Hikma Posts A Stellar H1 Performance, Re-affirms Expectations For Strong Growth In The Second Half

By Ron Chen, Bureau Chief, Asia

Hikma Pharmaceuticals Plc and its subsidiaries  Hikma, the multinational pharmaceutical company, has reported its interim results for the six months ended 30 June 2025.

The Group reported revenue growth of 6 per cent (5% in constant currency) to US$1.658 billion (compared to US$1.569 billion in H1 2024). We continued to implement our strategic priorities in the first half of 2025.

Our MENA business had a strong first half, building market share across the portfolio and we remained the second largest pharmaceutical company by sales[ Based on internal analysis by using data from the following source: IQVIA MIDAS® Monthly Value Sales data for Algeria, Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, Tunisia and UAE, for the period: calendar year 2024, reflecting estimates of real-world activity. Copyright IQVIA. All rights reserved], with a growing portfolio and reach in MENA. We also maintained our position as a top-three US provider of generic sterile injectables by volume[ IQVIA MAT June 2025, generic injectable volumes by eaches, excluding branded generics and Becton Dickinson ] and a key supplier of non-injectable generic medicines. In Europe, we are the sixth largest supplier of injectables by sales[ IQVIA Injectable generic products, Hospital + Germany Retail, 2024 USD sales] thanks to our expansion in France, Spain and the UK. 

We also strengthened our pipeline through strategic partnerships and agreements by signing seven partnerships across all three businesses, including an exclusive licensing agreement with pharmaand GmbH (pharma&) to commercialise rucaparib, an innovative oral oncology therapy, across MENA.

We continue to expect Group revenue to grow in the range of 4 per cent to 6 per cent for the full year, reflecting good growth in the Branded and Injectables businesses, offset by a slight decline in Hikma Rx, (the Generics business in the US).

Chief Executive Officer of Hikma, Riad Mishlawi,said: “In the first half of 2025, the strategic changes and renewed focus we put in place have started to deliver tangible results. We achieved strong revenue growth and built solid momentum across the business. While core operating profit was lower due to strong comparator in 2024 and a change in product mix, we expect a return to growth in the second half and are pleased to reiterate our full-year 2025 guidance for the Group. Demand across our portfolio remains robust, we are successfully launching new products, strengthening our manufacturing capabilities, and securing key strategic partnerships. We are also making significant strides in advancing our pipeline and increasing our investment in R&D.

With this foundation, we are well-positioned for the future and I look forward to sharing more updates on our continued growth.”

As per Mishlawi: “Our Injectables business, which manufactures and supplies generic injectable medicines to hospitals across North America, Europe and MENA, delivered 12 per cent revenue growth in the first half, with profit impacted by a change in product mix and the strong appreciation of the Euro. 

In North America, we are benefitting from recently launched products as well as the contribution from the Xellia portfolio, which we acquired in September 2024. During the first half, we received FDA approval for the biosimilar Ustekinumab, and for our reformulated vancomycin ready-to-use bag, TYZAVANTM which we will be launched in the second half.

Our MENA business had a strong first half, building market share across the portfolio. We had a good performance from our oncology, biotechnology and anti-infective portfolios as well as new launches, including our first diagnostic product from our partnership with Guardant Health. 

In Europe, we are seeing strong demand for our own products, particularly in recently entered markets such as France, driven by an expanding portfolio and market shortage dynamics.

During H1 2025, we launched 33 products and submitted 21 filings to regulatory authorities across all markets. We expect Injectables revenue to grow in the range of 7 per cent to 9 per cent.

Our Branded business, which supplies branded generics and in-licensed patented products across the MENA region, grew 4 per cent, reflecting increased market share across the region. Chronic therapy areas remain a key driver of our expansion, with treatments for diabetes, respiratory illness and multiple sclerosis all contributing to growth in the first half. We also remain a leader in oral oncology in the region, with a particularly good contribution from recently launched products, including the targeted breast cancer therapy, palbociclib, sold under our brand name Papillio, a first generic of this important medicine in Algeria.

We have a significant and expanding manufacturing presence in the region, where localisation is key to our strategy, and during the first half of 2025 we have continued to make operational enhancements, including facility expansions, automation and rolling out inspection-readiness programmes, which will collectively improve efficiencies and enhance our quality levels.

During H1 2025, we launched 14 products and submitted 36 filings to regulatory authorities. We now expect Branded revenue to grow in the range of 6 per cent to 7 per cent on both a constant currency and reported basis.

Hikma Rx, which supplies oral and other non‑injectable generic and specialty products to the US retail market, delivered a good first half performance against a heavily H1-weighted 2024 result. 

Hikma Rx revenue is down 1 per cent as expected with differentiated portfolio performing well. We continued increasing investment to support growth and R&D, while the successful integration of Xellia strengthened Injectables and Hikma Rx. 

Our differentiated portfolio is performing well with strong volume growth, especially for our inhalation products, which is partially offsetting expected levels of price erosion. We have also maintained our strong position in the sodium oxybate market.

We continue to leverage our state-of-the-art facility production in Columbus, Ohio for contract manufacturing for a range of customers, and preparations at the site are ongoing for our previously announced contract with a large global pharmaceutical company. We expect Hikma Rx revenue to be broadly flat vs 2024.”