Hikma Pharmaceuticals PLC, the multinational pharmaceutical company, today reports its audited results for the year ended 31 December 2025.
Said Darwazah, Chief Executive Officer (CEO) of Hikma, said:
“Strong momentum in our Branded and Hikma Rx businesses and growth in all our geographies enabledus to deliver Group revenue and profit growth in line with guidance, and resilient margins. While ourInjectables business has experienced some challenges, we are taking clear steps to address these andwe are confident in the longer-term prospects for this business.
The leadership changes that we are announcing today will enable us to execute the Group strategy with more agility and greater accountability. To support this, I will relinquish my Executive Chairman responsibilities and focus fully on being CEO.
We are confident in the guidance we have set for 2026, which assumes continued strong momentum in Branded and Hikma Rx and increased investment in Injectables. Looking ahead, our focus is on delivering sustainable profit growth. I remain optimistic for the future and am committed to returning to the out- performance we and our shareholders expect. Reflecting this, and our strong cash flow generation, we have increased our total dividend by 5% and are announcing a $250 million share buyback, which we will execute over the course of the year.”
FINANCIAL PERFORMANCE
• Group core revenue growth of 6% to $3,349 million
o Group core revenue up 6%. Reported Group revenue up 7%
o Injectables core revenue up 7% (reported revenue up 9%), Branded core revenue up 10%
(reported revenue up 10%) and Hikma Rx core revenue flat (reported revenue up 1%)
o Growth in all three geographies – North America, MENA and Europe
• Group core operating profit growth of 3% to $741 million at a margin of 22.1% (2024: 22.8%)
o Group reported operating profit down 11%, primarily reflecting the impact of a legal settlement
o Injectables core operating profit down 6% with margin of 31.0% (2024: 35.3%)
o Branded core operating profit up 19% with margin of 26.4% (2024: 24.6%)
o Hikma Rx core operating profit up 5% with margin of 17.3% (2024: 16.4%)
• Cashflow from operating activities of $436 million (2024: $564 million)
o Excluding $186 million4 in connection with one-off legal settlements, cashflow from operating activities increased by 10%
• Robust balance sheet and high returns
o Leverage at 1.6x net debt5 to core EBITDA (31 December 2024: 1.4x)
o Return on average invested capital of 16.0%6
o Total dividend of 84 cents per share, up 5%
o Upgraded to BBB by S&P and Fitch and successfully refinanced our $500 million Eurobond
STRATEGIC PROGRESS
• Launched 84 products across our markets
• Launched Tyzavan® in the US – an IP protected, room temperature stable, ready-to-use vancomycin bag – used for critical sepsis treatment in hospitals
• Received approval for and launched our first biosimilar product in the US – ustekinumab
• Double-digit growth for Europe Injectables, driven by both established and new markets
• Continued successful roll out of palbociclib tablets and dapagliflozin tablets in MENA, enhancing our strength in oncology and diabetes treatments, respectively
• Signed 14 deals in MENA during 2025, with 43 deals signed with 29 partners since 2023
• Announced expanded partnership with Celltrion in MENA for an additional six biosimilars
BOARD & MANAGEMENT CHANGES
• Said Darwazah, who stepped back in as CEO in December 2025, will step down as Executive Chairman of the Board to focus exclusively on the CEO role for the next two years
• Victoria Hull, previously Senior Independent Director (SID), has been appointed Chair and Douglas Hurt, our Audit Committee Chair, will assume the SID role
• Mazen Darwazah will become Deputy CEO, MENA, responsible for all the Group’s activities in the MENA region, including MENA Injectables. He will also maintain his role as Executive Vice Chairman of the Board
• Khalid Nabilsi, who was appointed to the Board of Directors in December 2025, will become Deputy CEO, North America and Europe and will oversee all Hikma’s activities in North America and Europe. He will step down as Chief Financial Officer (CFO)
• The Board has initiated a search for a new CFO. While the search is ongoing, Areb Kurdi, currently VP, Group Financial Controller, will become Acting CFO
• Hafrun Fridriksdottir, currently President, Hikma Rx, will become President, US. She will continue to lead the Hikma Rx segment and will now take responsibility for all Injectables sales in the US, in addition to her responsibilities as Global Head of R&D
4 Of the $186 million, $111 million was placed into restricted cash at 31 December 2025 and paid in January 2026 (refer to Notes 8 and 10) 5 Group net debt is a non-IFRS measure that includes short- and long-term financial debts (Notes 9 and 11), lease liabilities, net of cash and cash equivalents. See page 16 for a reconciliation of Group net debt 6 Refer to page 16 for reconciliation
• All leadership and Board changes are effective immediately
SHARE BUYBACK
• Announcing a share buyback programme of up to $250 million to be executed during 2026
• The buyback reflects the Group’s strong cash generation, balance sheet strength and the Board’s confidence in the future growth prospects of the business
• The buyback has been sized to maintain balance sheet efficiency whilst leaving significant headroom for continued investment opportunities
2026 GROUP OUTLOOK
• Group revenue growth in the range of 2% to 4%
• Group core operating profit in the range of $720 million to $770 million
2026 SEGMENTAL OUTLOOK
• Injectables revenue growth in the low single digits
• Injectables core operating margin in the range of 27% to 28%
• Branded revenue growth in the range of 6% to 8%
• Branded core operating margin of around 25%
• Hikma Rx revenue to be broadly flat
• Hikma Rx core operating margin close to 20%
All guidance is provided in constant currency. Further detail on the 2026 outlook is provided below.
