Recordati's Quiet Quarter: Strong Results, Silent on the Takeover
A strong first half, overshadowed
Recordati reported another quarter of solid execution. Revenue rose 6.6% to €1.4 billion (9.1% like-for-like at constant FX), while EBITDA grew 8.8% to €540 million with a 38.3% margin. Adjusted net income rose 6.7% to €350 million, and free cash flow came in at €299 million. “We are very pleased with our performance in the first half of the year” — Robert Koremans, CEO · 2026-07-29 said CEO Rob Koremans — but the real story was not in the numbers. It was in what management could not say.
The Rare Disease engine remains the primary growth driver, with revenues up 17.1% (22% constant FX). Isturisa grew 58% year-on-year, with “continued momentum in patient acquisition and conversion” — Michael McClellan, CFO · 2026-07-29 according to CFO Mike McClellan. Enjaymo grew 31.1%, and the franchise is broadening. Management also announced a licensing agreement with Ionis for Zilganersen, an ultra-rare disease treatment, reinforcing the long-term rare-disease platform. Yet the call was unusually sparse — only two analysts asked questions — and management explicitly deferred all discussion of the pending CVC/GBL offer.
The transaction overhang
The elephant in the room was the proposed acquisition by CVC and GBL. The offer document was published on July 22, and management repeatedly declined to comment.
This is a stark contrast to prior quarters, where M&A strategy was discussed openly. In the July 2024 call, Koremans confidently stated on CVC: “They are a very happy and committed shareholder” — Robert Koremans, Chief Executive Officer · 2024-07-30. In May 2023, he said “Our strategy on M&A hasn’t changed. We will take the opportunities” — Rob Koremans, CEO · 2023-05-14. Now silence is the only answer.The proposed transaction with CVC and GBL is subject to an ongoing offer process... we are not able to comment further on the transaction beyond what has already been disclosed.
The transaction is already affecting the P&L — non-recurring costs increased due to the acceleration of the performance share plan, triggered by the potential delisting of Recordati. This is a direct financial impact of the offer process.
What's new, what's recurring
The Enjaymo momentum is a continuation of a story we've tracked since the acquisition. The Primary Care business remained stable (+0.6% like-for-like), with SPC margins defended despite investments in Vazkepa. The company's own keyword trajectory shows SPC margin as a recurring focus, yet the current call barely touched it. Instead, the innovation is on the rare-disease side — the Zilganersen deal adds an ultra-ultra-rare asset, but management declined to quantify the opportunity.
Bottom line
Recordati delivered what it promised: strong growth, disciplined margins, and a confirmed full-year guidance. But the analyst community has effectively gone quiet, mirroring the company's own caution. The next chapter is not about product launches—it's about the shareholder vote.