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Hikma upbeat despite turbulence in Egypt, Libya and Tunisia

Thursday, March 17, 2011 12:41 PM

Jordanian drugmaker Hikma Pharmaceuticals has posted strong results for 2010, but political and social unrest in North Africa could hurt this year's earnings, according to PharmaTimes.

Operating profit was $135.1 million, up 25.9%, while revenues rose 14.8% to $730.9 million. The increases were due to strong growth in Hikma’s key market, the Middle East and North Africa (MENA) region, which makes up 61% of its revenues.

The company's branded business performed well, particularly in Algeria, Egypt, Saudi Arabia and across the other Gulf Cooperation Council countries, while its injectables arm was boosted by a 75.9% leap in sales in the U.S. Hikma said the injectables business will be "transformed" and sales should double once it completes its $112 million acquisition of the U.S. generic injectables unit of Baxter Healthcare.

 

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