Hikma Pharmaceuticals reports 'strong' 2024 results with 9% revenue growth

AMMAN — Hikma Pharmaceuticals PLC posted 'robust' financial results for 2024, with revenue climbing 9 per cent to $3.127 billion compared to $2.875 billion in 2023, according to audited figures released on Wednesday.

The multinational pharmaceutical company strengthened its market position as the seventh-largest supplier of generic medicines in the US and maintained its standing as the second-largest pharmaceutical company by sales in the MENA region for the second consecutive year, the Jordan News Agency, Petra, reported. 

Hikma's strategic expansion included the acquisition of Xellia Pharmaceuticals' US finished dosage form business, enhancing its injectables division.

The company also secured an agreement to acquire 17 Takeda brands previously licensed to Hikma, a move expected to bolster future profitability in its Branded segment.

The company's injectables business, which supplies generic injectable and specialty medicines to hospitals across North America, Europe, and MENA, grew by 9 per cent to $1.306 billion. 

This growth was attributed to "strong" performance across all three geographical markets and expanded US-based manufacturing capacity through the Xellia acquisition.

"In MENA, we saw strong growth across most of our markets, supported by new launches and good demand across our broad portfolio," the company stated. 

European operations saw 20 per cent growth in proprietary products, benefiting from recent market entries in France, the UK and Spain.

The branded business, supplying branded generics and in-licensed patented products across MENA, delivered 8 per cent reported growth by 9 per cent in constant currency to $769 million. 

Hikma's generics business, which supplies oral, respiratory, and other products to the North American retail market, grew 9 per cent to $1.026 billion, surpassing the $1 billion revenue mark for the first time. 

The company reported increased market share in sodium oxybate and strong performance from its nasal spray franchise.

Hikma CEO Riad Mishlawi expressed confidence in the company's outlook, saying: "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," Mishlawi added.