moderna collaboration). The Specialty & Primary Care segment covers treatments for more common conditions. The company has been expanding through strategic licensing partnerships, including Vazkepa from Amarin and Inrebic from Bristol Myers Squibb.

Differentiator

Problem solved

Functional benefit

Brands

• Recordati Rare Diseases: Specialized division focusing on rare disease treatments including Isturisa and Enjaymo
• Recordati Industria Chimica e Farmaceutica

Products and services

• Isturisa Cushing's syndrome treatment that is a key growth driver within Recordati's Rare Diseases segment, generating €86.3 million (+56.8%) in Q1 2026 with peak sales estimate doubled to over €1.2 billion.
• Enjaymo Rare disease treatment for cold agglutinin disease, part of the Hema-Oncology franchise within the Rare Diseases segment, generating €43.9 million (+37.6%) in Q1 2026.
• Zilganersen Investigational antisense RNA-targeted medicine for Alexander disease (AxD), a rare progressive neurodegenerative disease. Recordati holds exclusive development and commercialization rights outside the USA under a $30 million upfront licensing agreement with Ionis Pharmaceuticals.
• mRNA-3927 Investigational mRNA therapy for propionic acidemia being developed in collaboration with Moderna. Recordati paid $50 million upfront with up to $110 million in milestones, handling commercialization globally.
• Sutimlimab Monoclonal antibody advancing to Phase 3 clinical trials for chronic immune thrombocytopenia, following positive Phase 2 results presented at the ASH Meeting.
• Pasireotide Somatostatin analog that achieved Phase 2 primary endpoint for post-bariatric hypoglycemia, a complication following weight loss surgery.
• Signifor LAR Long-acting release formulation for Cushing's disease, approved in China in 2025, expanding Recordati's rare disease portfolio into the Chinese market.
• Vazkepa Cardiovascular drug (icosapent ethyl) licensed from Amarin for commercialization across 59 countries, primarily in Europe. Recordati paid $25 million upfront.
• Inrebic JAK inhibitor (fedratinib) for myelofibrosis, under exclusive license for Japan from Bristol Myers Squibb subsidiary Impact Biomedicines. Recordati paid $11 million upfront for commercialization rights.

Quantifiable outcome

• 14.8% revenue growth in Rare Diseases segment in Q1 2026
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Ionis PharmaceuticalscoreStrategic or Co-development Partner · 25 June 2026Recordati obtained exclusive rights to develop and commercialize zilganersen for Alexander disease outside the United States. Ionis received $30 million upfront payment plus milestone payments and tiered royalties up to mid-20% range. Recordati handles regulatory filings and commercialization outside US while Ionis retains US commercial responsibility and global development leadership.
• Gedeon Richter UKminorChannel Partner/ Reseller/ Distributor · 17 February 2026Gedeon Richter UK acquired rights to schizophrenia treatment Reagila from Recordati Pharmaceuticals.
• ModernacoreStrategic or Co-development Partner · 29 January 2026Global collaboration to advance mRNA-3927 for propionic acidemia through clinical development and commercialization. Moderna receives $50 million upfront and up to $110 million in milestones plus royalties. Recordati leads commercialization globally.
• AmarincoreChannel Partner/ Reseller/ Distributor · 1 January 2025Recordati licensed exclusive rights to commercialize Vazkepa (icosapent ethyl) across 59 countries primarily in Europe. Amarin received $25 million upfront payment.
• Impact Biomedicines (Bristol Myers Squibb)minorOEM/ Whitelabel/ Licensing Partner · 1 January 2025Exclusive license for Inrebic (fedratinib) in Japan from Bristol Myers Squibb subsidiary Impact Biomedicines. Recordati paid $11 million upfront.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Jazz Pharmaceuticals: Irish-headquartered specialty biopharma with franchises in rare neurological diseases and oncology. Directly comparable in business model, focus on rare/specialty CNS and oncology, and global commercial footprint.
• Swedish Orphan Biovitrum (Sobi): Swedish specialty biopharma focused exclusively on rare diseases, including hematology, immunology, and specialty care. Highly comparable as a mid-cap European rare disease commercial platform with similar geographic reach.
• Chiesi Farmaceutici: Private Italian pharmaceutical company with operations across specialty care and rare diseases. Closely comparable as an Italian-headquartered specialty/rare disease peer with similar global ambitions.
• Almirall: Spanish specialty pharma focused on dermatology and specialty care across Europe. Comparable in European specialty pharma positioning and mid-cap scale, though with less rare disease exposure.
• Ipsen: French-headquartered international specialty pharmaceutical group focused on oncology, neuroscience, and rare diseases. Closely comparable in segment mix (specialty + rare diseases), European heritage, and revenue scale (~€3 billion).
• Kyowa Kirin: Japanese specialty pharma with a strong rare disease franchise in hematology, oncology, and immunology. Directly comparable as a specialty/rare disease innovator with global commercial ambitions.
• Helsinn Group: Swiss specialty pharma focused on supportive care and rare disease oncology. Comparable as a privately-held European specialty/rare disease player with similar therapeutic focus areas.
• H. Lundbeck: Danish specialty pharma focused on CNS and rare neurological disorders. Comparable in specialty pharma positioning, CNS-heavy pipeline, and European heritage.

Broad incumbents

• Takeda Pharmaceutical: Global Japanese-headquartered pharma with a large rare disease franchise (post-Shire). Operates broadly in specialty and rare disease but at significantly larger scale; overlaps in hematology and rare disease commercial capability.
• Hikma Pharmaceuticals: Middle East/UK-headquartered specialty and generics pharma with growing specialty branded business. Comparable in international branded specialty pharma positioning though with stronger generics exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/recordati

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Recordati