Hikma delivers strong H1 performance and raises Generics guidance
London, 3 August 2023 – Hikma Pharmaceuticals PLC and its subsidiaries (‘Hikma’ or ‘Group’), the multinational pharmaceutical company, today reports its interim results for the six months ended 30 June 2023.
Said Darwazah, Executive Chairman and Chief Executive Officer of Hikma, said:
“Our strong first half performance reflects growth across all three of Hikma’s businesses and geographies.
Across our global operations we have continued to strengthen our businesses and processes, including adding to, and enhancing our manufacturing capabilities. Our investments in R&D have yielded several new product launches and pipeline expansion, broadening our differentiated product portfolio. We continue to win important new contracts and expand in new markets, all of which are enabling Hikma to make more medicines accessible to the healthcare providers and patients who need them most.
I am especially delighted that Riad Mishlawi has been appointed as Hikma’s new CEO, effective 1st September 2023. He has an excellent record of delivering business expansion and profitable growth and has been a close colleague for many years. I look forward to continuing working together and capturing the significant opportunities available to Hikma.”
Group H1 highlights:
Reported results (statutory) $ million | H1 2023 | H1 20221 | Change | Constant currency change |
Revenue | 1,427 | 1,213 | 18% | 19% |
Operating profit | 245 | 239 | 3% | 7% |
Profit attributable to shareholders | 131 | 173 | (24)% | (18)% |
Net cash inflow from operating activities | 222 | 169 | 31% | - |
Basic earnings per share (cents) | 59.3 | 76.2 | (22)% | (16)% |
Interim dividend per share (cents) | 25 | 19 | 32% | - |
Core results (underlying) $ million | H1 2023 | H1 2022 | Change | Constant currency2 change |
Revenue | 1,427 | 1,213 | 18% | 19% |
Core operating profit | 401 | 296 | 35% | 39% |
Core profit attributable to shareholders | 284 | 209 | 36% | 41% |
Core basic earnings per share (cents) | 128.5 | 92.1 | 40% | 45% |
Throughout this document, H1 2023 refers to the six months ended 30 June 2023 and H1 2022 refers to the six months ended 30 June 2022
Constant currency numbers in H1 2023 represent reported H1 2023 numbers translated using H1 2022 exchange rates, excluding price increases in the business resulting from the devaluation of currencies and excluding the impact from hyperinflation accounting. Sudan is considered a hyperinflationary economy, therefore the spot exchange rate as at 30 June 2023 was used to translate the results of this operation into US dollars
Core results throughout the document are presented to show the underlying performance of the Group, excluding exceptionals and other adjustments set out in Note 5. Core results are a non-IFRS measure and a reconciliation to reported IFRS measures is provided on page 15