HIK Hikma Pharmaceuticals Plc

 

TIDMHIK 
 
RNS Number : 8209L 
Hikma Pharmaceuticals Plc 
13 May 2010 
 

 
 
 
 
                      AGM and Interim Management Statement 
 
 
London, 13 May 2010 - Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK), 
the fast growing multinational pharmaceutical group, 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 2010 to 12 May 2010 as required 
by the UK Listing Authority's Disclosure and Transparency Rules. 
 
Hikma is performing well in the year to date, benefitting from the strength of 
its diversified business model.  We therefore maintain our guidance for 2010 
Group revenue growth in the low teens and gross margin broadly in line with 
2009. 
 
Branded 
We continue to expect Branded sales growth in the low double digits for the full 
year.  As expected, we saw some disruption in the Algerian market in the 
beginning of the year.  Sales in Algeria have since accelerated and the outlook 
for the year remains in line with our expectations.  As we stated in our 
preliminary results announcement in March, we expect Branded sales will be more 
evenly spread across the year, due to a shift in geographic and product mix. 
 
We are very pleased with the progress we have made since the beginning of the 
year in strengthening our long-term strategic position in the MENA region, 
through both acquisitions and new partnering agreements. 
 
In March we agreed to acquire a further stake in, and control of, the Tunisian 
pharmaceutical company, Industries Pharmaceutiques Ibn Al Baytar.  This will 
enable us to increase our penetration of the Tunisian market and provides us an 
excellent platform for developing sales to neighbouring and French speaking 
African countries.   In April, we announced, and have now completed, the 
acquisition of Al Dar Al Arabia Manufacturing Company in Algeria.  Through this 
acquisition we will accelerate our capacity expansion plans in Algeria, helping 
us to meet future demand for high quality pharmaceuticals in Algeria and across 
all of our MENA markets. 
 
In addition to these acquisitions, we have been active in developing our product 
portfolio through partnerships.  In April we announced a strategic investment in 
biosimilars through our partnership with the South Korean company Celltrion. 
Under this agreement Hikma has the exclusive rights for the distribution and 
marketing of nine biosimilar products throughout the MENA region under its own 
brand.  Other agreements signed since the beginning of the year include a 
partnership agreement with the US company BioCryst for the anti-viral peramivir. 
 These agreements demonstrate our position as the partner of choice in the MENA 
region. 
 
Injectables 
Our Injectables business is performing well, driven by strong demand in the US 
for our line of anti-infectives and for new product launches, a good performance 
from our recently launched products in Europe, and increasing demand for 
contract manufacturing. We expect a stronger performance in the second half, as 
we see the benefits of new tenders and order deliveries in the MENA region. 
 
We are extremely pleased to announce that our injectable facility in Germany, 
which manufactures lyophilized and liquid injectables for both oncological and 
non-oncological uses, has been inspected and approved by the US FDA.  This is an 
important step in the process of registering our oncology products in both the 
US and the MENA region. Hikma is committed to operating to the highest levels of 
cGMP (Current Good Manufacturing Practices) and this approval reinforces our 
excellent track record of quality. 
 
Generics 
Our Generics business continues to perform very well, driven by an increase in 
prices and volumes across a number of products in our portfolio and by an 
increase in new customers.  We also continue to see an increase in demand for 
the anti-infectives that we manufacture in our FDA approved facilities in the 
MENA region. 
 
Financing position 
Our financing position remains very strong, allowing us to actively pursue 
acquisition opportunities across our business.  We remain confident of 
continuing to grow our business through acquisitions, partnerships and organic 
growth. 
 
We will announce our interim results for the six months to 30 June 2010 on 26 
August 2010. 
 
 
 
                                  --  ENDS -- 
 
Enquiries: 
 
+---------------------------+------------------------------+ 
| Hikma Pharmaceuticals PLC |                              | 
+---------------------------+------------------------------+ 
| Susan Ringdal             | +44 207 399 2760             | 
| Investor Relations        |                              | 
| Director                  |                              | 
+---------------------------+------------------------------+ 
 
+---------------------------+------------------------------+ 
|                           |                              | 
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|                           |                              | 
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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 2009, Hikma achieved revenues of $637 million and profit 
attributable to shareholders of $78 million. 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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