3rd Aug 2023 09:28
(Alliance News) - Hikma Pharmaceuticals PLC on Thursday said it expects a higher full year performance from its Generics business amid interim revenue growth, but reported a drop in profit.
The London-based pharmaceutical company said for the six months ended June 30 revenue rose by 17% to USD1.42 billion from USD1.21 billion the year before, due to growth across all three of its business segments. Its Injectables business recorded revenue growth of 9%, while Branded and Generics grew by 11% and 39% respectively.
Pretax profit fell by 25% to USD131 million from USD174 million a year prior, as net impairment loss on financial assets soared to GBP46 million.
The company declared an interim dividend of USD0.25 per share, 32% higher than USD0.19 in the first half of 2022.
Looking ahead, Hikma expects revenue growth close to 30% for Generics from USD672 million in 2022. It also predicts its total capital expenditure will be in the range of USD140 million and USD160 million.
Chief Executive Officer & Chair Said Darwazah said: "Our strong first half performance reflects growth across all three of Hikma's businesses and geographies.
"We continue to win important new contracts and expand in new markets, all of which are enabling Hikma to make more medicines accessible to the healthcare providers and patients who need them most."
Shares in Hikma were up 0.7% at 2,089.00 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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