Hikma Pharmaceuticals Plc 1H Rev $1.21B

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Corrections & Amplifications

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This headline was corrected at 0610 GMT because the company’s profit was misstated as operating profit $239M.

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By Michael Susin

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Hikma Pharmaceuticals PLC said on Thursday that pretax profit for the first half of 2022 fell driven by industry-wide pressures on its generics business, and raised its dividend payout.

The London-listed pharmaceutical group said that pretax profit for the six-months period was $215 million compared with $319 million for the first half of 2021.

Core operating profit–a key company metric that excludes the amortization of intangible assets of certain items–was $296 million, compared with $309 million in the year-prior period.

Revenue for the period slightly fell to $1.21 billion from $1.22 billion the year before, driven by a robust performance in injectables and branded divisions which offset the impact of weaker pricing in generics.

The company downgraded its expectations for 2022 revenue growth in generics to be in the range of $650 million to $675 million, while core operating margin is forecast to be between 15% to 16%.

This follows the previous downgrade to the range of $710 million to $750 million and core operating margin to be around 20%, as a result of its narcolepsy generic treatment Xyrem authorization delay.

The board proposed an interim dividend of 19 cents a share, up from 18 cents declared a year before.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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