Annual
Report 2025
Our First 100 Years
In 1926, the Recordati family began a small pharmacy, in Correggio, Northern Italy, serving their local community. One hundred years later, in 2026, we stand as a global pharmaceutical group with a presence in over 150 countries, committed to unlocking the full potential of life.
As we mark this milestone, we honour the legacy of the people, patients and partners who shaped our journey, and embrace the responsibility of shaping the next hundred years.
Chairman’s Message
[…Throughout 2025, Recordati maintained a clear strategic direction, supported by strong governance and a long-term outlook, well positioning the Group to continue to navigate change and create long-term sustainable value…]
Andrea Recordati
Chairman
CEO’s Message
[…In 2025, the number of patients we served increased across both our businesses. More than 100 million people benefited from our Specialty & Primary Care portfolio, while almost 20,000 patients living with rare diseases received dedicated treatments. This growth reflects the reach of our portfolio and our continued focus on patient access…]
Rob Koremans
Chief Executive Officer
Key Results
We are at the forefront of life-enhancing and life-changing medicines.
2,618.4
Net Revenue (Million Euros)
+11.8% versus FY 2024
651.1
Adjusted Net income (Million Euros)
+14.5% versus FY 2024
991.1
EBITDA (Million Euros)
+14.5% versus FY 2024
Business
Strengthening of Our Cardiovascular Portfolio
In June 2025, we announced an exclusive licensing and supply agreement to commercialise Vazkepa® (icosapent ethyl), a marketed cardiovascular medicine, across 59 countries, with a focus on Europe.
Our CEO Rob Koremans commented: “We are extremely pleased with the agreement with Amarin for Vazkepa® which underscores our deep expertise in the Cardiovascular space and our ongoing commitment to continue strengthening our Specialty & Primary Care business with innovative medicines in our core therapeutic areas.
Vazkepa® is a best-in-class treatment option that complements our existing portfolio, is supported by a robust clinical data package, has the ability to make a meaningful impact for cardiovascular patients and contribute to the growth of Specialty & Primary Care for years to come.”
Sustainability
Responsible Growth Embedded in Our Strategy
During 2025, we maintained our position across the main ESG indices and sustainability ratings, reflecting the consistency of our approach and the robustness of our practices.
Recordati’s focus and efforts in driving the group’s ESG strategy continued to be recognised by main ESG indices and ratings.
MSCI ESG
Confirmed A rating from MSCI.
EcoVadis
Awarded the ECOVADIS Gold rating.
ISS ESG
Rated B- with “prime” status, awarded to companies with a leading sustainability performance in their sector, by ISS ESG.
EURONEXT and BORSA ITALIANA
Included in the MIB ESG Index, the first index promoted by Euronext and Borsa Italiana for Italian blue-chip companies demonstrating best ESG practices, since October 2021.
CDP
Scored B (Management level) in the 2025 CDP Climate Change questionnaire.
People
Advancing Our Culture through Refreshed Values
We took an important step in articulating what makes Recordati distinctive by introducing refreshed values and the Recordati Flame. 2025 marked a deliberate shift to make them explicit, shared, and more actively lived across the organisation. The Recordati Flame symbolises the commitment and passion our people bring to their work, uniting us in delivering value for patients, healthcare professionals and shareholders.
Patient Care
Our Commitment to the Patient Community
We deeply value the opportunity to collaborate with patients, recognizing the richness of their insights, lived experiences, and specialized knowledge. These partnerships are essential in helping us better understand how to meaningfully integrate the patient viewpoint throughout the development and delivery of our medicines. Only by gathering relevant patient insights, are we able to learn more about the patient lived experience, which ultimately helps us to develop and commercialize products that match patients’ needs.
Product Pipeline & Future Developments
R&D: Progessing Our Pipeline Forward
We are committed to continue bringing innovation forward for the benefit of patients, by also working together with the patient community.
We are, in parallel, focused on ensuring the safety of the patients that are relying on our products and pursuing targeted de-risked programmes for new indications and geographic expansion for existing products where we can make a difference.
Research
The International Prize for Scientific Research Arrigo Recordati
Established in 2000 in memory of Arrigo Recordati, the Prize reflects two defining principles of his legacy: a deep belief in scientific research and a strong international outlook.
In 2025, the call for applications was launched for the 2025–2026 edition of the Arrigo Recordati Prize, now in its twelfth edition, dedicated to recognising and supporting researchers who have made a significant contribution to advancing research in the field of paediatric oncology, with a specific focus on sarcomas.