Recent results

H1 2025 Interim Results

Watch Riad Mishlawi, CEO

I’m pleased to share an update on Hikma’s results and progress in the first half of 2025. We’re continued to successfully execute our strategy with discipline and focus, delivering solid results and building strong momentum for the second half of the year.

Our performance reflects the strength of our company and its diversified global business model. Products across all three of our businesses are contributing to top-line growth, supported by operational excellence and an unwavering commitment to quality.

We've made significant strides in expanding our portfolio and strengthening our pipeline, with 50 new launches in the first half of this year. We’ve also had important product approvals, such as TYZAVAN™ – a new formulation of vancomycin ready-to-use bags, and our first us biosimilar Ustekinumab. These launches and approvals reflect our ongoing focus on R&D and business development which enables us to bring high- quality affordable medicine to patients across all of our markets. strategic Investments are positioning us for long-term success.

The Xellia business acquired last year is fully integrated now, and we're working on expanding our technical capabilities and manufacturing capacity to support future growth. Looking ahead, we are expecting an excellent second half and remain confident in our Group outlook for the full year and beyond. With a strong foundation, a growing pipeline, a clear strategic vision, and our world-class team, Hikma is well positioned to deliver sustainable value for all our stakeholders.

I want to thank all my colleagues at Hikma who make our purpose possible, their dedication is vital ensuring we continue to put better health within reach every day.

H1 2025 Interim Results materials

Watch Khalid Nabilsi, CFO

I am pleased to share Hikma’s financial performance for the first half of 2025 which was in line with expectations, reflecting the strength and resilience of our diversified global business. Our 6% revenue growth was driven by a good performance across all segments considering the notably high comparator period. Growth in Injectables was particularly strong at 12% with 26% growth in Europe and 16% growth in MENA. Core operating profit was down again reflecting a high comparator in the first half of last year, as well as foreign exchange headwinds and product and regional mixed dynamics in the Injectables. We continue to expect strong operating profit growth in the second half.

Importantly, we’ve continued to invest for the future. R&D spend is up significantly, supporting a growing pipeline and new product approvals that will drive long-term value. We’ve also made strategic progress integrating our recent acquisition and expanding our manufacturing footprint, which positions as well for the coming years. Our balance sheet remains robust with healthy cash generation and disciplined financial management. We were delighted to be upgraded by both S&P and Fitch to BBB Stable, reinforcing our investment grade rating. We’ve refined our Eurobond and continue to grow our dividend, demonstrating our commitment to shareholder returns.

Looking ahead, we continue to expect revenue and operating profit growth for the full year driven by robust demand across our portfolio and supported by contract manufacturing and new launches. We have lowered our expectations for the full year injectables profitability, which is impacted by the stronger than expected appreciation of the Euro as well as some inflationary pressure on shipping and other expenses. Thanks to the diversity of the Group’s businesses, we remain confident in our full-year outlook. Our focus remains on delivering sustainable long-term growth through operational excellence and strategic investment.

Thank you to all our employees for the dedication and contributions that ensure we keep making progress across our three business divisions.

2024 Full Year Results

Watch Riad Mishlawi, CEO

Today I am pleased to announce our strong 2024 financial results. We had another year of growth and made significant strategic progress across the Group. I'm proud to say that for the first time we generated over 3 billion dollars of annual revenue, and we expect growth to continue into 2025. Importantly each of our three divisions contributed to our top-line growth, demonstrating the strength of our business.

Injectables, our largest business, grew across all regions. This growth was driven by a new product launches, continued expansion into new markets, and leveraging our strong manufacturing capabilities. We also completed the Xellia acquisition which has expanded our injectable portfolio pipeline manufacturing capacity and R&D strength. The Branded business continued to deliver great results benefiting from our strong position in the MENA region. Our focus on supplying high-quality high value medicines including oncology products has driven both margin expansion and revenue growth.

Generics also had an excellent year, with double-digit core revenue growth and a solid profit margin. We have new leadership in this business and I'm extremely excited about the potential here. We're focusing on accelerating R&D, executing our new CMO relationship and expanding our operational technologies to ensure stable and consistent growth in the years ahead.

I am pleased to share we are guiding to another year of profitable growth in 2025, and we look forward to updating all of our stakeholders on our progress throughout the year. Finally, I would like to thank all Hikma employees, without their dedication, we wouldn't have been able to make our high-quality medicines accessible to those who need them the most. Their commitment is at the core of our purpose, putting better health within which, every day.

2024 Full Year Results materials

Watch Khalid Nabilsi, CFO

2024 was another year of growth at Hikma. The Group delivered doubled-digit core revenue growth to over 3 billion US dollars for the first time. This was driven by strong performances in all three of our businesses and we are very confident that there is much more growth in the years ahead.

Our global Injectables business delivered double-digit growth with all three geographies contributing to this performance. We completed the Xellia acquisition during the year, which added to our 2024 sales and positions us well for the future. Excluding the impact of Xellia, Injectables organic core revenue growth was an impressive 8% we continue to deliver mid-30s margin. This is an exceptionally strong level of profitability and demonstrates the importance of our broad portfolio and our efficient high-quality operations.

Our Branded business had another excellent year. We had strong revenue growth and expanded our operating margin. The improved profitability for this business over the past few years reflects the evolution of our portfolio to focus more on products for chronic diseases and oncology.

Generics generated over 1 billion US dollar of Revenue and 2024 with an excellent performance from the base portfolio and a strong top line performance from our authorised generic of sodium oxybate. This product had a much lower margin in 2024 as our royalty payments increased versus the prior year, yet we were still able to deliver an impressive 170 million US dollar of core operating profit, ahead of our original expectations.

Overall, our Group balance sheet remains robust, even with the impact of financing the Xellia acquisition, we have kept our leverage low and cash generation remains strong. We announced our 2025 guidance today and I'm pleased to say that we expect the Group to have another very good year across each of our three businesses.
Watch Hafrun Fridriksdottir, President Generics
Watch Mazen Darwazah, Executive Vice Chairman, President of MENA
Dr Bill Larkins, President Injectables