Hikma upbeat despite turbulence in Egypt, Libya and Tunisia
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.