• Group revenues up 14.8% and operating profit up 25.9%, reflecting continuous growth through diversification.
• Gross margin improved to 48.9%, compared to 47.8% in 2009.
• Operating margin increased to 18.5%, compared to 16.8% in 2009.
• Net cash flow from operating activities increased by 21.7% to $144.8m through excellent working capital management.
• Continued new product delivery across all countries and markets.
- 100 products launched
- 230 product approvals received
• Successful completion of acquisitions in Tunisia and Algeria, strengthening our presence and capabilities in the Mena region.
• Agreement to acquire the US generic injectables business of Baxter Healthcare Corporation, transforming our global Injectables business.
• Strategic partnership signed with South Korea’s Celltrion to market nine biosimilar products throughout the Mena region.
Said Darwazah, Chief Executive Officer of Hikma, said, “In 2010, Hikma continued its track record of doubling sales every four years. This success rests on the strength of our diversified business. We achieved double digit growth in our Branded business, with an excellent performance in our top markets. The performance of our Generics business exceeded our expectations, as our commitment to quality and service has helped to create new opportunities in the very competitive US market. This commitment to quality and service also contributed to the strong performance of our US injectables business and to the increased demand for injectable contract manufacturing in the US and Europe.”
Darwazah added, “On the back of these strong results, we entered 2011 with good momentum across all our businesses. The events of early 2011 in the Mena region have led us to be more cautious on the short‐term outlook for our Branded business. We are very optimistic about the longer‐term opportunities that economic reform can bring and our commitment to the Mena region has not changed. We continue to believe in the excellent long‐term growth potential of the Mena region and will continue to invest in building our unique local presence, both organically and through acquisitions.”
“We are confident that we can continue to deliver strong performances in our Injectables and Generics businesses. We have made significant investments in these businesses in recent years, we now have very experienced management teams in place and we see numerous opportunities for growth. We also have the integration of the Baxter’s Multi‐Source Injectables business to look forward to and the transformation this business will bring to both our global Injectables and US businesses,” he added.
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