By Millie Turner
Investors dipped out of Hikma Pharmaceuticals today after the British pharmaceutical giant posted weak financials in the wake of its CEO’s exit.
Hikma, headquartered in London, reported a largely unchanged revenue of $1.2bn in the six months to 30 June, marking zero growth in comparison with the same period last year.
Operating profit sank nearly a third, the equivalent of £87m compared with last year’s figure, to a total of $239m.
Shares sank 4.9 per cent to 1,675p per share Thursday afternoon.
Former CEO Siggi Olafsson left the helm in late June, after announcing his departure a month prior to “pursue other opportunities”, a statement said at the time.
Said Darwazah, Hikma’s executive chairman and former CEO, has since re-taken the reins as the company scouts for a new boss.
Hikma, which operates across the UK, the US and Canada, today downgraded its revenue forecast for its generic medicines arm in the full year yet again, meaning the outlook has fallen by some $75m on the top end of estimates since April.
The pharmaceutical firm, however, has maintained its forecast for its injectables business, which makes up the majority of its sales, after hiking estimates slightly in April.
“Double digit profit growth in our Injectables and branded businesses has helped to offset a decline in generics caused by industry-wide competitive pressures,” CEO Darwazah said in a statement today.
“We expect to maintain good momentum in branded and injectables and for generics to return to growth in 2023.”
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