Hikma H1 Revenues Up 34.8%

Hikma Pharmaceuticals, the Jordan-founded pharma group with business in over 50 countries, reported revenues of $532.3 million for the first half of 2012, an increase of 34.8 per cent on the same period last year.

The company’s operating profit increased to $75.1 million, an increase of 53.1 per cent on H1 2011.

“Egypt, Libya and Tunisia have seen strong recovery and progress reflecting the benefits of our dedication, investments and new product launches. Our businesses in Morocco, Algeria, Jordan and the Gulf are also focused on delivering strategic products across various therapeutic areas,” Hikma said in a statement.

“Our US and European injectables facilities continue to play a key role in our strategy to improve healthcare standards as we continue to bring in high quality affordable injectable products into the MENA.
Hikma continues to leverage its Jordanian and Saudi manufacturing capabilities as part of its strategy to drive future growth in the US Generics business,” the company said.

As of June 2012, 27.2 per cent of Hikma’s generics sales in the US were manufactured in Hikma’s MENA facilities.

Strong performance in global injectables delivered 94 per cent revenue growth, with organic revenue growth of 25.7 per cent, and adjusted operating margin of 22 per cent.

Generics revenue decreased by 27.0 per cent to $55.8 million, reflecting the impact of additional compliance work at the Eatontown facility and increased pricing pressure. Full year revenue guidance is revised to around $115 million.

Significant increase in injectables margins offset lower margins in the generics business, with a group adjusted operating margin of 15.4 per cent, compared to 15.1 per cent in the first half of 2011.

Hikma launched 37 products and received 33 product approvals in the first half of this year.

“I am extremely pleased with the performance of our MENA countries, and the great benefits our US and European injectables facilities are bringing in to the region. I expect the outlook to be positive for the second half of the year,” said Mazen Darwazah, CEO of MENA and vice chairman.