Hikma Pharmaceutical Co Revenues Reach USD1.9b in 2017

تم نشره في Wed 14 March / Mar 2018. 01:00 AM - آخر تعديل في Wed 14 March / Mar 2018. 06:29 PM
  • Hikma Pharmaceuticals PLC building in Amman - (Archives)

AMMAN — Hikma Pharmaceuticals PLC, a multinational generic pharmaceutical company, Tuesday said in a statement its revenues reached USD 1,936 million in 2017, down by 1%, and up by 1% in constant currency. Despite challenging market conditions in the U.S. Generics revenue however, achieved USD 615 million in 2017 up by 2% from USD 604 million in 2016.

It said the Global Injectables revenue reached USD 776 million, down by 1%, while Branded revenue totalled USD 536 million, down by 4%, and up 2% in constant currency.

On the corporate front, Siggi Olafsson was appointed as the Chief Executive Officer, bringing substantial commercial and operational capabilities and a strong track-record of driving performance and delivering growth, added the statement.

The management teams were also strengthened across the three businesses to drive successful strategy execution, strengthen customer relationships and enhance the efficiency of Hikma’s R&D program.

Moreover, the consolidation of Hikma’s Generics’ manufacturing facilities and distribution centres commenced in 2017, to enhance productivity and create further operational efficiencies. In addition, Hikma’s position as partner of choice in the MENA region, was reinforced in the key therapeutic areas of cardiovascular, oncology and central nervous system diseases, through expanded partnership agreements with key partners Takeda and Celltrion. Notably, Hikma also launched 44 new compounds across all markets, expanding Hikma global product portfolio. Hikma is also initiating a new clinical endpoint study with respect to its ANDA submission for generic Advair Discus .

In a significant step, Hikma unveiled its new global brand platform ‘Better Health. Within Reach. Every day’ and new logo and visual identity. It also announced that it will be bringing all Hikma companies worldwide under a refreshed Hikma corporate brand to drive efficiencies, reduce complexities and mobilize employees to better serve customers.

Executive Chairman of Hikma, Said Darwazah, commented, "We delivered a solid performance in 2017, at a challenging time for our industry, demonstrating the benefit of our diversified business model. Profitability in our Branded business remained stable and our Injectables business was resilient, maintaining strong profitability despite new competitors for our top products and benefitting from our strong market position in the US hospital segment. The increasingly competitive dynamics of the US market, including intense pricing pressure, had a material impact on our Generics business and, in particular, on West-Ward Columbus. This was further impacted by the delay in approval for our generic version of Advair Diskus . As a result of these headwinds, we have had to take an impairment related to the West-Ward Columbus business to reflect our updated view of the fair value of this business." He continued, "To be more competitive and achieve our ambitious goals, we are making transformational changes across the Group. We recently announced the appointment of Siggi Olafsson as Chief Executive Officer. Siggi is an exceptional leader with extensive experience in the industry. He is the right person to take the business to the next level. I am confident that the investments we have made across our businesses in 2017 – in our people, our capabilities and our facilities – leave us well positioned to achieve our strategy for growth."

In turn, Chief Executive Officer of Hikma, Siggi Olagsson said, "Since arriving at Hikma, I can already see the incredible potential of this business, and I’m confident that the operational improvements already under way, will deliver substantial value to our customers, employees, investors and the wider community."