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Hikma Pharmaceuticals raises generics guidance after solid first half

By Josh White

Date: Friday 09 Aug 2019

Hikma Pharmaceuticals raises generics guidance after solid first half

(Sharecast News) - Hikma Pharmaceuticals reported a 7% improvement in group core revenue in its first half results on Friday, to $1.04bn.
The FTSE 250 drugmaker said group core operating profit rose 15% in the six months ended 30 June, to $246m, with core basic earnings per share improving 18% to 72.7 US cents.

Its board said it was raising its full-year expectations for generics, and now expected injectables to be towards the higher end of its previous full-year guidance range.

On a reported basis, Hikma said group revenue was up 7% at $1.05bn, while group operating profit was ahead 37% at $238m.

Reported cash flow from operating activities was $187m, up from $185m year-on-year, while net debt levels were maintained at $361m.

Hikma said reported basic earnings per share were up 74% at 76.4 cents, with the board increasing the interim dividend by 17% to 14 cents per share.

On the strategic front, Hikma noted that it had appointed a new chief scientific officer during the period, which it said strengthened its research and development capabilities.

It also launched 37 new products across all of its markets, expanding its global product portfolio, and signed seven product licensing agreements for the United States, and Middle East and North Africa geographies.

The company entered into long-term supply agreement as well, with Civica Rx, for essential injectable products.

\"All of our businesses are performing well,\" said Hikma Pharmaceuticals chief executive officer Siggi Olafsson.

\"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, Olafsson noted that the company had continued to focus on pipeline development, increasing investment in its research and development programmes, adding new products through partnerships and strengthening its research and development 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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