London, 6 August 2026 – This morning, we announced our Interim Results for the six months ended 30 June 2026, delivering a solid H1 performance and reiterating our full year outlook.
This page provides a summary of the key highlights, financial performance and strategic priorities. The complete Interim Results announcement and supporting materials are available below.
Said Darwazah Chief Executive Officer
Key H1 Highlights
Solid first half, full year guidance reiterated
A solid H1 in line with expectations, with 9% growth in core operating profit and confidence to reiterate full year outlook
Group revenue up 4% to $1,728 million
Growth driven by a strong Branded performance, with Injectables and Hikma Rx broadly in line with H1 2025
Core operating profit up 9% to $405 million, with core operating profit margin expansion to 23.4%
Core gross margin improved to 44.8% and core EBITDA rose 8% to $463 million, reflecting favourable mix and disciplined execution
Strong Branded performance
Branded revenue up 15% and core operating profit up 23%, driven by key markets such as Saudi Arabia and a portfolio weighted to first-to-market and first-generic products
Strong cash generation and shareholder returns
Operating cash flow up 33% to $214 million, alongside continued progress on the $250 million share buyback and interim dividend, with net debt to core EBITDA of 1.9x
Increasing investment to support long-term growth
R&D spend up 18% (now 5% of revenue) with 48 product submissions, and a 10% increase in US Injectables sales and marketing to strengthen the commercial platform
Strong cadence of launches and partnerships
43 product launches in the first half and ten new partnerships agreed in MENA, broadening the portfolio and pipeline
Optimising the business for sustainable growth
Improving plant efficiency while building a more resilient supply chain, and taking decisive action to focus the portfolio - including the wind-down of 503B compounding operations.
Group H1 Financial Highlights
|
Reported results |
H1 2026 |
H1 2025 |
Change |
Constant currency[1] |
|
Revenue |
1,728 |
1,658 |
4% |
3% |
|
Operating profit |
336 |
259 |
30% |
28% |
|
Profit attributable to shareholders |
223 |
238 |
(6%) |
(7%) |
|
Cashflow from operating activities |
214 |
161 |
33% |
- |
|
Basic earnings per share (cents) |
103 |
108 |
(5%) |
(5%) |
|
Interim dividend per share (cents) |
38 |
36 |
6% |
- |
|
Core results[2] |
H1 2026 |
H1 2025 |
Change |
|
|
Core revenue |
1,728 |
1,657 |
4% |
4% |
|
Core operating profit |
405 |
373 |
9% |
8% |
|
Core EBITDA[3] |
463 |
429 |
8% |
7% |
|
Core profit attributable to shareholders |
277 |
270 |
3% |
3% |
|
Core basic earnings per share (cents) |
128 |
122 |
5% |
5% |
Full year 2026 outlook reiterated
- Group
- Group revenue growth of 2% to 4%
- Group core operating profit of $720 million to $770 million
- Injectables
- Injectables revenue to grow in the low single digits
- Injectables core operating margin to be in the range of 27% to 28%
- Revenue and operating profit expected to be H2-weighted
- Branded
- Branded revenue expected to grow at the top end of guidance range of 6% to 8%
- Core operating margin expected to be around 25%
- Hikma Rx
- Hikma Rx revenue expected to be broadly flat
- Hikma Rx core operating margin to be close to 20%
- Hikma Rx revenue and operating profit expected to be [roughly] evenly weighted
- ‘Others’ business expected to break even
- Corporate unallocated costs to be around $105 million
- Group net finance expenses expected to be between $99 million and $103 million
- Core effective tax rate expected to be around 23%
- Group capital expenditure expected to be in the range of $190 million to $210 million (excluding an expected spend of $120 million related to a contract manufacturing project in Hikma Rx, which is being reimbursed by our partner)
[1] Constant currency numbers in H1 2026 represent reported H1 2026 numbers translated using H1 2025 exchange rates, excluding price increases in the business resulting from the devaluation of currencies.
[2] Core results throughout the document are presented to show the underlying performance of the Group, excluding exceptional items and other adjustments set out in Note 5. Core results are a non-IFRS measure.
[3] Core EBITDA is core operating profit before depreciation and software amortisation.
FAQS
In the first half of 2026, Group revenue grew 4% to $1,728 million and core operating profit grew 9% to $405 million, with the core operating margin expanding to 23.4%. Core EBITDA rose 8% to $463 million and core basic earnings per share increased 5% to 128 cents. Reported operating profit was up 30% to $336 million, largely reflecting a lower prior-year comparator. The Group generated operating cash flow of $214 million, up 33%, and ended the period with a net debt to core EBITDA ratio of 1.9x. The Board declared an interim dividend of 38 cents per share.
Hikma has reiterated its full-year 2026 guidance. Group revenue is expected to grow in the range of 2% to 4%, with core operating profit expected to be between $720 million and $770 million. At a divisional level, Injectables revenue is expected to grow in the low single digits with a core operating margin of 27% to 28%; Branded revenue is now expected to grow at the top end of its 6% to 8% range, with a core operating margin of around 25%; and Hikma Rx revenue is expected to be broadly flat with a core operating margin close to 20%. Guidance is provided in constant currency.
Branded delivered a strong performance, with revenue up 15% to $502 million and core operating profit up 23%, driven by key markets such as Saudi Arabia and a focus on first-to-market and first-generic products. Injectables revenue was flat year-on-year at $685 million, with growth in Europe, Rest of World and MENA offsetting a decline in the US; core operating profit was down 8%, reflecting gross margin headwinds and planned investment in R&D and sales and marketing. Hikma Rx revenue was broadly flat at $520 million, but core operating profit grew 16% and the core operating margin expanded to 20.6%, supported by an improved product mix.
The full Interim Results announcement, presentation and related materials are available in the Investors section of our website at www.hikma.com. A recording of the results Q&A conference call is also made available on the website following the event.
We will announce a trading update on Thursday, 5 November 2026. Further details of Hikma's upcoming reporting dates and events are published in the financial calendar in the Investors section of our website at www.hikma.com.