HIK Hikma Pharmaceuticals Plc

 

TIDMHIK 
 
RNS Number : 2123S 
Hikma Pharmaceuticals Plc 
14 May 2009 
 

 
 
AGM and Interim Management Statement 
 
 
LONDON, 14 May 2009 - Hikma Pharmaceuticals PLC ("Hikma") (LSE: HIK) (DIFX: 
HIK), the fast growing multinational pharmaceutical group focused on developing, 
manufacturing and marketing a broad range of generic and in-licensed patented 
pharmaceutical products, will hold its Annual General Meeting today where the 
following statement will be made regarding its current trading and financial 
position. This constitutes its Interim Management Statement relating to the 
period from 1 January 2009 to 13 May 2009 as required by the UK Listing 
Authority's Disclosure and Transparency Rules. 
 
 
We maintain our guidance on delivering Group revenue growth for the full year of 
10-15% and gross margin improvement of 1-2%. As we stated in March, this will be 
driven by organic growth and supported by the acquisitions and investments that 
we have made over the past two years. 
 
 
Our Branded business is performing well.  In most of our major markets we are 
seeing strong demand for our leading products and in the largest markets of 
Saudi Arabia, Algeria and Egypt we are gaining market share. Overall we are on 
track to deliver Branded sales growth in line with our expectations for the full 
year. As in previous years (and excluding $8 million of non-recurring sales from 
order backlogs at APM in the first half of 2008), we expect Branded sales in the 
first half of 2009 to reflect the continuing seasonality of this business, which 
is traditionally stronger in the first six months of the year. 
 
 
In our global Injectables business, the MENA region continues to offer excellent 
growth opportunities. We expect growth to accelerate over the course of the 
year, as we increase sales of existing products and launch new products, 
including our first oncology products. Our business in Europe is steady, despite 
the tough competitive environment, as we benefit from new product launches.  In 
the US, we expect Injectables sales will be lower in the first half compared to 
the same period last year, but this will be compensated for in the second half 
by significant new business already awarded. Overall, we continue to see 
excellent prospects for this business. 
 
 
Our Generics business is performing ahead of our expectations. Our strengthened 
management team and focused operational improvements continue to have a positive 
effect.  We have substantially improved service levels and a number of our 
leading products our gaining market share.  Our strong regulatory track record 
and changes in the competitive environment are also creating opportunities for 
us. 
 
 
We remain comfortable with our financing position. We continue to improve our 
cash generation and have increased our unutilized debt facilities by $50 million 
through a new long-term loan. This will enhance our flexibility to pursue our 
strategic objectives. 
 
 
=-  ENDS -- 
 
 
 
 
 
 
 
 
Enquiries: 
 
 
+--------------------------------+------------------------------------+ 
| Hikma Pharmaceuticals PLC      |                                    | 
+--------------------------------+------------------------------------+ 
| Susan Ringdal                  | +44 207 399 2760                   | 
| Investor Relations Director    |                                    | 
+--------------------------------+------------------------------------+ 
 
 
+--------------------------------+------------------------------------+ 
| Brunswick Group                |                                    | 
+--------------------------------+------------------------------------+ 
| Jon Coles / Justine McIlroy    | +44 207 404 5959                   | 
+--------------------------------+------------------------------------+ 
 
 
About Hikma 
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on 
developing, manufacturing and marketing a broad range of both branded and 
non-branded generic and in-licensed products. Hikma operates through three 
businesses: "Branded", "Injectables" and "Generics", based principally in the 
Middle East and North Africa ("MENA"), where it is a market leader, the United 
States and Europe. In 2008, Hikma achieved revenues of $581 million and profit 
attributable to shareholders of $67 million. At 31 December 2008, the Group had 
over 4,600 employees. For news and other information, please visit 
www.hikma.com. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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