Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the key points
### **Financial Performance**
**Revenue Growth**Group revenue increased by 7% to $3,349 million (6% in constant currency), driven by strong performance in Branded and Hikma Rx businesses, and growth across all geographies (North America, MENA, and Europe).
**Profit Growth**Profit attributable to shareholders rose by 12% to $402 million, with core operating profit up 3% to $741 million.
**Margins**Resilient margins were maintained despite challenges in the Injectables business.
**Dividend and Share Buyback**A 5% increase in the total dividend to 84 cents per share and a $250 million share buyback program were announced, reflecting strong cash flow generation and confidence in future growth.
### **Business Segment Performance**
**Injectables**Core revenue grew by 7%, but core operating profit declined by 6% due to geographic and product mix challenges. Efforts are underway to address these issues.
**Branded**Revenue increased by 10%, with core operating profit up 19%, driven by strong performance in oncology and diabetes products.
**Hikma Rx**Revenue remained flat, but core operating profit increased by 5%, supported by complex products like generic Advair Diskus®.
### **Strategic Progress**
**Product Launches**Launched 84 products globally, including Tyzavan® in the US and the first biosimilar product, ustekinumab.
**Partnerships**Expanded partnership with Celltrion in MENA for six additional biosimilars.
**Geographic Growth**Double-digit growth in Europe Injectables and continued success in MENA with products like palbociclib and dapagliflozin.
### **Leadership Changes**
**Said Darwazah**Stepped down as Executive Chairman to focus exclusively on the CEO role.
**Victoria Hull**Appointed as Chair of the Board.
**Mazen Darwazah**Became Deputy CEO, MENA, overseeing all MENA activities.
**Khalid Nabilsi**Appointed Deputy CEO, North America and Europe, and stepped down as CFO.
**Areb Kurdi**Acting CFO while the search for a new CFO is ongoing.
**Hafrun Fridriksdottir**Expanded role to include management of Injectables commercial activities in the US.
### **2026 Outlook**
**Revenue Growth**Expected to be in the range of 2% to 4%.
**Core Operating Profit**Projected between $720 million and $770 million.
**Segmental Outlook**Injectables revenue to grow in low single digits with a margin of 27-28%
Branded revenue to grow 6-8% with a margin of around 25%
Hikma Rx revenue to remain flat with a margin close to 20%.
### **Balance Sheet and Ratings**
**Net Debt**Increased to $1,387 million, with a net debt to core EBITDA ratio of 1.6x.
**Credit Ratings**Upgraded to BBB by S&P and Fitch, with successful refinancing of a $500 million Eurobond.
### **Share Buyback**
A $250 million share buyback program was announced, reflecting strong cash generation and confidence in future growth prospects.
### **Conclusion**
Hikma Pharmaceuticals demonstrated robust financial performance in 2025, despite challenges in the Injectables business. Strategic leadership changes and a focus on sustainable profit growth position the company for continued success in 2026. The share buyback and increased dividend underscore the company’s financial strength and commitment to shareholder value.
