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Said Darwazah

Hikma 2018 revenues up 7pc to top $2bn

DUBAI, March 13, 2019

Hikma Pharmaceuticals, a multinational generic pharmaceutical company, has posted revenues of $2.07 billion in 2018, as against $1.936 billion in the previous year, marking an increase of 7 per cent.

The results reflect good demand of in-market products and new product launches, a statement said.

In 2018, the global Injectables business performed well, with core revenue up 7 per cent to $832 million from$776 million in 2017. In constant currency, global Injectables core revenue was also up 7 per cent. Moreover, the Generics business performed extremely well with revenues of $692 million, up 13 per cent from $615 million in 2017, exceeding expectations set at the beginning of the year.

Branded revenue reached $542 million on reported basis, up 1 per cent compared to $536 million in 2017. On constant currency basis - before adverse movements against the US dollar, primarily in the Sudanese pound and the Algerian dinar - Branded revenue grew 5 per cent to reach$560 million.

Taking strategic steps, Hikma appointed a new chief executive officer and strengthened its leadership teams across the Group, and leveraged its high-quality injectables manufacturing facilities and broad product portfolio to deliver critical medicines to hospital customers. Additionally, Hikma strengthened its generics business by enhancing commercial capabilities and streamlining operations. It also reinforced its position as partner of choice in the Mena region, adding important in-licensed products.

Aiming to improve productivity and increase returns on investment, Hikma restructured its global research and development (R&D) function. Hikma also launched 122 new products across all markets - ultimately expanding its global product portfolio – and strengthened its pipeline through a long-term agreement with Vectura to develop and commercialise generic versions of GSK’s Ellipta products.

Siggi Olafsson, chief executive officer of Hikma, said:   “The Group has delivered a strong performance in 2018, with revenue and profitability significantly ahead of our expectations at the start of the year. We also made good strategic progress, strengthening our management teams, growing our portfolio, investing in our capabilities and adding new partners.

“Our Injectables business continued to perform very well, demonstrating the diversification of our portfolio, the flexibility of our operations in responding to customer needs and our ability to bring important products to market. The significant commercial and operational improvements we have made enabled our Generics business to deliver strong growth and our Branded business continued to grow steadily. These results show considerable progress and I am confident that we can build on this momentum going forward.”

Said Darwazah, executive chairman of Hikma, said: “In 2018, we have made transformational changes across our businesses that will enable us to be more competitive and achieve our strategic goals. I am very pleased with the progress we’ve made and the strong financial performance this year. Looking ahead to 2019 and beyond, I am very optimistic for the future of Hikma. I believe we have set ourselves the right strategic objectives and have a strong leadership team in place to deliver sustainable growth over the long term.” – TradeArabia News Service




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