Rossini Acquisition Sarl

We expect the drugs Signifor and Signifor LAR acquired last year from Novartis ($75 million sales in 2019) to be the main drivers of growth, as well as Isturisa (osilodrostat). At the beginning of 2020, Recordati received approval to commercialize Isturisa in Europe and the U.S. The product is used to treat Cushing's disease and acromegaly in patients for whom surgery has either failed or is not an option. We acknowledge that the rare disease segment is highly profitable, which should support a slight increase in Recordati's S&P Global Ratings-adjusted EBITDA margin to 38.0%-38.5% in the coming years, despite pre-marketing and costs associated with the launch of the products (Signifor and Isturisa). Recordati's sales performance deteriorated in the second quarter

...We expect Recordati (the operating entity of Rossini Acquisition Sarl) to deliver positive organic growth this year thanks to the strong uptake of its rare disease drug portfolio. Recordati's ongoing penetration in the rare disease segment provides positive growth prospects. In 2020, we expect this division to report solid sales growth of around 25%-30% thanks to the contribution of new products launched at the beginning of 2020. We expect the drugs Signifor and Signifor LAR acquired last year from Novartis ($75 million sales in 2019) to be the main drivers of growth, as well as Isturisa (osilodrostat). At the beginning of 2020, Recordati received approval to commercialize Isturisa in Europe and the U.S. The product is used to treat Cushing's disease and acromegaly in patients for whom surgery has either failed or is not an option. We acknowledge that the rare disease segment is highly profitable, which should support a slight increase in Recordati's S&P Global Ratings-adjusted EBITDA margin...

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