Said Darwazah, Executive Chairman and Chief Executive Officer of Hikma, said:
“Hikma’s diversified business model has enabled our core underlying business to deliver a resilient performance in 2022.
Our Injectables and Branded businesses performed well, helping to partially offset the decline in Generics. In Injectables, we have leveraged our best-in-class manufacturing capabilities, flexibility and efficiency to serve our customers, while investing in R&D to strengthen an increasingly differentiated pipeline of products. In Branded, we have again grown market share, focusing on chronic disease areas, further cementing our position as one of the leading pharmaceutical companies in the MENA region. While our Generics business has been impacted by industry-wide competitive pressures, we have focused on controlling our costs, driving efficiencies and building our specialty portfolio, which will support the outlook for this business going forward.
Looking ahead, we are confident that we will deliver good growth across all three of our businesses in 2023 as we continue to expand our product portfolio and enhance our manufacturing and commercial footprint.”
Reported results[1] (statutory) | 2022 $ million | 2021 $ million | Change | Constant currency[2] change |
Revenue | 2,517 | 2,553 | (1)% | 0% |
Operating profit | 282 | 582 | (52)% | (47)% |
EBITDA[3] | 680 | 727 | (6)% | (3)% |
Profit attributable to shareholders | 188 | 421 | (55)% | (49)% |
Cashflow from operating activities | 530 | 638 | (17)% | - |
Basic earnings per share (cents) | 83.9 | 182.3 | (54)% | (47)% |
Total dividend per share (cents) | 56 | 54 | 4% | - |
Core results[4] (underlying) | 2022 $ million | 2021 $ million | Change | Constant currency2 change |
Core revenue | 2,517 | 2,553 | (1)% | 0% |
Core operating profit | 596 | 632 | (6)% | (1)% |
Core EBITDA3 | 694 | 727 | (5)% | (1)% |
Core profit attributable to shareholders | 406 | 450 | (10)% | (4)% |
Core basic earnings per share (cents) | 181.3 | 194.8 | (7)% | (2)% |
[1] 2022 reported results include non-cash exceptional items related to impairments – further information can be found below
[2] Constant currency numbers in 2022 represent reported 2022 numbers translated using 2021 exchange rates, excluding price increases in the business resulting from the devaluation of the Sudanese pound and excluding the impact from hyperinflation accounting.
[3] EBTIDA is earnings before interest, tax, depreciation, amortisation, assets write-down, impairment charges/reversals and unwinding of acquisition related inventory step-up. Core EBITDA is adjusted for exceptional items. EBITDA is a non-IFRS measure, see page 16 for a reconciliation to reported IFRS results
[4] Core results throughout the document are presented to show the underlying performance of the Group, excluding the exceptional items and other adjustments set out in Note 5 of the consolidated financial statements set out in this release. Core results are a non-IFRS measure and a reconciliation to reported IFRS measures is provided on page 15