Jordan Daily – Hikma Pharmaceuticals PLC, the multinational pharmaceutical company, today announced its interim results for the first half of 2024, reporting a 10% increase in group revenue to $1.569 billion, up from $1.427 billion in the same period last year. The growth was consistent across all three of its core business segments, positioning the company for continued success.
In a statement seen by the Jordan Daily , the company, a top-three provider of generic sterile injectables by volume and a key supplier of non-injectable generic medicines in the United States, has also established itself as the second-largest pharmaceutical company by sales in the Middle East and North Africa (MENA) region. Following its strong first-half performance, Hikma has revised its full-year revenue growth forecast to 6% to 8%, up from the previous estimate of 4% to 6%.
Riad Mishlawi, Chief Executive Officer of Hikma, expressed confidence in the company’s trajectory, stating, “We had an excellent first half of the year. All of our businesses contributed to our strong performance, delivering 10% Group revenue growth. We launched new products across all regions, entered new markets in Europe, and further strengthened our leadership team.”
Hikma’s Injectables business, which supplies generic injectables to hospitals across North America, Europe, and MENA, saw a 4% increase in revenue. Growth was particularly strong in North America and MENA, with high demand for the company’s own products in Europe. The company launched 39 products across all regions during the period and submitted 43 regulatory filings, underscoring its commitment to expanding its pipeline. Hikma expects Injectables revenue to grow between 6% and 8% for the full year.
In a strategic move to bolster its injectables portfolio, Hikma announced the acquisition of parts of Xellia Pharmaceuticals’ U.S. finished dosage form business in June 2024. The transaction, pending U.S. Federal Trade Commission approval, includes a manufacturing facility in Cleveland, Ohio, and an R&D center in Zagreb, Croatia.
Hikma’s Branded business, which focuses on branded generics and in-licensed patented products across MENA, achieved 12% growth, or 13% in constant currency. The segment’s strong performance was driven by its oncology and chronic treatment portfolio, with new product launches playing a crucial role. Despite significant currency depreciation in Egypt, where the pound devalued by approximately 60%, the segment’s robust growth offset these headwinds. Hikma now anticipates Branded revenue growth in the high single digits in constant currency, or 6% to 8% on a reported basis, an upgrade from earlier projections.
The Generics business, which supplies oral and other non-injectable generic and specialty products to the U.S. retail market, reported a 15% increase in revenue. Strong demand and volume growth contributed to the business’s solid performance in the first half of 2024. Hafrun Fridriksdottir was appointed President of Generics during this period. The company now expects Generics revenue to grow by 5% to 7% in 2024, up from its previous guidance of 3% to 5%.
Hikma continued to expand its geographic footprint in the first half of 2024, officially entering the Spanish and UK markets. The company is now supplying products across Europe’s largest markets and has made significant progress with new plants in Algeria and Morocco, which are expected to begin commercial production in 2025.
Looking ahead, Mishlawi affirmed Hikma’s positive outlook for the remainder of 2024: “The outlook for 2024 remains strong, and we are pleased to upgrade Group revenue and profit guidance.”
The company remains focused on expanding its product portfolio, enhancing its manufacturing capabilities, and exploring new market opportunities to sustain its growth trajectory.
