Hikma Pharmaceuticals PLC (‘Hikma’ or ‘Group’), the multinational pharmaceutical company, today reports its Interim Results for the six months ended 30 June 2026.
The Group reported revenue growth of 4% (3% in constant currency) to $1.728 billion (compared to $1.658 billion in H1 2025), reflecting strong growth in Branded and flat revenue for Injectables and Hikma Rx, in line with our expectations.
Said Darwazah, Chief Executive Officer of Hikma, said:
“I am pleased to report a solid first half, with performance in line with our expectations, including 9% growth in core operating profit, and I am encouraged by the positive momentum we are seeing across the organisation.
We have made good progress against our strategic priorities in the first half of 2026, launching new products, strengthening our pipeline, signing new partnerships and optimising our manufacturing operations – all initiatives that will support long-term growth. We are building greater agility across the Group – directing capital and management attention to the areas where we have sustainable competitive advantage and where we can respond quickly to changing market dynamics, while maintaining the stability and quality that underpin our business.
With strong fundamentals, disciplined execution and clear strategic priorities, we remain confident in our outlook and are reiterating our full-year guidance.”
In the first half of 2026, we continued executing our strategy and strengthening the foundations for long-term sustainable growth. Our $250 million share buyback is also progressing well. Regional leadership teams are driving commercial and operational enhancements across North America, Europe and MENA, ensuring we capture opportunities and deliver growth across the Group.
We have increased investment in R&D and in sales and marketing to support growth, delivering 48 product submissions as we strengthen our global pipeline to drive long-term growth. This is helping us add new opportunities to our pipeline including larger, more complex products that will support the future growth of the Group. We broadened our product portfolio through new launches and partnerships, with 43 product launches in the first half and continue to focus on strategic partnerships, including ten partnerships agreed in the MENA region.
Hikma remains the largest pharmaceutical company in the MENA by sales[1], with a growing portfolio and reach. We maintained our position as the seventh largest supplier of generic medicines in the US[2], and the third largest supplier of generic injectable products by volume[3]. In Europe, we are now the fourth largest supplier of injectables by sales[4], reflecting our expansion into new markets in recent years.
We reiterate our expected group revenue for the full year to grow in the range of 2% to 4% in constant currency.
Board appointment
Hikma has announced the appointment of Tobias Hestler as an independent Non-Executive Director with effect from 7 August 2026. Tobias will also be appointed as a member of the Audit, Remuneration and Nomination and Governance Committees. Tobias is a former FTSE 100 CFO, bringing extensive financial leadership, strategic thinking, M&A, capital markets, and healthcare sector experience to the Board. Tobias was Group Chief Financial Officer and Executive Director of Haleon PLC, having previously served as CFO designate of Haleon and CFO of GSK PLC’s Consumer Healthcare Joint Ventures. Earlier in his career, Tobias held senior finance leadership roles at Novartis, including CFO of Sandoz, Novartis Consumer Health and Hexal AG.
Our Branded business, which supplies branded generics and in-licensed patented products across the MENA region grew 15% and continued the strong performance of recent years, maintaining its leadership position and delivering growth in both revenue and profit. We continued to sign new in-licencing partnerships and to launch products from previously signed agreements, for example Xcopri® (cenobamate tablets) in the UAE and Finjuve® (finasteride spray) in Egypt. Significantly, 14 of 15 new launches in our five major markets, from both R&D and partnerships, were first-to-market or first-generics.
We had good demand for our products across our markets and also benefited from our ability to meet additional government demand as a result of the ongoing conflict in the region. To date, we have managed to absorb the limited cost impacts of the conflict, which have related primarily to shipping, insurance and fuel. Patients continue to need our medicines, and Hikma is there to meet that demand.
This strong performance in MENA was once again driven by our key markets and led by Saudi Arabia, as well as our focus on medications used to treat chronic illnesses, with a particularly strong performance from diabetes and cardiovascular products, as well as improved leverage of our capacity to respond to opportunities.
Branded performance will be weighted to the first-half due to both timing of tenders and an increase in second half spend, as several of our annual marketing activities and events are now expected to take place later in the year than usual due to the regional conflict.
As a result of the strong first half performance, branded revenue is now expected to grow at the top end of our previously communicated range of 6% to 8%.
Our Injectables business, which manufactures and supplies generic injectable medicines to hospitals across North America, Europe and MENA, performed in line with our expectations.
In the US, our base business has been steady, supported by good demand and five new product launches during the period.
In Europe and ROW, we delivered another period of good growth. This was driven by our broad portfolio, including eight product launches in the first half, and our local manufacturing facilities, which enable us to capitalise on opportunities across our key markets.
Our MENA business benefited from healthy demand for our base portfolio and biosimilars, as well as eight new launches, driving strong growth in the period. This performance was partially offset by supply disruptions experienced by one of our in-licencing partners.
Injectables revenue is expected to grow in the low single digits. Revenue and operating profit are expected to be weighted to the second half.
Hikma Rx, which supplies oral and other non-injectable generic and specialty products to the US retail market, delivered strong operating profit growth in the first half. We launched several products, including both extended and immediate release tapentadol, and continued to make progress on our R&D programmes.
We are experiencing price modest erosion across the portfolio, in line with recent history, and are offsetting this with recent launches and improved performance from several in-line products.
Our CMO operations continue to build momentum. Higher contract manufacturing revenue, as well as revenue from more differentiated products, including renegotiated terms on sodium oxybate, are driving margin improvement and strengthening the portfolio mix.
