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Hikma’s diversified business delivers record sales and 36% earnings growth in 2009

Jordan: Wednesday, March 17 - 2010 @ 12:12

2009 Highlights

• Delivered high quality sales growth
o Revenues up 12.5% on a constant currency basis1
o Branded growth continued to outperform the MENA market
o Generics sales growth evidences successful turnaround
o Strong pick up in Injectables sales in the second half of the year

• Control of costs across the Group, while investing for future growth
o Gross margin improvement to 47.8%, up from 44.2% in 2008, ahead of management
expectations for the year
o Operating margin increased to 16.8%, up from 13.9% in 2008

• Continued new product delivery across all countries and markets
o 129 products launched
o 114 product approvals

• Excellent working capital management
o Significant increase in operating cash flow to reach $119.0m
o Strong growth in cash conversion to 18.7% of sales, compared to 12.9% in 2008

• Strong balance sheet
o Net debt decreased by $54.0m through December 2009 to $116.9m
o Leverage ratios remain low (Net debt/EBITDA: 0.8x, Net debt/Equity: 0.17x)

Said Darwazah, Chief Executive Officer of Hikma, said:

“In 2009 Hikma significantly outpaced the slowing global healthcare market and, despite difficult worldwide economic conditions, achieved record results, with 36% growth in diluted earnings per share. Our Branded business continues to outperform the MENA pharmaceutical market and we have achieved market share gains in key markets. We are very pleased with the rebound in the performance of our US Generics business under our strong US management team. As expected, growth in our Injectables business improved in the second half and we are confident that considerable scope remains for us to grow this business in 2010. I am very excited by the opportunities we have to expand our business in 2010. We are continuing to review several new business development opportunities against a strict measure of strategic fit and shareholder value creation. Overall, I am confident that we will continue to deliver on our track record of growth.”

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Wednesday, March 17- 2010 @ 12:12 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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