TIDMHIK
RNS Number : 7691X
Hikma Pharmaceuticals Plc
28 April 2023
Good momentum across all businesses and updated Generics
guidance
London, 28 April 2023 - Hikma Pharmaceuticals PLC (Hikma,
Group), the multinational pharmaceutical group, today provides an
update on current trading ahead of its Annual General Meeting.
Said Darwazah, Hikma's Executive Chairman and CEO, said:
"Hikma has had a good start to the year. Our Injectables and
Branded businesses continue to perform well reflecting our
diversified portfolio of products and manufacturing flexibility. We
have also had a stronger than expected start in our Generics
business, leading us to upgrade our guidance for the full year. The
strength of our operations is enabling us to meet the evolving
needs of our customers across our markets and we look forward to
making continued progress in the year ahead."
Injectables
We are performing well in our global Injectables business. In
the US, we continue to benefit from our broad portfolio of 150
products. In Europe and rest of the world, we are seeing good
demand for our growing portfolio of essential medicines. Our
extensive and flexible manufacturing capabilities across Europe are
enabling us to respond to market shortages. In MENA, our biosimilar
products continue to drive growth.
Investments in new and expanded manufacturing capacity have
enabled us to build our reputation as a high-quality and reliable
supplier, and we have continued to consistently supply important
medicines to patients. This year, we are adding new high-speed
filling lines in our Portugal and New Jersey facilities to support
our growing portfolio. We are also strengthening our sterile
manufacturing capabilities in MENA with the construction of new
Injectable plants in Algeria and Morocco.
We continue to expect Injectables revenue to grow between 7% and
9% and for core operating margin to be between 36% and 37%. This
reflects our broad portfolio and flexible manufacturing
capabilities across our geographies, supported by new product
launches.
Branded
Our Branded business is performing very well, supported by an
increasingly diversified portfolio of high-value products and
further strong demand for anti-infectives. Algeria continues to be
a top performer reflecting good demand for our growing oral
oncology portfolio. In Saudi Arabia, improvements in our commercial
strategy are driving growth in both the private and governmental
sectors. We are focusing on strategic therapeutic areas such as
oncology, diabetes and central nervous system and we are leveraging
our growing local presence. In Egypt, while we continue to be
impacted by currency headwinds, we are pleased with the performance
of our underlying business.
Our established presence in the region combined with our
reputation as a global pharmaceutical company with local expertise
and strong commercial capabilities continues to drive our growth.
Across our markets, we have an enhanced focus on R&D and are
investing in higher value medicines to treat chronic illnesses. We
are introducing first-to-market and first-generic products in our
Tier 1 markets and are investing in sales and marketing to support
these efforts.
We continue to expect Branded revenue to grow in the mid to high
single digits in constant currency, driven by our expanding
portfolio and focus on chronic medications.
Generics
Our Generics business has had a strong and encouraging start to
the year. The strength of our commercial and operational
capabilities as well as our manufacturing flexibility are enabling
us to ensure continuity of supply for customers and patients
impacted by increasing market disruptions. While the US retail
generics market remains competitive, we are benefiting from an
improving pricing environment, new business wins and a
better-than-expected performance across our differentiated
portfolio. We are also making good progress growing our contract
manufacturing business, leveraging our Columbus facility's state-of
the-art manufacturing capabilities to secure additional partnership
opportunities. In January we launched our authorised generic of
sodium oxybate and we are pleased with its performance year to
date, which is in line with our expectations.
We continue to invest in building our commercial capabilities
and developing our pipeline while driving efficiencies to support
our growth plans. These investments will enable us to improve the
resilience of this business as well as build an increasingly
differentiated and specialty portfolio.
Based on performance in the year to date, we are updating our
full year guidance for Generics. We now expect revenue growth close
to 20%, compared with our previous guidance of low double-digit
growth. We continue to expect core operating margin to be in the
range of 16% to 18%.
Sudan
The safety and wellbeing of our colleagues in Sudan is a top
priority and we are doing what we can to support them. Our current
guidance does not take into account any potential impact this
evolving situation could have on our business. In 2022 sales from
Sudan in our Branded and Injectables businesses represented 2.5% of
Group revenue.
Final dividend
Subject to approval at today's Annual General Meeting, we will
be paying a final dividend of 37 cents per share. The final
dividend brings the total dividend for the full year 2022 to 56
cents per share, an increase of 4% on 2021.
We will announce our interim results for the six months ended 30
June 2023 on 3 August 2023.
-- ENDS --
Enquiries:
Hikma (Investors)
Susan Ringdal
EVP, Strategic Planning and Global +44 (0)20 7399 2760/ +44 (0)7776
Affairs 477050
Guy Featherstone +44 (0)20 3892 4389/ +44 (0)7795
Associate Director, Investor Relations 896738
Layan Kalisse +44 (0)20 7399 2788/ +44 (0)7970
Senior Associate, Investor Relations 709912
Teneo (Press)
Charles Armitstead + 44 (0) 7703 330269
About Hikma
Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC:
HKMPY) (LEI:549300BNS685UXH4JI75) (rated BBB-/stable S&P and
BBB-/stable Fitch)
Hikma helps put better health within reach every day for
millions of people around the world. For more than 40 years, we've
been creating high-quality medicines and making them accessible to
the people who need them. Headquartered in the UK, we are a global
company with a local presence across the North America, the Middle
East and North Africa (MENA) and Europe, and we use our unique
insight and expertise to transform cutting-edge science into
innovative solutions that transform people's lives. We're committed
to our customers, and the people they care for, and by thinking
creatively and acting practically, we provide them with a broad
range of branded and non-branded generic medicines. Together, our
8,800 colleagues are helping to shape a healthier world that
enriches all our communities. We are a leading licensing partner,
and through our venture capital arm, are helping bring innovative
health technologies to people around the world. For more
information, please visit: www.hikma.com
(c)2023 Hikma Pharmaceuticals PLC. All rights reserved.
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END
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April 28, 2023 02:00 ET (06:00 GMT)
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