Half-year Report

Hikma delivers a solid H1 performance and re-affirms expectations for strong growth in the second half

London, 7 August 2025 - Hikma Pharmaceuticals PLC and its subsidiaries ('Hikma' or 'Group'), the multinational pharmaceutical company, today reports its Interim Results for the six months ended 30 June 2025.

Riad Mishlawi, Chief Executive Officer of Hikma, 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 a 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."

Group H1 highlights:

H1 FINANCIAL HIGHLIGHTS

·  Group revenue up 6% driven by robust volumes across all segments and geographies

o  Injectables revenue up 12% driven by good performances in Europe (up 26%), MENA (up 16%) and North America (up 8%), supported by recent launches and the Xellia portfolio

o  Branded revenue up 4% as we continue to increase market share across MENA

o  Hikma Rx5 revenue down 1%, as expected, with differentiated portfolio performing well

·  Group core operating profit down 7% but continue to expect strong growth in H2

o  Injectables core operating profit down 7% (down 4% in constant currency) and core operating margin of 30.0%, reflecting evolving product mix and appreciation of the Euro

o  Hikma Rx core operating profit down 12% vs strong H1 2024, with 17.6% core operating margin

o  Branded core operating profit up 3% (up 1% in constant currency), with core operating margin of 30.4%, reflecting the usual weighting of costs to the second half of the year

o  Reported Group operating profit of $259 million, down 26%, impacted by the non-core legal settlement related to sodium oxybate

·  Robust balance sheet, cashflow and dividend growth

o  Cashflow from operating activities of $161 million (H1 2024: $198 million)

o  Net debt6 to core EBITDA7 of 1.7x at 30 June 2025 (31 December 2024: 1.4x)

o  Interim dividend of 36 cents per share, up 12%

STRATEGIC PROGRESS

·  Increasing investment to support growth

o  20% increase in R&D investment vs H1 2024, as we invest to accelerate pipeline growth

·  Successful integration of Xellia to strengthen Injectables and Hikma Rx

o  Zagreb R&D centre, with over 80 employees now contributing to both Injectables and Hikma Rx

o  Upgrade of Bedford, Ohio Injectables facility on track

·  Broadening and enhancing portfolio through approvals and launches

o  Received US FDA approval for TYZAVANTM, a novel ready-to-use formulation of vancomycin injection, and ustekinumab, a biosimilar referencing Stelara®

o  Expanded oral oncology portfolio in MENA with the launch of palbociclib (Papillio) and improved market share for key therapies in diabetes, multiple sclerosis and respiratory

o  Launched the first generic of mercaptopurine oral suspension in the US, with FDA Competitive Generic Therapy designation

·  Strengthening the pipeline through strategic partnerships and agreements

o  Signed 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

o  Acquired the FDA-approved Abbreviated New Drug Application (ANDA) for trametinib tablets from Novugen

MAINTAINING STRONG 2025 GROUP OUTLOOK

· 2025 Group revenue growth of 4% to 6%

· 2025 Group core operating profit of $730 million to $770 million

INTERNATIONAL TRADE POLICIES AND US DOMESTIC MANUFACTURING

· The US administration's trade strategy involving the introduction of tariffs on direct US imports is being closely monitored. The situation remains dynamic and Hikma continues to assess the situation and take mitigating actions where appropriate

· The full year 2025 outlook for the Group takes into account an impact from tariffs as implemented at the date of this release, and related inflationary pressures

· During the first half, Hikma announced it will invest $1 billion by 2030 to further expand its US manufacturing and R&D capabilities

· Hikma has a long history of consistently expanding its US manufacturing capabilities and volume capacity, and is uniquely positioned as a large domestic manufacturer of generic medicines needed by the US healthcare system to treat patients nationwide

Further information:

A pre-recorded presentation will be available at www.hikma.com at 07:00 BST. Hikma will also hold a live Q&A conference call at 09:00am BST, and a recording will be made available on the Company's website.

To join via conference call please dial:

United Kingdom (toll free): +44 808 189 0158

United Kingdom (local): +44 20 3936 2999

Access code: 358168

For further information please contact Deepa Jadeja - [email protected].

