By Francesca Gerosa
The net profit of Register in 2011 it grew more than the operating one and the company sees a further improvement in the accounts this year. Consolidated revenues for last year, equal to 762.0 million, were up by 4.7% compared to the previous year.
In particular, pharmaceutical sales contributed by 733.6 million (+4.5%) and pharmaceutical chemicals sales by 28.4 million (+9.9%). Operating profit of 163.5 million, up by 5.6% compared to the previous year with an EBIT margin of 21.5%, compares with a net profit of 116.4 million (+7.2%) , with an incidence on revenues of 15.3%.
Net income, which grew more than operating profitability due to the lower incidence of financial costs and taxes, is in line with consensus expectations. As for the net financial position as at 31 December 2011, it showed a net debt of 55.7 million euro which compares with a net availability of 46 million as at 31 December 2010.
During the year, however, the Turkish company Frik Ilaç and the new product Procto-Glyvenol® were acquired and dividends of 93.1 million were paid. "In the past year, important results have been achieved in the growth and internationalization process of the group", commented the president and CEO, Giovanni Register.
The acquisition of Dr. F. Frik Ilaç, a Turkish pharmaceutical company based in Istanbul, has been successfully concluded. It is the group's second acquisition in Türkiye, a country in which Register acquired the pharmaceutical company Yeni Ilaç in December 2008. All rights relating to the product Procto-Glyvenol®, indicated for the treatment of hemorrhoids, were then acquired from Novartis Consumer Health for numerous countries, mainly in central and eastern Europe.
Commercialization in Europe of Livazo® (pitavastatin), a new statin indicated for the reduction of high cholesterol levels, has also begun, with launches in Spain and Portugal. Orphan Europe, the group's subsidiary dedicated to the treatment of rare diseases, has obtained approval in Europe for the extension of the indication of Carbaglu® (carglumic acid) as a treatment of hyperammonaemia associated with the presence of the three main types of organic acidaemia.
For 2012, taking into consideration the general slowdown of the economy in Europe and the difficulty of estimating the effects of the new pharmaceutical expenditure containment measures under discussion,
