23rd Feb 2023 09:54
(Alliance News) - Hikma Pharmaceuticals PLC on Thursday reported a dip in annual revenue for 2022, as profit tumbled due to high inflation and adjustments regarding expectations for its Generics business.
The London-based pharmaceutical company said revenue edged down 1.4% to USD2.52 billion from USD2.55 billion, while pretax profit dropped to USD233 million from USD544 million.
The profit fall was largely due to a USD181 million impairment in changes to long-term expectations for its Generics business, mostly related to Advair Diskus, which treats asthma and chronic obstructive pulmonary disease. The company cited inflation, including higher shipping, utilities and employee benefits costs as another reason for the profit decrease.
Meanwhile, Hikma noted a strong performance from Injectables and Branded businesses, which helped to partially offset the Generics decline.
"Looking ahead, we are confident that we will deliver good growth across all three of our businesses in 2023," said Executive Chair & Chief Executive Officer Said Darwazah.
The annual dividend was lifted by 3.7% to 56 US cents from 54 US cents a year prior.
Hikma shares were 4.1% higher at 1,824.50 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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