Said argues that the world needs more pharmaceutical companies like Hikma — ones that prioritise reliable, affordable access to essential medicines. He outlines Hikma's growth across three business segments (Injectables, Branded, and Hikma Rx). It's a timely reminder that Hikma is built on a clear and unwavering sense of purpose.
There is a question I return to often: what does the world actually need from a pharmaceutical company today?
Not in theory. In practice. When a hospital in Amman runs low on a critical antibiotic. When a patient in Ohio needs affordable asthma medicine. When a healthcare system in Europe is looking for a hospital injectable medicine that was previously unavailable or unaffordable. The answer, in every case, is the same — the world needs a company that can develop, manufacture, and deliver essential medicines reliably, affordably, and quickly to the patients that need them most.
That is what Hikma does. It is what we have done for almost 50 years, and it is what I am committed to now more than ever.
A company built differently
Hikma is not a single-market business, and it is not a single-product business. We are a global pharmaceutical company with diverse operations across three distinct segments — Injectables, Branded, and Hikma Rx — serving hospitals, retail pharmacies, and healthcare systems across North America, Europe, and the Middle East and North Africa. The breadth and reach of our business is the result of decades of deliberate investment in capabilities and operations that very few companies in the world can match: we have the ability to manufacture hundreds of different medicines in high-quality, regulatory-approved facilities, strong customer relationships supported by extensive commercial infrastructure across our markets, and the scientific expertise to bring differentiated products to market that improve patient care.
And we are committed to continue to broaden our offering and reach. In 2025, we launched 84 products across our markets. We currently have 300 projects in development, including 15 ready-to-use injectable formulations designed to reduce preparation time and medication errors in hospitals. In the US, we recently launched a room-temperature stable, ready-to-use vancomycin bag for critical sepsis treatment, as well as our first biosimilars.
But for us, being a responsible business means access to medicines is central to every decision we make. Beyond our medicines, we support the communities where we operate by working with our partners and employees to promote better health, education and economic wellbeing, all while empowering our people, protecting the environment and operating transparently and ethically. That is how we define long-term success.
The MENA story
The Middle East and North Africa is a challenging region to operate in. Geopolitical tensions, currency fluctuations, and market volatility are realities we navigate every day. And yet the unique story Hikma has built there is I believe an underappreciated one.
In 2025, we became the largest pharmaceutical company by sales in MENA — up from fifth largest as recently as 2020 — an accomplishment I am very proud of. That growth trajectory did not happen by chance. Over the past several years, we have systematically invested in expanding our portfolio, our partnerships, and our presence across the region, focusing on launching more complex and first-to-market generic products tailored to address local market needs.
Our oncology portfolio is growing. Our diabetes portfolio is transforming access to treatment in markets where these therapies were previously unavailable. We are a leader in multiple sclerosis treatments across the region, and we are bringing world-class products through partnerships that leverage our unique position as the licensing partner of choice in MENA. We signed 14 new partnership deals in 2025 alone, bringing our total to 43 deals with 29 partners since 2023, including an expanded agreement with Celltrion for six additional biosimilars.
This matters beyond the numbers. In a region where there is a growing population and an increasing incidence of chronic disease, having a trusted, locally rooted pharmaceutical company with global-quality manufacturing and a broad portfolio is not a luxury. It is a necessity.
Investing in the future of Injectables
Our Injectables business is one of the most important platforms in global generic pharmaceutical manufacturing. We are the third largest supplier of generic injectable products by volume in the US. In Europe, our Injectables business grew 23% in 2025, with particularly strong contributions from Germany and France, as healthcare systems increasingly recognise the value of a reliable, high-quality supply of critical hospital medicines.
I have been open about the fact that this business is navigating a period of transition. Competition has increased on certain established products, our product mix is evolving, and we are increasing investments in R&D, sales and marketing, and manufacturing capacity in line with this evolution — including the continued build-out of our Bedford, Ohio facility. I believe the long-term opportunity in Injectables is larger today than it was five years ago. Hospitals globally need more complex formulations, more ready-to-use products, and more reliable supply partners. That is exactly what we are building towards.
We are not managing this business for short-term margin optimisation. We are investing in it for sustainable, long-term growth. We are choosing to build a stronger, more diversified Injectables offering that can compound value over the next ten years, instead of protecting a margin at the expense of that long term growth.
Hikma Rx — strength we can build on
Our US oral, nasal and inhalation generic business, Hikma Rx, generated over $1 billion in revenue in 2025, making us the seventh largest supplier of generic medicines in the US. While this business has not produced headlines, it is increasingly generating a consistent performance, and we are steadily transforming it — adding more complex products, building out our respiratory and specialty portfolio, and developing a growing, contract manufacturing offering. It is a business I expect to deliver positive surprises over the coming years.
Why I believe in this company
When we listed on the London Stock Exchange 20 years ago, we had $250 million in revenue. In 2025, we generated over $3.3 billion. I am back in the CEO role because I know we can go much further. We have the extensive manufacturing footprint, the commercial expertise and reach, the partnerships, the pipeline, and the people to be a five-billion-dollar revenue $5 billion company by 2030. This aspiration is a target grounded in the capabilities we have already built and the investments we are making today.
We have a robust balance sheet, investment grade debt ratings and healthy cash generation to invest in growth, return capital to shareholders, and maintain financial discipline simultaneously. We increased our dividend by 5% in 2025 and are currently undertaking a $250 million share buyback, while simultaneously investing in the capital expenditure which will support our growth ambitions.
More than anything, I am proud of and believe in the accomplishments of the 9,400 people who make Hikma what it is. In our manufacturing plants, in our labs, in our commercial teams across three continents — they are the reason we can put better health within reach, every day, for more than 270 million people around the world who take our medicines. That purpose is not a slogan. It is the core principle of everything we do.
The world needs more companies that can bridge the gap between innovation and access, between global capability and local relevance. Hikma is that company.