Hikma (Investors):

FTI (Press):

Ciara Martin +44 (0)7779 775979

About Hikma:

Hikma helps put better health within reach every day for millions of people around the world. For more than 45 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 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 9,500 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

Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (LEI:549300BNS685UXH4JI75) (rated BBB/stable S&P and BBB/stable Fitch)

STRATEGIC REVIEW

We continued to implement our strategic priorities in the first half of 2025, making strong progress expanding our portfolio, strengthening our pipeline, enhancing our manufacturing capabilities and signing new partnerships.

In the US we maintained our position as a top-three provider of generic sterile injectables by volume8 and a key supplier of non-injectable generic medicines. In the MENA region, we remain the second largest pharmaceutical company by sales9, with a growing portfolio and reach. In Europe, we are the sixth largest supplier of injectables by sales10 thanks to our expansion in France, Spain and the UK.

Injectables

Our Injectables business, which manufactures and supplies generic injectable medicines to hospitals across North America, Europe and MENA delivered good 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, where we launched 11 products, we benefitted from liraglutide, the first approved ANDA for a generic GLP-1 referencing Victoza®, as well as the Xellia portfolio acquired in September 202411. Their respective contribution to sales helped to offset competition on some of our larger products. We are making excellent progress with our R&D projects, which will support the long-term growth of the Injectables business. 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 launch in the second half. Our Canadian business continues to grow as we actively address product shortages, reinforcing Hikma's position as a trusted and reliable supplier of essential medicines.

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 performed well across our established and recently entered markets. For example in France, which we entered in 2022, we more than doubled revenue in the first half. We are expanding our European portfolio through new launches, with 19 in the first half, and we are also benefiting from our local European manufacturing capabilities. We expect contract manufacturing revenues, which are largely generated in Europe, to be second half weighted.

Branded

Our Branded business, which supplies branded generics and in-licensed patented products across the MENA region, continued to grow 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.

Hikma Rx

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.

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 focus on efficiencies in this business, improving output and managing our cost base. Concurrently, we have increased our R&D spend, as previously communicated, as we work to ensure we build out our pipeline to drive future performance.

We continue to leverage our state-of-the-art production facility 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.

Outlook for full year 2025

We continue to expect Group revenue to grow in the range of 4% to 6%, and for core operating profit to be in the range of $730 million to $770 million.

We continue to expect Injectables revenue to grow in the range of 7% to 9%. We now expect core operating margin to be in the range of 32% to 33% (previously mid-30s), primarily reflecting the strong appreciation of the Euro, as well as some inflationary pressure on shipping and other expenses.

We now expect Branded revenue to grow in the range of 6% to 7% on both a constant currency and reported basis and for core operating margin to be close to 25%, reflecting a favourable product mix and strong performance from new launches.

We continue to expect Hikma Rx revenue to be broadly flat vs 2024, and core operating margin to be around 16%.

We expect Group core net finance expense to be in the range of $90 million to $95 million and the core effective tax rate to be around 22%.

We expect Group capital expenditure to be in the range of $170 million to $190 million.

Medium term guidance

We held an investor event at our Columbus, Ohio plant in May, showcasing both our Hikma Rx and Injectables businesses, and at the same time we introduced medium term guidance:

· Group revenue CAGR of 6% to 8% between 2024-2027

· Group core EBIT CAGR of 7% to 9% between 2024-2027

· Group revenue of $5 billion by 2030

FINANCIAL REVIEW

The financial review set out below summarises the performance of the Group and our three main business segments: Injectables, Branded and Hikma Rx, for the six months ended 30 June 2025.

Group

Group revenue grew 6%, reflecting good growth in the Branded and Injectables businesses, offset by a slight decline in the Hikma Rx business.

Core gross profit declined 4% and core gross margin was 43.7%. The decline reflects a change in the distribution of gross profit across the year compared to 2024, when gross profit of Hikma Rx and Branded was strongly weighted to the first half. In addition, this reflects the change in product and geographic mix in the Injectables business.

Group reported operating expenses were $456 million (H1 2024: $405 million). Group core operating expenses were $351 million (H1 2024: $354 million).

Group reported selling, general and administrative (SG&A) expenses were $396 million (H1 2024: $325 million), reflecting a provision of $72 million taken for a legal settlement. Core SG&A expenses were $278 million (H1 2024: $280 million). This reflects reduced commercial spend in Hikma Rx following the out-licensing of Kloxxado®, offset by normal course increases in other businesses.

