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Hikma Pharmaceuticals Delivers An Excellent Performance In 2013 With Group Revenue Growth Of 23% And EPS Up 111%



3/12/2014 9:31:12 AM

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London, 12 March 2014 – Hikma Pharmaceuticals PLC (“Hikma”, “Group”) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), the fast growing multinational pharmaceutical group, today reports its preliminary results for the year ended 31 December 2013.

2013 highlights

Group

- Group revenue increased by 23% to $1,365 million, driven by strong underlying growth and doxycycline sales
- Group adjusted operating margin rose to 30.3%, up from 17.5%, reflecting significant improvement in Generics and Injectables margins
- Profit attributable to shareholders increased by 112% to $212 million. On an adjusted basis, profit attributable to shareholders rose 128% to $274 million
- Basic EPS increased 111% to 107.6 cents per share
- Net cash flow from operating activities increased by $153 million to $337 million
- New product introductions continued across all countries and markets – launched 104 products and received 241 new product approvals
- Proposed final dividend of 13.0 cents per share, plus a special dividend of 4.0 cents per share, making a full year dividend of 20.0 cents per share and a total special dividend for the year of 7.0 cents per share

Branded
- Branded revenue grew 5%, and 8% in constant currency, in line with guidance
- Branded adjusted operating profit grew by 9% to $135 million, with a significant improvement in adjusted operating margin, up 100 basis points to 24.4%

Injectables
- Global Injectables revenue increased by 14%, driven by a strong performance in the US, up 23%
- Adjusted operating margin of 31.0%, up from 26.2% in 2012, reflecting pricing improvements, new product launches and operational efficiencies

Generics
- Generics revenue increased by 158% to $268 million, reflecting very strong doxycycline sales
- Generics operating profit of $127 million, after remediation-related and other exceptional costs of $39 million

Said Darwazah, Chief Executive Officer of Hikma, said:

“The Group had an excellent year, with all of our businesses delivering a strong performance and improved profitability. In the MENA region, our focus on improving the product mix, enhancing our sales activities and driving manufacturing efficiencies delivered good growth and better profitability. Our global Injectables business continued to perform very well, particularly in the US, where we are maximising the potential of our portfolio and further improving margins. Our continued investment in our product pipeline and focus on operational excellence will help to sustain future growth.

Our Generics business delivered very strong revenue, driven primarily by doxycycline, and generated significant cash flow. This enabled us to cover the costs of remediating our Eatontown facility and further strengthen the Group balance sheet as we continue to look at acquisition opportunities across our businesses.

Overall, I am very pleased with the results we achieved in 2013 and confident about the prospects for 2014.”

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