Hikma reiterates full year guidance following good start to the year
Hikma Pharmaceuticals PLC (Hikma, Group), the multinational pharmaceutical group, today provides an update on current trading ahead of its Annual General Meeting.
Riad Mishlawi, Hikma's CEO, said:
'We are pleased to reiterate our Group guidance for 2025. As a global company with strong local expertise and footprint, we are leveraging our manufacturing proficiency and advanced technologies to meet the needs of our customers and patients across our markets. Looking ahead, and recognising the broader geo-political challenges, we are well-positioned. Our step up in R&D investment, alongside local manufacturing enhancements, and strategic partnerships will continue to strengthen our portfolio and pipeline and ensure sustained success.'
Injectables
Our global Injectables business is delivering a solid revenue performance, driven by each of our three geographies. We are seeing strong demand for our products across our European and MENA markets, where we continue to launch new products. In North America we are benefitting from good demand for the recently launched liraglutide injection and the contribution from the newly acquired Xellia portfolio. This is helping to offset increased competition across some of our existing higher margin products.
We expect momentum to improve in the second half driven by new product launches and contract manufacturing. We are making excellent progress in the enhancements to our Bedford, Ohio facility, which will significantly increase our US-based injectables manufacturing capacity.
We continue to expect 2025 Injectables revenue to grow in the range of 7% to 9%. Phasing and mix of sales will impact margins in the first half but we continue to expect full year core operating margin to be in the mid-30s.
Branded
Our Branded business is performing well. We continue to make good progress in building our diversified portfolio of products used to treat chronic illnesses, with a focus on oncology and lifestyle diseases, supported by our global expertise and strong local market position.
Our leading presence in the MENA region, combined with the breadth of our reach and strong commercial capabilities positions us as a partner of choice. We recently signed an exclusive licensing agreement with pharmaand GmbH, a global pharmaceutical business based in Vienna, to commercialise rucaparib, an innovative small-molecule oral oncology therapy, across the MENA region. This is in line with our strategy to be a leading provider of oncology medicines in the region.
We continue to expect 2025 Branded revenue to grow in the range of 6% to 7% in constant currency, with core EBIT margin close to 25%.
Generics
In our Generics business we are seeing solid demand across our differentiated portfolio, particularly for our nasal and inhalation products. By focusing on reliability of supply, high service levels and leveraging our US manufacturing facility, we are successfully securing longer-term customer awards.
We continue to strengthen our R&D capabilities, including building a team in our new Zagreb, Croatia R&D centre, and are progressing with key development projects that will help strengthen our portfolio and pipeline for the medium to long-term. We are progressing well preparing our Columbus facility to accommodate our recently announced contract manufacturing partnership, and we are seeing increasing demand for our high-quality US-based manufacturing services.
We continue to expect Generics revenue to be broadly flat in 2025 with core operating margin of around 16%.
International trade policies
We are confident that our significant and expanding US manufacturing footprint, which supplies the majority of our US sales, combined with our focus on quality and reliability of supply, positions us well and underpins our resilience in the current environment. We do import some finished products into the US as well as capital equipment, and we have a diversified global supply chain for our raw and packaging materials, including active pharmaceutical ingredients (API).
Full year outlook unchanged
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 in 2025. Group core operating profit growth, which is around 4% at the midpoint of guidance, will be weighted to the second half. We are monitoring the evolving tariff backdrop and will look to remain agile in responding to both opportunities and impacts where possible, but have not reflected an impact from tariffs in our full year outlook.
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