Core and reported R&D expenses were up 20% to $73 million (H1 2024: $61 million), representing 4.4% of revenue (H1 2024: 3.9%).

Reported other net operating income was $14 million (H1 2024: $19 million expense). This includes $14 million non-core income from an insurance settlement related the Group's business in Sudan. Core other net operating income was $1 million (H1 2024: $13 million expense).

Group reported operating profit reduced by 26% and Group core operating profit decreased by 7%, with a core operating margin of 22.5%.

Group revenue by business segment

Group revenue by region

Injectables

Injectables revenue grew 12% in the first half, benefitting from the breadth of the portfolio, our broad geographic exposure and the contribution from recent launches.

In North America we are benefitting from recently launched products as well as the contribution from the Xellia portfolio. This has more than offset increased competition on certain products.

In Europe and rest of world (ROW) 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. We continue to expect sales from contract manufacturing to be weighted to the second half.

In MENA, our biosimilar portfolio continues to perform well and we are seeing good progress with private market opportunities.

Injectables core gross profit was down 3% and core gross margin contracted to 46.4%. This decline was driven by a change in product and geographic mix, including the dilutive impact of the Xellia portfolio, for which production is currently outsourced, and ongoing competition on some of our higher margin products in the US.

Injectables operating profit declined 8%. Injectables core operating profit declined 7%, and core operating margin was 30.0%, down from 36.3% in H1 2024. This reflects the gross profit movement as well as further costs related to the appreciation of the Euro.

During H1 2025, the Injectables business launched 11 products in North America, three in MENA, and 19 in Europe and ROW. We submitted 21 filings to regulatory authorities across all markets. We further developed our portfolio through new licensing agreements.

Branded

Branded revenue grew 4%, with a good performance across our markets, against an unusually high comparator period in H1 2024, due to the timing of tenders.

Branded reported and core gross profit were flat, with core gross margin reducing slightly to 53.1%, reflecting the timing of higher margin oncology tenders in H1 2024.

Branded reported operating profit increased 13%, which included non-core income from an insurance settlement related to the Sudan business. Core operating profit grew 3%, reflecting higher foreign exchange related costs in 2024. In constant currency, Branded core operating profit grew 1%.

During H1 2025, the Branded business launched 14 products and submitted 36 filings to regulatory authorities. Revenue from in-licensed products represented 29% of Branded revenue (H1 2024: 28%).

Hikma Rx

Hikma Rx revenue declined 1% in the first half. We saw good volume growth in our inhalation portfolio, which helped to partially offset expected price erosion.

The 11% reduction in Hikma Rx core and reported gross profit and the gross margin contraction to 33.5% was primarily due to price erosion and a slight increase in costs, as well as to a strong comparator period, as price erosion in 2024 was realised in the second half of the year.

Hikma Rx reported operating profit declined 20%, and core operating profit declined 12%. We have offset a meaningful increase in R&D spend by reducing other costs, primarily sales and marketing spend.

During H1 2025, we launched three products and submitted three filings to regulatory authorities.

Other businesses

Other businesses comprise our 503B compounding business, as well as Arab Medical Containers (AMC), a manufacturer of plastic specialised medicinal sterile containers, and International Pharmaceuticals Research Centre (IPRC), which conducts bio-equivalency studies. Other businesses contributed revenue of $15 million (H1 2024: $13 million) with a core operating loss of $4 million (H1 2024: $3 million loss) as we continue to invest in the development of our compounding business.

Research and development

Our investment in R&D and business development is core to our strategy and enables us to continue expanding the Group's product portfolio.

Net finance income/(expense)

Reported net finance income was $35 million, compared with a net finance expense of $64 million in 2024. Reported net finance income includes income of $71 million resulting from amendments to royalty payment arrangements and remeasurement of contingent consideration payment liabilities. Core net finance expense was $36 million.

We continue to expect core net finance expense to be between $90 million to $95 million for the full year.

Tax

The Group incurred a reported tax expense of $55 million (H1 2024: $59 million). Excluding the tax impact of exceptional items and other adjustments, the Group core tax expense was $66 million in H1 2025 (H1 2024: $77 million). The core effective tax rate12 for H1 2025 was 19.5% (H1 2024: 21.2%). We continue to expect the Group's core effective tax rate to be around 22% for the full year.

