Jordan-based Hikma Pharma posts strong results amidst regional turmoil
- For the first half of the year, Hikma’s revenues increased by 16% to $738 million. Sales of branded drugs were up 1% to $259 million, while generic sales declined by 3% to $128 million.
- Profits attributed to shareholders increased 44% to $176 million.
- The injectables division’s revenues grew by 41% to $348 million. Hikma anticipates a more challenging second half of the year because of political turmoil in Sudan, Iraq, and Libya.
Hikma recently acquired Bedford Labs, the Ohio-based generic injectables business that was previously owned by Boehringer-Ingelheim. This division has put up a solid performance so far.
Overall, business has been good for Hikma in Egypt and Saudi Arabia. Unfortunately, sales in Sudan, Iraq, and Libya have been hit hard due to political upheaval in those countries. The next quarter will provide a true test of Hikma's strength, and whether or not it can grow in the region -- or have to remain reliant on U.S. markets.