Hikma Pharmaceuticals (LSE:HIK), the multinational pharmaceutical company, reported group revenue of $1.728 billion for the six months to 30 June, up 4% on the same period last year.
Core operating profit rose 9% to $405 million, while reported operating profit jumped 30%, a rise the company attributed largely to a lower comparator in the first half of last year, when results were hit by a non-core legal settlement tied to sodium oxybate.
Branded revenue climbed 15% to $502 million, with core operating profit up 23% and margins of 32.5%, while Injectables revenue of $685 million was flat and core operating profit fell 8% to a 27.6% margin. Hikma Rx revenue held steady at $520 million but core operating profit rose 16%.
"I am pleased to report a solid first half with performance in line with our expectations... I remain confident in our outlook and we are reiterating our full-year guidance," said chief executive Said Darwazah.
Cashflow from operations rose to $214 million from $161 million a year earlier. Net debt to core EBITDA stood at 1.9 times at period end, up from 1.6 times at the end of December. The interim dividend rises 6% to 38 cents per share, and the company has bought back $227 million of a planned $250 million share buyback.
Hikma reiterated full-year guidance for group revenue growth of 2% to 4% at constant currency and core operating profit of $720 million to $770 million. Tobias Hestler, former Haleon chief financial officer, joins the board as an independent non-executive director from 7 August.
News Intelligence what this means for the company
Hikma delivered H1 revenue growth of 4% to $1.73 billion with core operating profit up 9% to $405 million, reiterating full-year guidance for 2–4% revenue growth and $720–770 million core operating profit. Growth in Branded (revenue +15%, operating profit +23%) and Hikma Rx (operating profit +16%) offset a flat Injectables segment where profit fell 8%, leaving the company tracking in line with expectations rather than surprising to the upside.
The results confirm execution on guidance but do not materially alter the investment thesis: Hikma remains a steady-state compounder dependent on hitting its own targets rather than a re-rating story. The 9% core operating profit growth outpaces the 4% revenue rise, signaling margin expansion, though the Injectables headwind—the largest segment at $685 million revenue—warrants monitoring for sustainability of that margin lift.
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