Content type: Press Releases


Angelini Industries 2021 revenues increase to €1.725 billion

The consolidated financial statements of Angelini Industries, an Italian multi-business industrial group operating in 21 countries with 5,800 employees*, report revenues of €1.725 billion, up from €1.699 in 2020.

Revenues in the last two years grew by more than 5%. In 2019 they were €1.637 billion.

Rome, July 26th 2022 - Angelini Industries, an Italian multi-business industrial group operating in 21 countries with 5,800 employees, closed its 2021 consolidated financial statements with revenues from sales and services totaling €1.725 billion, up from €1.699 billion in 2020. The gross operating margin (EBITDA) was €193.297 million, depreciation and amortization was €191.843 million, the net financial result was €124.178 million after negative adjustments, the pre-tax result was €125.632 million, and the net result was €96.666 million.

58% of the revenues of Angelini Industries, which operates in the pharmaceutical, consumer goods, industrial technology, perfumery and dermocosmetics and wine sector, are generated in Italy, while 42% are generated abroad, of which 36% in Europe and 6% in the rest of the world.

In 2021, revenues grew in the perfumery and dermocosmetics, industrial technology, and wine sectors, while revenues were stable in the pharmaceutical and consumer goods sectors. A significant part of Angelini's production is concentrated in Italy with 6 plants out of a total of 12 and more than 4,000 employees out of a total of 5,800*.

In 2021, Angelini Industries invested €94.1 million in research and development, or 5.4% of revenues, and earmarked approximately €60 million for start-up funds and incubators in the pharmaceutical and life sciences area.

Sergio Marullo di Condojanni, CEO of Angelini Industries, said: “Diversification and strengthening in international markets, together with investments in innovation, human resources and product quality are the cornerstones of our growth, which has continued in 2021 despite the economic instability marked by the rising cost of energy and raw materials. Our goal is to pursue long-term sustainable development, strengthening our traditional businesses on the one hand and investing in new innovative areas on the other, from digital health to direct-to-consumer business.”

The year 2021 was marked by the most important investment in the history of Angelini Industries, the acquisition by Angelini Pharma, one of the Group's operating companies, of Arvelle Therapeutics, which took place in January 2021 for a value of almost €500 million. To this must be added further possible financial commitments linked to contractual milestones for a further €400 million. Arvelle Therapeutics is a biopharmaceutical company, the exclusive licensee in the European Union and other countries of the European Economic Area of cenobamate (trade name “Ontozry”), a highly effective anti-epileptic molecule. In 2021, Angelini Industries also invested to set up new companies involved in the launch of pharmaceutical start-ups, in the development and online sale of consumer goods, and in technology for sanitizing interiors. As expected, the costs incurred for the combination and development of the operations of the companies acquired and founded in 2021 significantly impacted both the EBITDA (€193.297 million) and the operating margin due to depreciation and amortization related to the new investments and, consequently, the net profit (€96.666 million). All of them remained largely positive, but lower than in 2020.

The financial year 2021 was also characterized by amortization arising from the write-up of the “Moment” and “Tachipirina” brands, and the amortization of the license for the drug “Ontozry”.

International presence and breakdown of revenues

Angelini Industries is now present with its own legal entities in 21 countries worldwide: Italy, Austria, Bulgaria, China, Czech Republic, France, Germany, Greece, Hungary, Netherlands, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States.

Breakdown by company and business areas

The €1.725-billion revenues in 2021 were composed as follows: 58% were generated by the pharmaceutical sector, 29% by consumer goods, 6% by industrial technology, 6% by perfumes and dermocosmetics, 1% by the wine sector.

Financial investments

Through Angelini Investments, previously Angelini Partecipazioni Finanziarie S.r.l., the Group holds a number of financial investments that represent a diversification of its industrial business, such as Tamburi Investment Partners S.p.A., Mediobanca, Unicredit, Prysmian, Eataly and Talgo, to mention the most important ones, as well as a number of club deals and private equity funds. The 2021 fiscal year ended with €222.999 million in net shareholders equity and a net profit of €50.340.


Towards the end of the 2021 financial year, the Group also completed an important rebranding process, which saw the adoption of a new name, Angelini Industries, a ‘monolithic’ branding system that unites all Group companies, and a new brand - which was designed and conceived to be "welcoming" and "enveloping" - to better convey the Group’s purpose and values.


(*) the number of employees is calculated by counting 100% of those from companies of which Angelini Industries has 50% direct or indirect joint ownership with Procter & Gamble.


Facts & Figures for 2021

Angelini Pharma produced 224 million drug packs, 87.6 externally and 136.4 million in its own factories, including:

- 45.5 million of Tachipirina packs

- 22.5 million of ThermaCare packs

- 17.8 million of Tantum Verde packs

- 12.4 million of Amuchina packs

- 7.7 million of Moment packs


Fater, a joint venture between Angelini Industries and Procter & Gamble, sold in Italy:

- 115,588,000 packs of sanitary pads and panty liners

- 31,633,000 diapers

- 236,300,000 liters of bleach


Fameccanica, an international company owned by Angelini Industries specializing in automation and robotics for the consumer goods industry, filed 85 patent applications with the European Patent Office, ranking first in Italy


Angelini Beauty, a business unit of Angelini Industries operating in the fields of perfumery and dermocosmetics (skincare & suncare), produced:

- 6,189,644 perfume bottles

- 438,703 liters of perfume


Angelini Wines & Estates:

- made wine from 34,932 quintals of grapes

- sold 3,560,640 bottles of wine


Angelini Industries is a multinational industrial group founded in Ancona in 1919 by Francesco Angelini. Today, it is a robust, well-structured industrial business with around 5,800 employees, operating in 21 countries and generating annual revenues of more than €1.7 billion.   Angelini Industries operates in the pharmaceutical, consumer goods, industrial technology, perfumery and dermocosmetics, and wine sectors. Its growth-oriented investment strategy, constant commitment to research and development, and deep knowledge of markets and business sectors make Angelini Industries an Italian leader in the industries in which it operates.  The group is committed to reducing its environmental impact and finding increasingly advanced circular economy solutions. It adopts the most advanced health and safety standards for workers and the most rigorous processes to ensure the highest quality by checking the entire supply chain, from supplier certification to the control of raw materials, the production process, the finished product and packaging, to spot checks at the point of sale.  For over 100 years, the Angelini family has guided the development of Angelini Industries with an entrepreneurial style typical of Italian family-run businesses.  


Press contacts:

Angelini Industries

Alessandra Favilli – Group Chief Communication Officer–


SEC Newgate Italia

Daniele Pinosa – - tel. +39 3357233872

Fausta Tagliarini – – tel. +39 3476474513

Daniele Murgia – – tel. +39 3384330031