Hikma Pharmaceuticals PLC on Thursday said it expects a higher full year performance from its Generics business amid interim revenue growth, but reported a drop in profit.

The London-based pharmaceutical company said for the six months ended June 30 revenue rose by 17% to $1.42 billion from $1.21 billion the year before, due to growth across all three of its business segments. Its Injectables business recorded revenue growth of 9%, while Branded and Generics grew by 11% and 39% respectively.

Pretax profit fell by 25% to $131 million from $174 million a year prior, as net impairment loss on financial assets soared to £46 million.

The company declared an interim dividend of $0.25 per share, 32% higher than $0.19 in the first half of 2022.

Looking ahead, Hikma expects revenue growth close to 30% for Generics from $672 million in 2022. It also predicts its total capital expenditure will be in the range of $140 million and $160 million.

Chief Executive Officer & Chair Said Darwazah said: ‘Our strong first half performance reflects growth across all three of Hikma’s businesses and geographies.

‘We continue to win important new contracts and expand in new markets, all of which are enabling Hikma to make more medicines accessible to the healthcare providers and patients who need them most.’

Shares in Hikma were up 0.7% at 2,089.00 pence each in London on Thursday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.