Profit attributable to shareholders and earnings per share

Profit attributable to shareholders was $238 million (H1 2024: $226 million). Core profit attributable to shareholders was $270 million (H1 2024: $283 million). Reported basic earnings per share was 108 cents (H1 2024: 102 cents). Core basic earnings per share was 122 cents (H1 2024: 128 cents).

Dividend

The Board is recommending an interim dividend of 36 cents per share (H1 2024: 32 cents per share). The interim dividend will be paid on Thursday 18 September 2025 to eligible shareholders on the register at the close of business on Friday 15 August 2025.

Net cash flow, working capital and net debt

The Group generated operating cash flow of $161 million (H1 2024: $198 million).

Group working capital days were 259 at 30 June 2025. This compares to 240 days at 31 December 2024 and 251 days at 30 June 2024.

Cash capital expenditure was $68 million (H1 2024: $69 million). In the US, $21 million was spent on upgrades and capacity expansion across our Cherry Hill, Bedford and Columbus sites. In MENA, $35 million was spent strengthening and expanding our local manufacturing sites across our markets. In Europe, we spent $12 million enhancing and expanding our manufacturing capabilities in Portugal.

We continue to expect Group capital expenditure to be around $170 million to $190 million in 2025.

The Group's total debt was $1,558 million at 30 June 2025 (31 December 2024: $1,306 million; 30 June 2024: $1,276 million), reflecting higher debt utilisation to fund the Xellia acquisition and the acquisition of brand rights from Takeda.

The Group's cash balance was $236 million at 30 June 2025 (31 December 2024: $188 million). The Group's net debt was $1,322 million at 30 June 2025 (31 December 2024: $1,118 million)13. We continue to have a strong balance sheet with a net debt to core EBITDA ratio of 1.7x (31 December 2024: 1.4x).

On 8 July 2025, the Group issued a new $500 million five-year Eurobond with a 5.125% coupon rate to refinance the previously issued $500 million five-year Eurobond, which had a 3.25% coupon rate and matured on 9 July 2025.

On 15 July 2025, the Group signed a $250 million six-year loan agreement with International Finance Corporation (IFC).

Net assets

Net assets at 30 June 2025 were $2,551 million (31 December 2024: $2,321 million). Net current assets were $501 million (31 December 2024: $285 million).

Statement of Directors' responsibilities

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

The maintenance and integrity of the Hikma Pharmaceuticals PLC website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the interim financial statements since they were initially presented on the website.

By order of the Board

The Board of Directors that served during all or part of the six-month period to 30 June 2025 and their respective responsibilities can be found on the Leadership team section of www.hikma.com. This excludes John Castellani, who stepped down from his position as a Non-Executive Director on 24 April 2025.

Cautionary statement

This Interim Results announcement has been prepared solely to provide additional information to the shareholders of Hikma and should not be relied on by any other party or for any other purpose.

Definitions

We use a number of non-IFRS measures to report and monitor the performance of our business. Management uses these adjusted numbers internally to measure our progress and for setting performance targets. We also present these numbers, alongside our reported results, to external audiences to help them understand the underlying performance of our business. Our core numbers may be calculated differently to other companies.

Adjusted measures are not substitutable for IFRS results and should not be considered superior to results presented in accordance with IFRS.

Core results

Reported results represent the Group's overall performance. However, these results can include one-off or non-cash items which are excluded when assessing the underlying performance of the Group. To provide a more complete picture of the Group's performance to external audiences, we provide, alongside our reported results, core results, which are a non-IFRS measure. Our core results exclude exceptional items and other adjustments set out in Note 5.

Constant currency

As the majority of our business is conducted in the US, we present our results in US dollars. For both our Branded and Injectable businesses, a proportion of their sales are denominated in currencies other than the US dollar. In order to illustrate the underlying performance of these businesses, we include information on our results in constant currency.

Constant currency numbers in H1 2025 represent reported H1 2025 numbers translated using H1 2024 exchange rates, excluding price increases in the business resulting from the devaluation of currencies.

Core EBITDA

Core EBITDA is reported operating profit before depreciation, amortisation on software, adjusted for exceptional items and other adjustments recognised within reported operating profit.

