Hikma Pharmaceuticals reveals resilient growth and pipeline expansion amid cautious outlook

Hikma Pharmaceuticals reports 4% rise in first-half core revenue, driven by strong branded sales, and maintains optimistic full-year guidance despite strategic investments and market headwinds.

Hikma Pharmaceuticals said first-half core revenue rose 4 per cent, helped by a strong branded division, while core operating profit increased 9 per cent to $405 million and core EBITDA climbed 8 per cent to $463 million. The group also lifted core gross profit 7 per cent, as a richer mix in branded and prescription products supported margins.

Branded sales advanced 15 per cent to $502 million, with core operating profit up 23 per cent to $163 million. Hikma Rx was broadly flat at $520 million, but profit in the unit rose 16 per cent to $107 million. Injectables revenue held at $685 million, with core operating profit of $189 million.

The company said operating cash flow reached $214 million and leverage ended the period at 1.9 times core EBITDA. Research and development spending rose 18 per cent, while net finance expense increased to $49 million, reflecting higher debt and the 2025 eurobond refinancing.

Management reiterated full-year guidance despite the strong first half, pointing to heavier second-half investment, tender timing in the Middle East and North Africa, and a likely step-down in branded profitability. Hikma also reported 43 product launches, 10 new partnerships in MENA and a pipeline of more than 330 products. The Tyzavan transition is progressing, with 80 per cent of eligible customers converted, although the company said uptake in hospitals remains gradual.