| 26 Aug 2010 |
|
Hikma delivers strong H1 results, with revenue up 11.3% and adjusted operating profit up 20.2 %
- Text size
London, 26 August 2010 - Hikma PharmaceuticalsHikma Pharmaceuticals
PLC (LSE: HIK) (NASDAQ DUBAI: HIK), the fast growing global pharmaceutical group, today reports its interim results for the six months.Summary P&L $ million | H1 2010 | Change | |
Revenue | 357.7 | 321.5 | +11.3% |
Gross profit | 178.5 | 151.2 | +18.1% |
Operating profit | 74.3 | 57.2 | +29.9% |
Adjusted operating profit ¹ | 73.2 | 60.9 | +20.2% |
Profit attributable to shareholders | 54.7 | 43.2 | +26.6% |
Adjusted profit attributable to shareholders ¹ | 52.8 | 46.4 | +13.8% |
Diluted earnings per share (cents) | 27.9 | 22.3 | +25.1% |
Adjusted diluted earnings per share (cents) ¹ | 26.9 | 23.9 | +12.6% |
Dividend per share (cents) | 5.5 | 4.5 | +22.2% |
Net cash flow from operating activities | 63.0 | 36.2 | +74.0% |
Before the amortisation of intangible assets (excluding software) of $3.7 million and exceptional items, which include a non-recurring gain of $7.2 million arising from the revaluation of the previously held interests in the Tunisian company Ibn Al Baytar and the Algerian company Al Dar Al Arabia, and transaction costs of $2.3 million related to these acquisitions.
H1 2010 highlights
Group revenue up 11.3% and adjusted operating profit up 20.2 %, delivering continuous growth through diversification
Gross margin improved to 49.9% compared to 47.0% in H1 2009
Adjusted operating margin increased to 20.5 % compared to 18.9 % in H1 2009 while investing for future growth
Continued new product delivery across all countries and markets - launched 70 products and received 33 product approvals - and new in-licensing partners, including South Korea's Celltrion for biosimilars
Excellent working capital management, with net cash flow from operating activities up 74.0% to $63.0 million
Successfully completed acquisitions in Tunisia and Algeria, strengthening our presence and capabilities in the MENA region
Strong balance sheet with relatively stable net debt of $123.6 million compared to $116.9 million as of 31 December 2009
Received FDA approval for the manufacture of oncology products at our injectable plant in Germany
Said Darwazah, Chief Executive Officer of HikmaHikma, said:
"We delivered another strong set of results during the first half of 2010. Our Generic and Injectables businesses have performed very well, with exceptional sales and profitability in Generics and a strong performance in US Injectables. Branded sales were stable and we expect stronger sales in the second half of the year in this business.
The excellent first half performance of the Group overall reflects the strength and diversity of our business and we remain confident that we will achieve our target of low teens revenue growth for the full year with improved gross margin compared to 2009."
-Ends-
About Hikma
Hikma PharmaceuticalsHikma Pharmaceuticals PLC is a fast growing global pharmaceutical group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed products. HikmaHikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics" based primarily in the Middle East and North Africa ("MENA") region, where it is a market leader, the United States and Europe. In 2009, HikmaHikma achieved revenues of $637 million and profit attributable to shareholders of $78 million. For news and other information, please visit www.hikma.com .
Enquiries
Hikma PharmaceuticalsHikma Pharmaceuticals PLC
+44 (0)20 7399 2760
Susan Ringdal,
Investor Relations Director
Financial Dynamics
+44 (0)20 7831 3113
Ben Atwell /Julia Phillips/Jonathan Birt/Matthew Cole
A presentation for analysts will take place today at 09:00 at Financial Dynamics. Please call Mo Noonan for details on +44 (0) 20 7831 3113.
A video interview of Said Darwazah, CEO, and Bassam Kanaan, CFO, is available at www.hikma.com and www.cantos.com .
© Press Release 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.