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.

In Rare Diseases, we made further progress in identifying and treating patients who can benefit from our therapies, supported by enhanced medical engagement and closer collaboration with the healthcare community. A particular focus during the year was the continued global expansion of Isturisa® (osilodrostat) for the treatment of Cushing’s syndrome. In the United States, the indication was expanded to include a broader population of patients with endogenous hypercortisolemia, while Isturisa® was launched in Brazil and Canada. These milestones reflect sustained efforts across our regulatory, medical and commercial teams, and reinforce Isturisa®’s role as a cornerstone of our Rare Diseases portfolio. In particular, the label extension in the US has allowed us to increase the estimated peak year sales of Isturisa® to more than €1.2 billion.

In Specialty & Primary Care, our focus remained on delivering consistent performance across our therapeutic areas, while selectively strengthening the portfolio in areas where we have established expertise. A clear example was the exclusive licensing and supply agreement with Amarin to commercialise Vazkepa® (icosapent ethyl) across 59 countries, with a focus on Europe, strengthening our cardiovascular portfolio and allowing us to leverage our existing commercial infrastructure through a disciplined, partnership-driven approach.

During 2025, we also began bringing our 2025-2027 Three-Year Plan to life across Recordati, translating strategic priorities into clear focus areas. This work is further strengthening alignment across the organisation and providing greater clarity and discipline in how priorities are set and delivered.

We remain committed to disciplined execution, geographic expansion, and investing selectively and responsibly in research and development, with a strong emphasis on lifecycle management. In parallel, we continued to focus on the reliability, quality, and compliance of our manufacturing and supply network, recognising their importance in ensuring continuity of supply and maintaining trust.

From a financial perspective, we delivered double-digit revenue growth of 11.8%, with EBITDA increasing by 14.5% and adjusted net income by 14.5%. Reflecting this performance, we are proud to propose a full-year 2025 dividend of € 1.34 per share, demonstrating our continued commitment to sustainable shareholder returns.

Responsible growth is a cornerstone of our business. 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. The company was again included in the FTSE4GOOD Index series and MIB ESG index, run by Euronext and Borsa Italiana. MSCI ESG Research confirmed Recordati’s A rating, and the Group was rated Bwith “Prime” status by ISS ESG, awarded to companies with a leading sustainability performance in their industry. Furthermore, Recordati received a “Gold” rating from EcoVadis. These external recognitions underline our commitment to operating responsibly while creating long-term value for all stakeholders.

At Recordati, we continue to place great emphasis on our culture. We know that our world-class management team and dedicated employees form the backbone of our success. We strive to ensure everyone feels welcome, respected, supported, and appreciated for their uniqueness and diverse talent. In 2025, we took an important step in articulating what makes Recordati distinctive by introducing refreshed values and the Recordati Flame. While these values have long been present in our culture, 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 and unites us in delivering value for patients, healthcare professionals and shareholders.  

Recordati’s 100th anniversary in 2026 is a landmark milestone, reaffirming the values and principles that have long guided the Group. Looking ahead, the focus is firmly on the next 100 years, strengthening our foundations that allow us to continue serving patients with purpose and responsibility.

I would like to thank the Board of Directors for their guidance and support, and our Chairman, Andrea Recordati, for his continued engagement and leadership. To our shareholders, thank you for your trust. We remain fully committed to delivering on our purpose of Unlocking the full potential of life and to shaping a healthier future, guided by the values that define who we are.

Together, we are well positioned to continue bringing value to all our stakeholders in the century ahead.  

Yours sincerely,

Rob Koremans
Chief Executive Officer