Friday, March 6, 2026

Hikma reports revenue and core profit growth, launches buyback and reshuffles leadership

Hikma Pharmaceuticals reported audited results for 2025 on 26 February 2026, showing higher revenue and core operating profit for the Group. Alongside the financial update, the company announced a dividend increase, a share buyback programme and immediate changes across the Board and senior management.

2025 financial performance

Group core revenue rose 6% to US$3,349 million, while reported revenue increased 7%. By segment, core revenue grew 7% in Injectables (reported: +9%) and 10% in Branded (reported: +10%). Hikma Rx was flat on a core basis (reported: +1%). Hikma reported growth across North America, MENA and Europe.

Group core operating profit increased 3% to US$741 million, with a 22.1% core operating margin (2024: 22.8%). Reported operating profit declined 11%, primarily due to the impact of a legal settlement. In Injectables, core operating profit fell 6%, and the core margin decreased to 31.0% (2024: 35.3%). Branded core operating profit rose 19% to a 26.4% margin (2024: 24.6%), while Hikma Rx core operating profit increased 5% to a 17.3% margin (2024: 16.4%).

Cashflow from operating activities was US$436 million (2024: US$564 million). Excluding US$186 million linked to one-off legal settlements, Hikma stated operating cashflow increased 10% year on year.

Dividend, balance sheet and share buyback

The company increased its total dividend to 84 cents per share, up 5%. Hikma also announced a US$250 million share buyback programme to be executed during 2026. Leverage was reported at 1.6x net debt to core EBITDA at 31 December 2025 (2024: 1.4x). Hikma also noted it was upgraded to BBB by S&P and Fitch and refinanced its US$500 million Eurobond.

Strategic progress and launches

During 2025, Hikma launched 84 products across its markets. In the US, the company launched Tyzavan, a ready-to-use, room temperature stable vancomycin bag used in hospitals for critical sepsis treatment. Hikma also received approval for, and launched, its first biosimilar product in the US, ustekinumab.

In Europe Injectables, Hikma reported double-digit growth, supported by established and new markets. In MENA, it continued rolling out palbociclib tablets and dapagliflozin tablets, and signed 14 deals during 2025. Since 2023, the company has signed 43 deals with 29 partners in MENA. Hikma also announced an expanded partnership with Celltrion in MENA covering an additional six biosimilars.

Board and management changes

Said Darwazah, who stepped back in as CEO in December 2025, will step down as Executive Chairman to focus on the CEO role for the next two years. Victoria Hull has been appointed Chair, and Douglas Hurt will assume the Senior Independent Director role.

Mazen Darwazah will become Deputy CEO, MENA, overseeing all Group activities in the region, including MENA Injectables, while continuing as Executive Vice Chairman of the Board. Khalid Nabilsi, appointed to the Board in December 2025, will become Deputy CEO for North America and Europe and will step down as CFO. The Board has started a search for a new CFO; Areb Kurdi will serve as Acting CFO in the interim.

Hafrun Fridriksdottir will become President, US, while continuing to lead Hikma Rx. She will also take responsibility for all Injectables sales in the US, in addition to her role as Global Head of R&D. All changes are effective immediately.

2026 outlook

For 2026, Hikma guides for Group revenue growth of 2% to 4% and core operating profit of US$720 million to US$770 million, in constant currency. Segmentally, Injectables is expected to deliver low single-digit revenue growth with a 27% to 28% core operating margin. Branded is guided to grow 6% to 8% with a core operating margin of around 25%. Hikma Rx revenue is expected to be broadly flat, with a core operating margin close to 20%.