Amman: Hikma Pharmaceuticals PLC posted robust financial results for 2024, with revenue climbing 9% to $3.127 billion compared to $2.875 billion in 2023, according to audited figures released Wednesday. The multinational pharmaceutical company strengthened its market position as the seventh-largest supplier of generic medicines in the United States and maintained its standing as the second-largest pharmaceutical company by sales in the MENA region for the second consecutive year.
According to Jordan News Agency, Hikma's strategic expansion included the acquisition of Xellia Pharmaceuticals' US finished dosage form business, enhancing its Injectables division. The company also secured an agreement to acquire 17 Takeda brands previously licensed to Hikma, a move expected to bolster future profitability in its Branded segment.
The company's Injectables business, which supplies generic injectable and specialty medicines to hospitals across North America, Europe, and MENA, grew by 9% to $1.306 billion. This growth was attributed to strong performance across all three geographical markets and expanded US-based manufacturing capacity through the Xellia acquisition.
"In MENA, we saw strong growth across most of our markets, supported by new launches and good demand across our broad portfolio," the company stated. European operations saw 20% growth in proprietary products, benefiting from recent market entries in France, the UK, and Spain.
The Branded business, supplying branded generics and in-licensed patented products across MENA, delivered 8% reported growth (9% in constant currency) to $769 million. The company has focused on launching more complex and first-to-market products tailored to local needs, particularly in oncology and chronic illness treatment.
Hikma's Generics business, which supplies oral, respiratory, and other products to the North American retail market, grew 9% to $1.026 billion, surpassing the $1 billion revenue mark for the first time. The company reported increased market share in sodium oxybate and strong performance from its nasal spray franchise.
Riad Mishlawi, Chief Executive Officer, expressed confidence in the company's outlook: "It's been another strong year for Hikma with double-digit revenue growth, increased profits and a resilient margin. We continued to invest in the business to support our future progress with a strategic acquisition alongside new partnerships and agreements."
Looking ahead, Hikma forecasts Group revenue growth between 4% and 6% for 2025, with Injectables revenue projected to grow 7% to 9% and Branded revenue expected to increase 6% to 7% in constant currency. The Generics segment is anticipated to remain broadly flat, with performance from differentiated products offsetting price erosion in the base business.
Throughout 2024, the company launched 20 products in North America, 16 in MENA, and 53 in Europe and other regions, while submitting 137 regulatory filings across all markets, positioning the company for continued growth in 2025.