Hikma Pharmaceuticals outlines 'excellent' H1, upgrades FY guidance

Pharmaceutical company Hikma Pharmaceuticals shares were in the green early on Thursday after the group's H1 results pointed to an "excellent" start to the year and upgraded FY guidance.

Hikma said statutory operating profits had grown 43% to $351.0m, with revenues up 10% on a statutory basis at $1.56bn and basic earnings per share surging 81% to $1.02 each.

Cashflow from operating activities, however, was down 11% at $198.0m.

Hikma now expects group revenue to grow in the range of 6-8% in FY24, up from previous guidance of 4-6%, while core operating profits were pegged to come in between $700.0m and $730.0m, up from previous guidance of $660.0m to $700.0m.

Chief executive Riad Mishlawi said: "We had an excellent first half of the year. All of our businesses contributed to our strong performance, delivering 10% group revenue growth.

"The outlook for 2024 remains strong and we are pleased to upgrade group revenue and profit guidance."

As of 0900 BST, Hikma shares were up 7.99% at 1,987.00p.

Reporting by Iain Gilbert at Sharecast.com