London-listed Hikma Pharmaceuticals yesterday said revenues for 2007 increased by 41.6 per cent to $448.8 million (Dh1.6 billion) on strong performances by branded and injectables businesses.
Gross margin stood at a healthy 49.3 per cent, the company said in a statement on its preliminary results. The year saw a 14.8 per cent increase in profit attributable to shareholders to $62.6m.
Hikma bolstered its balance sheet and its ability to finance future growth by raising $160m during 2007.
It acquired four companies and several new products in the year. The company has proposed a dividend of $0.75 per share.
Its highest sales were in Middle East and North Africa (Mena), followed by the United States.
“Our position as a leading pharmaceutical manufacturer in Mena is stronger than ever. We have an excellent product portfolio, a large and growing sales and marketing team and excellent manufacturing capabilities that enable us to take advantage of the extremely favourable market environment in which we operate,” Chief Executive Said Darwaza said in a statement.
“We are also playing a key role in the consolidation of this fragmented market. Through the two acquisitions we made in the region this year, we are rolling out our successful business model into new markets such as Egypt and strengthening our position in our core and developing markets like Jordan, Saudi Arabia and other Gulf countries.
“We expect another year of strong performance in 2008 driven by our branded and injectable businesses as we continue to grow Hikma into a leading specialty pharmaceutical company and deliver high returns on investment to our shareholders,” he said.
On January 25, 2007, the group completed the acquisition of 100 per cent of the issued share capital of Ribosepharm in Germany for $42.2m in cash.
Ribosepharm markets and distributes generic injectable oncology products to private practices and hospitals in Germany.
The acquisition on September 6 of Egypt-based Alkan Pharma for $60.505m increased the number of products Hikma can market in Mena.
Raised by the London-listed company in 2007
Paid by Hikma to acquire German firm Ribosepharm
Hikma Pharmaceuticals’ revenues increase 41.6%