Hikma Pharmaceuticals first half revenue and profits grow

Hikma Pharmaceuticals Plc chief executive Siggi Olafsson said it benefited from the resilience in its portfolio and flexibility in manufacturing. The pharmaceutical company reported a 7% rise in revenue for the six months ended June 30, to US$1.21bn, whilst operating profit increased 15% to US$326mln. It generated US$224mln of cashflow from operations. Profit attributed to shareholders amounted to US$248mln, up 26% compared to the same period last year. “Our strong performance included solid year-over-year increases in revenue and operating profit, underscoring our ability to generate positive results in challenging market conditions,” Olafsson said. “We are continuing to benefit from investments we have made to build our pipeline of new medicines and our progress in the first half underpins our improved outlook for the full year.” The company pointed to a strong performance for its generic drugs business noting improved margin, demand and a more favourable product mix. Branded products achieved double digit revenue growth driven by its tier 1 markets. Hikma’s injectables business revenue growth was described as modest after an exceptionally strong performance a year ago. “Looking ahead, our clear strategy, strong pipeline and agility give us the confidence to drive continued growth and deliver increased value to all our stakeholders," Olafsson added.