Amman, Jordan
Hikma Pharmaceuticals PLC, the multinational pharmaceutical company, today reports its audited results for the year ended 31 December 2024.
The Group reported revenue growth of 9% (9% in constant currency) to $3.127billion )compared to $2.875 billion in 2023).
In 2024, Hikma continued driving future growth in all regions and achieved a strong financial performanceahead of expectations. We made excellent strategic progress during the year, with momentum building across our three businesses. Continued investment in R&D and business development is strengthening our differentiated pipeline, and we are enhancing our manufacturing offering and commercial presence. We are the seventh-largest supplier of generic medicines in the US and the third-largest supplier of generic injectable products by volume in that market. We also maintained our position as the second-largest pharmaceutical company by sales in the MENA region for the second year in a row.
Hikma continued its strategic progress and invested further to expand and diversify its portfolio by acquiring Xellia Pharmaceuticals’ US finished dosage form business, which further strengthened the Injectables business. We also agreed to acquire 17 Takeda brands licenced to Hikma, enhancing future Branded profitability, in addition to strengthening our R&D, manufacturing and commercial capabilities.
With a strong 2025 Group outlook, we are confident that we are well-positioned to deliver another year of growth in 2025. We expect Group revenue to grow in the range of 4% to 6%.
Our Injectables business, which manufactures and supplies generic injectable and speciality medicines to hospitals across North America, Europe and MENA, reported revenue growth of 9% in 2024 to $1.306 billion (compared to $1.203 billion in 2023). We delivered an impressive top-line performance, with strong revenue growth in each of our three geographies. During the year we were successful in acquiring the US finished dosage form business of Xellia Pharmaceuticals. This acquisition will diversify and enrich our injectables portfolio and pipeline, expand our US-based manufacturing capacity, bringing complex manufacturing technologies, and support the long-term growth of the Injectables business.
In MENA, we saw strong growth across most of our markets, supported by new launches and good demand across our broad portfolio. Our MENA Injectables business remains a solid contributor to growth, with both biosimilars and our own portfolio of medicines contributing to the strong performance.
In Europe, our own products grew 20% in 2024. We benefitted from our recent entries into France, the UK and Spain and our growing portfolio of products, which enabled us to respond to market shortages. We also had a strong year for new product submissions and approvals, supporting future growth. Our CMO business performed in line with expectations, accelerating in the second half of 2024. We will continue to pursue CMO opportunities where we see value for both us and our strategic partners.
During the year, the Injectables business had 20 launches in North America, 16 in MENA and 53 in Europe and the rest of the world. We submitted 137 filings to regulatory authorities across all markets. We expect Injectables revenue to grow in the range of 7% to 9%. We will continue to launch new products, leverage our high-quality manufacturing capabilities and expand in recently entered markets.
Our Branded business, which supplies branded generics and in-licenced patented products across the MENA region, had another very strong year with good growth across most of our markets. We grew revenue up 8% on a reported basis and 9% in constant currency, to $769 million (compared to $714 million in 2023), at the top of our guidance range, as we benefited from a growing and diversified portfolio. We have a unique business in the region, leveraging our global expertise to meet local market needs. Over the past few years, we have been investing in enhancing our pipeline and portfolio, focusing on launching more complex and first-to-market products that are tailored to local needs, such as oncology products and medicines used to treat chronic illnesses. This has been driving our growth and supporting our strong margins. We continue to make great progress and are growing in key therapeutic areas, including diabetes and multiple sclerosis.
During the year, the Branded business had 36 launches and submitted 59 filings to regulatory authorities. Revenue from in-licenced products represented 27% of Branded revenue (compared to 29% in 2023).
We expect Branded revenue to grow 6% to 7% in constant currency. We remain focused on growth across the MENA region and will continue to launch products and sign partnerships.
Our Generics business, which supplies oral, respiratory and other generic and speciality products to the North American retail market, reported revenue growth of 9% to $1.026 billion (compared to $937 million in 2023), generating over $1 billion in revenue for the first time, with margins in line with our expectations. We are delivering growth in our more complex products, and increased our market share in sodium oxybate. Meanwhile, our leading nasal spray franchise performed well in 2024.
We expect Generics revenue to be broadly flat, with a good performance from some of our more differentiated products.
Riad Mishlawi, Chief Executive Officer of Hikma, said, “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. This momentum, combined with our diversified portfolio, leading market positions and increasing investment in R&D, underpin our positive outlook for 2025 and confidence in the future.”
