Hikma enjoys strong first half

Pharmaceutical company Hikma reported strong first-half results yesterday, with revenues from its injectables business up 94 per cent to $225.2m (£143.1m). The Jordon-based generics firm reported operating profit up 53 per cent to $75.1m in the first half of the year to 30 June, with the global injectables business, which makes up 42 per cent of Hikma’s business, driving profit. Injectables growth was driven mainly by new product launches and private market demand. Revenues in the generics division fell by 27 per cent to $55.8m, as it was hurt by increasing pricing pressure. Chief executive Said Darwazah said the generics business was expected to pick up in the second half of the year. Hikma increased its dividend to six cents a share, up from 5.5 cents over the first half of 2011, and it reiterated its forecast for revenue growth of 20 per cent for the full year. The shares rose by 3.38 per cent to close at 749.5p in trading yesterday.