Core EBITDA for the twelve months ending 30 June 2025, which is used in the calculation of net debt to core EBITDA, was $800 million.

Working capital days

We believe Group working capital days provides a useful measure of the Group's working capital management and liquidity. Group working capital days are calculated as Group receivable days plus Group inventory days, less Group payable days. Group receivable days are calculated as Group trade receivables x 365, divided by trailing 12 months Group revenue. Group inventory days are calculated as Group inventory x 365 divided by trailing 12 months Group reported cost of sales. Group payable days are calculated as Group trade payables x 365, divided by trailing 12 months Group reported cost of sales14.

Group net debt

We believe Group net debt is a useful measure of the strength of the Group financial position. Group net debt includes long and short-term financial debts (Note 10), lease liabilities, net of cash and cash equivalents and restricted cash (if any).

Forward looking statements

This announcement contains certain statements which are, or may be deemed to be, "forward looking statements" which are prospective in nature with respect to Hikma's expectations and plans, strategy, management objectives, future developments and performance, costs, revenues and other trend information. All statements other than statements of historical fact may be forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward looking words such as "intends", "believes", "anticipates", "expects", "estimates", "forecasts", "targets", "aims", "budget", "scheduled" or words or terms of similar substance or the negative thereof, as well as variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. 

By their nature, forward looking statements are based on current expectations and projections about future events and are therefore subject to assumptions, risks and uncertainties that are beyond Hikma's ability to control or estimate precisely and which could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. Where included, such statements have been made by or on behalf of Hikma in good faith based upon the knowledge and information available to the Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and Hikma's shareholders are cautioned not to place undue reliance on the forward-looking statements. Forward looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation ((EU) No. 596/2014) and the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), Hikma does not undertake to update the forward looking statements contained in this announcement to reflect any changes in events, conditions or circumstances on which any such statement is based or to correct any inaccuracies which may become apparent in such forward looking statements. Except as expressly provided in this announcement, no forward looking or other statements have been reviewed by the auditors of Hikma. All subsequent oral or written forward looking statements attributable to Hikma or any of its members, directors, officers or employees or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit forecast.

Neither the content of Hikma's website nor any other website accessible by hyperlinks from Hikma's website are incorporated in, or form part of, this announcement.

Principal risks and uncertainties

The Group faces risks from a range of sources that could have a material impact on our financial commitments and ability to trade in the future. The principal risks are determined via robust assessment considering our risk context by the Board of Directors with input from executive management.

During the first half of 2025, the US administration's trade strategy involving the introduction of tariffs on direct imports has been closely monitored. The situation remains dynamic. Hikma continues to assess the situation and take mitigating actions where appropriate.

In addition, Hikma has closely monitored the conflict in the Middle East and responded to ensure the safety of our people, and to mitigate potential disruptions to shipping and operations. The situation is managed by local, regional and group management teams across multiple principal risk areas, overseen by the Executive Committee and Board.

The principal risks facing the company have not materially changed in the last six months, and are set out in the 2024 annual report on pages 82 - 86. The Board recognises that certain risk factors that influence the principal risks are outside of the control of management. The Board is satisfied that the principal risks are being managed appropriately and consistently with the target risk appetite. The set of principal risks should not be considered as an exhaustive list of all the risks the Group faces.

[1] Throughout this document, H1 2025 refers to the six months ended 30 June 2025 and H1 2024 refers to the six months ended 30 June 2024.

2 Constant currency numbers in H1 2025 represent reported H1 2025 numbers translated using H1 2024 exchange rates, excluding price increases in the business resulting from the devaluation of currencies.

3 Core results throughout the document are presented to show the underlying performance of the Group, excluding exceptional items and other adjustments set out in Note 5. Core results are a non-IFRS measure.

4 Core EBITDA is reported operating profit before depreciation, amortisation on software, adjusted for exceptional items and other adjustments recognised within reported operating profit.

