Hikma Pharmaceuticals has announced robust financial results for 2024, with a nine per cent increase in revenue to $3.13bn (£2.47bn) and a 67 per cent surge in operating profit to $612m (£483m).
The company's profit attributable to shareholders nearly doubled to $359m (£284m), while earnings per share climbed by 88 per cent, as reported by .
The multinational pharmaceutical firm, which develops, manufactures, and markets a wide array of generic, branded, and speciality medicines, attributed much of its growth to its North American division and recent product launches.
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Hikma maintained its position as the seventh-largest supplier of generic medicines in the US and the third-largest provider of generic injectable products by volume.
Its Injectables, Branded, and Generics divisions saw revenue growth of 10 per cent, eight per cent, and 11 per cent respectively. Despite impressive revenue figures, core operating profit only increased by two per cent to $719m (£568m), with the core margin dropping to 22.8 per cent from 24.6 per cent in 2023.
While Injectables and Branded experienced core operating profit growth of five per cent and 11 per cent respectively, Generics' core operating profit fell 11 per cent due to higher royalties for Hikma's authorised generic of sodium oxybate.
The acquisition of Xellia Pharmaceuticals' US finished dosage form business diversified and enhanced its injectables portfolio.
The company expanded its portfolio with 89 new launches, including 12 in the US.
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Generics surpassed the $1bn (£790m) revenue mark for the first time, as the group saw its market share grow in sodium oxybate and its nasal spray franchise performed robustly.
However, core operating profit took a hit due to increased royalties on its authorised generic of sodium oxybate.
Cash flow from operating activities amounted to $564m (£446m), marking a seven per cent drop from the previous year due to a rise in trade receivables from strong year-end sales.
Hikma's leverage was 1.4 times net debt to core earnings before interest, tax, depreciation, and amortisation (EBITDA) at year-end, while return on invested capital reached 16.9 per cent.
The company anticipates another growth year in 2025, projecting revenue growth of four to six per cent and core operating profit between $730m (£577m) and $770m (£608m). Investment in R&D is slated to increase by 20 per cent across all three segments.
Riad Mishlawi, CEO of Hikma, commented: "It's been another strong year for Hikma with double digit revenue growth, increased profits and a resilient margin.
"We continued to invest in the business to support our future progress, with a strategic acquisition alongside new partnerships and agreements. This momentum combined with our diversified portfolio, leading market positions and increasing investment in R&D, underpin our positive outlook for 2025 and confidence in the future."