Hikma delivers Group revenue and profit growth and announces share buyback and leadership changes

Performance overview

Hikma delivered Group revenue and profit growth in line with guidance, supported by strong momentum in Branded and Hikma Rx and growth across all geographies. Margins remained resilient, despite challenges in the Injectables which faced operational challenges, with clear steps now underway to address them and strengthen long term prospects.

Reported results (statutory)	2025 $ million	2024 $ million	Change	Constant currency[1] change
Revenue	3,349	3,127	7%	6%
Operating profit	542	612	(11)%	(12)%
Profit attributable to shareholders	402	359	12%	13%
Cashflow from operating activities	436	564	(23)%	-
Basic earnings per share (cents)	182	162	12%	13%
Total dividend per share (cents)	84	80	5%	-

 

Core results[2] (underlying)	2025 $ million	2024 $ million	Change	Constant currency[1] change
Core revenue	3,349	3,156	6%	5%
Core operating profit	741	719	3%	3%
Core EBITDA[3]	853	824	4%	3%
Core profit attributable to shareholders	503	495	2%	2%
Core basic earnings per share (cents)	228	224	2%	2%

• The Branded business continues to demonstrate strong growth and consistently high margins.
• Hikma Rx is being successfully transformed, adding resilience and new growth opportunities while maintaining attractive margins.
• In Injectables, the Group is accelerating investment and strengthening capabilities across sales and marketing, manufacturing, R&D, supply chain and CMO. The aim is to balance margin optimisation with sustainable profit growth.

 

Strong market positions

• Seventh largest supplier of generic medicines in the US^[4] in 2025
• Third largest supplier of generic injectable products by volume^[5]  in the US
• Became the largest pharmaceutical company in MENA by sales in 2025, up from second in 2024 and fifth in 2020^[5]
• Europe remained the highest growth region, with a strategy focused on supplying critical medicines and building strong competitive positions across key markets

 

Our resilient and diversified business model is balanced across Injectables, Branded and Hikma Rx segments, enabling us to respond to the many opportunities and challenges we face, while delivering for our stakeholders.

Injectables

Our Injectables business manufactures and supplies generic injectable and specialty medicines to hospitals across North America, Europe and MENA.

Injectables delivered 7% core revenue growth with a 31.0% core operating margin. Growth was broad based across regions, supported by a full year of Xellia and strong demand for controlled drugs.

Regional highlights

• North America: 5% growth, driven by Xellia and controlled drugs, offsetting increased competition.
• Europe: 23% growth, with strong contributions from Germany and France.
• MENA: 9% growth, supported by in licensed biosimilars and innovative products.
• Contract manufacturing revenues accelerated in the second half.

 

Core operating profit declined 6%, reflecting geographic and product mix, increased US competition on high value products, lower margin outsourced and partnered products, currency headwinds and higher inventory provisions.

Portfolio and pipeline 

We launched 50 injectable products globally, including 22 in the US. Our new Zagreb R&D centre strengthens our ability to develop complex and ready to use formulations. The pipeline now includes 118 products, with 15 ready to use formulations.

Capacity expansion

Work at the Bedford plant is progressing, with full commercial production across bag, liquid and lyophilisation lines expected in 2028

Branded

Our Branded business supplies branded generics and in licensed IP protected products across the MENA region.

The Branded business delivered an excellent year, with 10% revenue growth and a 26.4% core operating margin, supported by strong performance across most MENA markets.

Market position

We continue to leverage our global expertise to meet local needs, focusing on more complex and first to market products that strengthen growth and margins.

Portfolio highlights

We gained market share in key therapeutic areas, with strong performance from oncology and diabetes products such as palbociclib and dapagliflozin. We remain a leader in multiple sclerosis treatments and continue to expand innovative partnerships, including Finjuve™ in Saudi Arabia.

Hikma Rx

Hikma Rx supplies oral, respiratory and other generic and specialty products to the North American retail market. Hikma Rx generated over $1 billion in core revenue, flat on 2024 as guided, with a 17.3% core operating margin, ahead of expectations.

Portfolio performance

We delivered strong results from complex products including generic Advair Diskus® and fluticasone nasal spray, alongside good demand for albuterol and lisdexamfetamine.

R&D and pipeline

We are refocusing on R&D, submitting nine new filings during the year. Our respiratory and nasal capabilities provide a strong foundation for building an attractive future pipeline.

Contract manufacturing

CMO remains an important contributor. Our Columbus site is being prepared for a major upcoming contract, with revenues expected in 2026 and the first full year of commercial production in 2027.

Board & management changes

Meet our leadership team

• Said Darwazah, who stepped back in as CEO in December 2025, will step down as Executive Chairman of the Board to focus exclusively on the CEO role for the next two years
• Victoria Hull, previously Senior Independent Director (SID), has been appointed Chair and Douglas Hurt, our Audit Committee Chair, will assume the SID role 
• Mazen Darwazah will become Deputy CEO, MENA, responsible for all the Group’s activities in the MENA region, including MENA Injectables. He will also maintain his role as Executive Vice Chairman of the Board
• Khalid Nabilsi, who was appointed to the Board of Directors in December 2025, will become Deputy CEO, North America and Europe and will oversee all Hikma’s activities in North America and Europe. He will step down as Chief Financial Officer (CFO)
• The Board has initiated a search for a new CFO. While the search is ongoing, Areb Kurdi, currently VP, Group Financial Controller, will become Acting CFO
• Hafrun Fridriksdottir, currently President, Hikma Rx, will become President, US. She will continue to lead the Hikma Rx segment and will now take responsibility for all Injectables sales in the US, in addition to her responsibilities as Global Head of R&D

 

Share buyback

• A share buyback programme of up to $250 million as been announced and to be executed during 2026
• The buyback reflects the Group’s strong cash generation, balance sheet strength and the Board’s confidence in the future growth prospects of the business
• The buyback has been sized to maintain balance sheet efficiency whilst leaving significant headroom for continued investment opportunities

 

2026 Group outlook

• Group revenue growth in the range of 2% to 4%
• Group core operating profit in the range of $720 million to $770 million

 

2026 Segmental outlook

• Injectables revenue growth in the low single digits 
• Injectables core operating margin in the range of 27% to 28%
• Branded revenue growth in the range of 6% to 8% 
• Branded core operating margin of around 25%
• Hikma Rx revenue to be broadly flat
• Hikma Rx core operating margin close to 20%

 

[1] Constant currency changes are derived after reported 2025 numbers translated using 2024 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 of this release. Core results are a non-IFRS measure. See page 15 for a reconciliation to reported IFRS results

[3] Core EBITDA is core operating profit before depreciation and software amortisation

[4] IQVIA MAT November 2025, includes all generic injectable and generic non-injectable products by

[5] IQVIA MAT November 2025, generic injectable volumes by eaches, excluding branded generics and Becton Dickinson

[6] Based on internal analysis using data from the following source: IQVIA MIDAS® Monthly Value Sales data for Algeria, Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, Tunisia and UAE, for the period: MAT December 2025, reflecting estimates of real-world activity. Copyright IQVIA. All rights reserved