5 During the first half, the business formerly known as Generics was renamed Hikma Rx

6 Group net debt is calculated as Group total debt less Group total cash. Group net debt is a non-IFRS measure that includes long and short-term financial debts (Note 10), lease liabilities, net of cash and cash equivalents and restricted cash, if any. See page 14 for a reconciliation of Group net debt to reported IFRS figures

7 For the purposes of the leverage calculation, core EBITDA is calculated for trailing twelve months ended 30 June 2025. See page 13 for a reconciliation to reported IFRS results and core EBITDA

8 IQVIA MAT June 2025, generic injectable volumes by eaches, excluding branded generics and Becton Dickinson

9 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

10 IQVIA Injectable generic products, Hospital + Germany Retail, 2024 USD sales

11 Group revenue includes $44 million contribution from products acquired through the Xellia acquisition, which closed on 10 September 2024. These revenues are recognised under Injectables

12 Core effective tax rate is calculated as core tax expense as a percentage of core profit before tax

13 See page 14 for a reconciliation of Group net debt to reported IFRS results

14Trailing 12 months Group revenue is calculated as Group revenue for the 12 months ending 30 June 2025 which equates to $3,216 million. Trailing 12 months Group reported cost of sales is calculated as Group reported cost of sales for the 12 months ending 30 June 2025 which equates to $1,842 million

Our conclusion

We have reviewed Hikma Pharmaceuticals PLC's condensed consolidated interim financial statements (the "interim financial statements") in the Interim Results of Hikma Pharmaceuticals PLC for the 6 month period ended 30 June 2025 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

· the Condensed consolidated interim balance sheet as at 30 June 2025;

· the Condensed consolidated interim income statement and the Condensed consolidated interim statement of comprehensive income for the period then ended;

· the Condensed consolidated interim statement of changes in equity for the period then ended;

· the Condensed consolidated interim cash flow statement for the period then ended; and

· the explanatory notes to the interim financial statements.

The interim financial statements included in the Interim Results of Hikma Pharmaceuticals PLC have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Interim Results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the Directors

The Interim Results, including the interim financial statements, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the Interim Results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Interim Results, including the interim financial statements, the Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Interim Results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the Company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

6 August 2025

Hikma Pharmaceuticals PLC

Condensed consolidated interim income statement

Hikma Pharmaceuticals PLC

Condensed consolidated interim statement of comprehensive income

Hikma Pharmaceuticals PLC

Condensed consolidated interim balance sheet

The condensed consolidated interim financial information of Hikma Pharmaceuticals PLC for the six-month period ended 30 June 2025 was approved by the Board of Directors on 6 August 2025 and signed on its behalf by:

Said Darwazah Riad Mishlawi

Executive Chairman Chief Executive Officer

6 August 2025

Hikma Pharmaceuticals PLC

Condensed consolidated interim statement of changes in equity

1. The cost of shares purchased and held by the Employee Benefit Trust (EBT) during the period ended 30 June 2024 has been reclassified from retained earnings to the EBT reserve within equity

Hikma Pharmaceuticals PLC

Condensed consolidated interim cash flow statement

Hikma Pharmaceuticals PLC

Notes to the condensed consolidated interim financial statements

1.  General information

Hikma Pharmaceuticals PLC is a public limited liability company incorporated and domiciled in the United Kingdom under the Companies Act 2006. The registered office address is 1 New Burlington Place, London W1S 2HR, UK.

The Group's principal activities are the development, manufacture and commercialisation of a broad range of generic, specialty and branded pharmaceutical products across a range of dosage forms.

2. Basis of preparation and accounting policies

The unaudited condensed consolidated interim financial statements (financial statements) for the six months ended 30 June 2025 have been prepared on a going concern basis in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The condensed consolidated interim financial statements do not include all of the notes of the type normally included in annual financial statements. Accordingly, this report is to be read in conjunction with the consolidated financial statements for the year ended 31 December 2024, which have been prepared in accordance with:

I. UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

II. International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The financial information does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for 2024 has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain any statement under Section 498 (2) or (3) of the Companies Act 2006. These interim financial statements have been reviewed, not audited.

The currency used in the presentation of the accompanying financial statements is the US dollar ($) as most of the Group's business is conducted in US dollars.

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024 with the exception of the adoption of the new revised standard set out below, as well as the estimates required in determining the provision for income taxes in accordance with IAS 34 as of 30 June 2025.

New standards, interpretations and amendments

The following revised Standard and Interpretation has been issued and is effective for annual periods beginning on 1 January 2025. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.