Hikma Pharmaceuticals (HIK) Trading update summary

Trading performance and outlook

• All three business segments are performing in line with expectations, supported by robust demand, strong execution, and a differentiated portfolio with recent product launches.

• Full-year 2026 group guidance is reiterated, with revenue expected to grow 2–4% and operating profit between $720m and $770m, reflecting confidence in delivering planned results.

• Revenue and profit phasing expected: injectables and group revenue more weighted to H2, branded heavier in H1, Rx balanced.

• TYZAVAN sales are ramping up, with stronger contributions expected in H2; sodium oxybate AG agreement extended to end-2029.

• Advair continues to perform well with no new entrants impacting market share.

Strategic priorities and business changes

• Focus on agility, stability, and investment, with capital and management attention allocated to areas of competitive advantage.

• Exiting the 503B compounding business to concentrate on core segments; facility to be sold, with minimal impact on group outlook.

• New talent and internal promotions have strengthened supply chain, commercial, procurement, and quality functions.

• Capacity expansion projects progressing in the U.S. and Saudi Arabia, including the Columbus site, to support future demand and contract manufacturing growth.

• Signed exclusive co-development and license agreement for device technology to accelerate generic Ellipta® programme.

R&D and product pipeline

• Continued investment in complex and differentiated technologies, including a new device partnership for the generic Ellipta program.

• Inhalation program progressing with a new undisclosed partner; U.S. nasal epinephrine filing planned for 2026 after FDA-requested clinical studies.

• Branded business and contract manufacturing remain key growth drivers.