Amman: Hikma Pharmaceuticals PLC (Hikma, Group) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated Ba1/stable Moody’s and BB+/positive S&P), the multinational pharmaceutical company, today reports its interim results for the six months ended 30 June, 2019.
Hikma achieved Group revenue of $1,047 million, up 7%, compared to $979 million in H1 2018, reflecting strong sales of in-market products and new product launches.
In H1 2019, global Injectables core revenue increased by 4% to $428 million compared to $410 million in H1 2018. In constant currency, global Injectables revenue was up 7%. MENA Injectables revenue was $60 million, up 18% compared to $51 million in H1 2018 and up 20% in constant currency, reflecting good performance across Hikma markets, particularly in Saudi Arabia and Egypt. Injectables results are now expected to be towards the higher end of the previous full year guidance range.
Generics revenue increased 11% to $368 million as opposed to $332 million in H1 2018, as strong demand for Hikma’s differentiated in-market products and recent launches more than offset price erosion. Due to the strong performance in the first half of the year, Hikma is raising full-year expectations for Generics revenue and operating profit.
On a reported basis, Branded revenue reached $242 million, up 4% from the $232 million recorded in H1 2018. On a constant currency basis, Branded revenue grew 6% to $246 million.
In its largest markets, Saudi Arabia and Egypt, Hikma delivered double-digit revenue growth, reflecting strong demand for its marketed portfolios and new product launches. Strong performance across most of its MENA markets more than offset lower sales in Algeria as a result of an economic slowdown.
Hikma’s strategic highlights included appointing a new Chief Scientific Officer to strengthen R&D capabilities, launching 37 new products across all markets and expanding its global product portfolio. The Group also signed 7 licensing agreements for the United States (US) and MENA region and entered into a long-term supply agreement with Civica Rx for essential injectable products in the US.
Siggi Olafsson, Chief Executive Officer of Hikma, said, “All of our businesses are performing well. We are delivering more from our unique and diversified business model, leading market positions and high-quality operations to drive strong organic growth. Our good half year financial results demonstrate the breadth and resilience of our marketed portfolio, successful pipeline launches and actions we’ve taken to reduce costs and increase efficiencies. During the first half, we continued to focus on pipeline development. We increased investment in our R&D programmes, added new products through partnerships and strengthened our R&D team. I am very pleased with our first-half performance and the increase in our full year guidance reflects our confidence for the remainder of the year.”
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About Hikma
Hikma helps put better health within reach every day for millions of people in more than 50 countries around the world. For more than 40 years, we’ve been creating high-quality medicines and making them accessible to the people who need them. We are a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,400 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit www.hikma.com.
Enquiries
Hikma Pharmaceuticals PLC
Dana Alhusseini
Email: Dalhusseini@hikma.com
Tel: +962 6 580 2900
Rahul Ravisankar
Consultant, Strategic Communications
FTI Consulting
+971 4 437 2103 T | +971 56 170 3833 M
rahul.ravisankar@fticonsulting.com
PO Box 71253
Office 804 Level 8, South Tower, Emirates Financial Towers
Dubai International Financial Centre
Dubai, UAE
www.fticonsulting.com
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