Hikma Reports Robust Start to 2024; Confirms Full Year Guidance

Amman: Hikma Pharmaceuticals PLC (Hikma), a leading multinational pharmaceutical group, today provided a positive trading update during its Annual General Meeting, signaling a promising start to 2024 across all business sectors. Riad Mishlawi, CEO of Hikma, expressed optimism about the company's performance, stating, "Hikma has had a strong start to 2024, with growth and momentum sustained across the Group. Our three business segments are thriving, supported by robust commercial and operational capabilities. We are expanding our product range and manufacturing capacity, setting the stage for sustained future growth." Business Segment Highlights: *Injectables*: The Injectables division has experienced a solid start, particularly in the US, where the company's extensive portfolio and new product launches, along with high-speed filling lines, are capturing new market opportunities. Growth is also strong in Europe and MENA, bolstered by demand for biosimilars and new product introductions. Branded: Hikma's Br anded segment has built on recent momentum, especially in the MENA region, where it is seeing robust demand across its oncology and chronic illness treatment portfolios. In 2023, Hikma became the second-largest pharmaceutical company in MENA by sales and continues to gain market share in key therapeutic areas. Generics: The Generics business is also performing well, with a focus on differentiating its product portfolio and pipeline. The recent appointment of Hafrun Fridriksdottir as President of the Generics division is expected to drive further growth, leveraging her extensive experience in RandD and pipeline expansion. Financial Outlook: Hikma expects Group revenue to grow between 4% to 6% in 2024, with core operating profit projected between $660 million to $700 million. The Injectables segment is forecasted to grow between 6% to 8%, with a core operating margin of 36% to 37%. Branded revenue is expected to see mid- to high-single digit growth in constant currency, while Generics revenue is anticipated to increase by 3% to 5%. Dividend and Future Projections: Subject to approval at today's meeting, Hikma will distribute a final dividend of 47 cents per share, bringing the total 2023 dividend to 72 cents per share, a 29% increase from the previous year. The company plans to progressively raise its dividend, targeting a payout ratio of 30% to 40%, reflecting confidence in its long-term growth prospects. Hikma will announce its interim results for the first half of 2024 on 8 August 2024. Source: Jordan News Agency