Hikma has posted profit of $155 million for the 2016 which is decrease comparing profit of $252 million in 2015.
Said Darwazah, Chairman and Chief Executive Officer of Hikma, said the 2016 was a year in which the company made “significant strategic progress”, reminding about the acquisition of West-Ward Columbus, the largest acquisitioni Hikma has ever made. Darwazah said it wastransforming Hikma’s Generics business and the Group as a whole. “The integration process has been both challenging and exciting,” Darwazah said, adding that the Generics business should achieve “significant” growth in revenue and profitability in the coming years.
Hikma’s global Injectables business was a huge part of growth in revenue and operating profit in 2016, with the fact that Hikma more than doubled R&D investment.
“In the MENA, our reported results were impacted by the devaluation of the Egyptian pound in November 2016. However, our strategic focus on higher value products, combined with tight cost control, drove significant growth in operating profit in constant currency and a meaningful margin expansion,” said Darwazah.
He said that the company’s business is stronger than ever, as the company is well positioned across its markets, with a large and differentiated portfolio and pipeline. “We are confident in the future prospects of the Group,” concluded Darwazah.