Italy's Recordati sees no impact from potential US pharma tariffs
Adds from paragraph 4 background, CFO quotes
By Giancarlo Navach
MILAN, Nov 7 (Reuters) -Italian drug maker Recordati RECI.MI is not concerned about potential new U.S. tariffs under president-elect Donald Trump as it expects them to have no impact on its rare diseases business, the company's chief financial officer said on Friday.
One of the main concerns in Europe and elsewhere from Trump's re-election victory this week is his campaign pledge to impose tariffs on a wide range of goods, including pharmaceutical products.
"Our business in the U.S. is only on rare diseases. I don't know what the intentions are, the rare disease business generally has different dynamics (from other potentially affected pharma products)," Luigi La Corte told Reuters.
The CFO noted that the U.S. has become Recordati's leading market in terms of turnover, with just under 17% of the total.
La Corte also said Recordati would unveil its 2025 outlook in February, along with preliminary 2024 results, taking into account its recent acquisition from Sanofi SASY.PA of the global rights to Enjaymo, a rare immune disorder drug.
On the M&A front, he said Recordati continued to look for opportunities in the speciality, primary care and rare diseases sectors both in Europe and the U.S., and was examining several dossiers.
Earlier on Friday, Recordati confirmed its 2024 guidance, which it raised in July, after posting a 11.8% jump in its nine-month core profit boosted by a strong business momentum in the speciality and primary care and rare diseases segments.
Reporting by Giancarlo Navach, editing by Alvise Armellini, Gianluca Semeraro and David Evans
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