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Hikma core operating profits up

17 August 2017 07:34

Hikma Pharmaceuticals has reported stable profitability and strong cash generation in H1 and announced new licensing agreement with Takeda for products in the Middle East and North Africa.

Hikma's group revenue totalled $895 million, up 1% in H1 2017 and up 5% in constant currency, reflecting the consolidation of an additional two months of West-Ward Columbus and continued Injectables growth, partially offset by lower branded revenue.

Group core operating profit of $176 million was in line with H1 2016 and up 3% in constant currency, with a good improvement in generics profitability, offset by a weaker branded performance.

Group core basic earnings per share of 45.4 cents, down 6% and down 3% in constant currency due to the issuance of 40 million new shares to Boehringer Ingelheim in H1 2016 as part of the consideration for the West-Ward Columbus acquisition.

Group operating cash flow of $225 million was up from $99 million and net debt was reduced from $697 million to $633 million.

Hikma also announced that through its wholly owned subsidiary, Hikma Pharmaceuticals LLC, it has agreed to expand its licensing and distribution agreement with Takeda Pharmaceutical Co, a global, research and development-driven pharmaceutical company, adding new products to its portfolio in the Middle East and North Africa.

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