Interim Results H1 2026

Hikma delivers a solid H1 performance and reiterates full year outlook

 

London, 6 August 2026 - Hikma Pharmaceuticals PLC ('Hikma' or 'Group'), the multinational pharmaceutical company, today reports its Interim Results for the six months ended 30 June 2026.

 

Said Darwazah, Chief Executive Officer of Hikma, said: 

 

"I am pleased to report a solid first half with performance in line with our expectations, including 9% growth in core operating profit, and I am encouraged by the positive momentum we are seeing across the organisation.

 

We have made good progress against our strategic priorities in the first half of 2026, launching new products, strengthening our pipeline, signing new partnerships and optimising our manufacturing operations - all initiatives that will support long-term growth. We are building greater agility across the Group - directing capital and management attention to the areas where we have sustainable competitive advantage and where we can respond quickly to changing market dynamics, while maintaining the stability and quality that underpin our business.

 

With strong fundamentals, disciplined execution and clear strategic priorities, we remain confident in our outlook and are reiterating our full-year guidance."

 

Group H1 highlights:

 

 

H1 FINANCIAL HIGHLIGHTS

·  Group revenue of $1,728 million, up 4%

o  Branded revenue of $502 million, up 15%

o  Injectables revenue of $685 million, in line with H1 2025

o  Hikma Rx revenue of $520 million, in line with H1 2025

·  Group core operating profit of $405 million, up 9%

o  Branded core operating profit up 23% (20% in constant currency), with core operating margin of 32.5%

o  Injectables core operating profit down 8% (down 9% in constant currency) and core operating margin of 27.6%

o  Hikma Rx core operating profit up 16% with 20.6% core operating margin

o  Reported Group operating profit up 30%, primarily due to a lower comparator in H1 2025, which was impacted by the non-core legal settlement related to sodium oxybate

·  Robust balance sheet, cashflow and dividend growth

o  Cashflow from operating activities of $214 million (H1 2025: $161 million)

o  Net debt^[4] to core EBITDA^[5] of 1.9x at 30 June 2026 (31 December 2025: 1.6x)

o  Interim dividend of 38 cents per share, up 6%

o  $250 million share buyback progressing well with $227 million worth of shares purchased as at 5 August 2026

STRATEGIC PROGRESS

·  Increasing investment to support growth

o  18% increase in R&D spend, with 48 product submissions, as we strengthen our global pipeline to support long-term growth

o  10% increase in Injectables sales and marketing spend, with a focus on improving our US commercial platform

·  Broadening our product portfolio through new launches and partnerships

o  Strong cadence of launches, with 43 product launches in the first half

o  Ongoing focus on strategic partnerships, including ten partnerships agreed in the MENA region

·  Optimising the business and enhancing employee engagement

o  Building a more resilient supply chain through improved processes, stronger inventory policies and new tools in order to enable higher customer service levels

o  Greater collaboration across teams and deepening employee engagement to enhance performance and strengthen corporate culture

·  Board appointment

o  Appointment of Tobias Hestler as independent Non-Executive Director as of 7 August 2026

FULL YEAR OUTLOOK REITERATED

·    2026 Group revenue growth of 2% to 4% (in constant currency)

·    2026 Group core operating profit of $720 million to $770 million

 

Further information:

A pre-recorded presentation will be available at www.hikma.com at 07:00 BST. Hikma will also hold a live Q&A conference call at 09:30am BST, and a recording will be made available on the Company's website.

 

To join the webinar, please register via the following link:

https://sparklive.lseg.com/HikmaPharmaceuticals/events/2353692a-cefb-4b2f-bb57-ef32403d2c51/hikma-2026-interim-results-q-a

 

For further information please contact Veronica Farah ([email protected]) or Deepa Jadeja ([email protected]).

 

Hikma (Investors):                           

 

FTI (Press):                                                               

Ciara Martin                                                          +44 (0)7779 775979        

 

About Hikma:

Hikma helps put better health within reach every day for millions of people around the world. For more than 45 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across North America, the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 9,500 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com

 

Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (LEI:549300BNS685UXH4JI75) (rated BBB/stable S&P and BBB/stable Fitch)

STRATEGIC UPDATE

We have made good progress in the first half of 2026, executing our strategy and strengthening the foundations for future growth.

The more geographically aligned leadership structure we introduced at the start of the year is working well, bringing management closer to our markets and customers. Regional leadership teams are driving commercial and operational enhancements across North America, Europe and MENA, ensuring we capture opportunities and deliver growth across the Group. We have also continued to take clear, decisive action to focus the business, including the wind down of our 503B compounding operations.

We are working to ensure the business is set up for long-term sustainable growth, and as planned, we have increased investment in R&D and sales and marketing.  R&D spend grew 18% year-on-year in the first half, now representing 5% of Group revenue, compared with 4% in H1 2025. This is helping us add new opportunities to our pipeline including larger, more complex products that will support the long-term growth of the Group. Sales and marketing is also a focus area, particularly for US Injectables, where we increased investment by 10% in H1 as we enhance our commercial platform. Both R&D and sales and marketing spend will accelerate in the second half of the year.

We maintained our position as the seventh largest supplier of generic medicines in the US[6], and the third largest supplier of generic injectable products by volume[7]. In the MENA region, we remain the largest pharmaceutical company by sales[8], with a growing portfolio and reach. In Europe, we are now the fourth largest supplier of injectables by sales[9], reflecting our expansion into new markets in recent years.

Injectables

Our Injectables business, which manufactures and supplies generic injectable medicines to hospitals across North America, Europe and MENA, performed in line with our expectations.

In the US, our base business has been steady, supported by good demand and five new product launches during the period. Demand for Tyzavan^®, our recently launched ready-to-use formulation of vancomycin, is building as we convert existing customers and begin to add new customers, and we expect momentum to accelerate in the second half and beyond.

In Europe and ROW, we delivered another period of good growth. This was driven by our broad portfolio, including nine product launches in the first half, and our local manufacturing facilities, which enable us to capitalise on opportunities across our key markets. We had notably strong performances in Germany, Italy and Canada.

Our MENA business benefited from healthy demand for our base portfolio and biosimilars, as well as eight new launches, driving strong growth in the period. This performance was partially offset by supply disruptions experienced by one of our in-licencing partners.

At an operational level we are driving meaningful improvements in production efficiency and output across the Injectables business, and particularly in our Cherry Hill and Portugal sites. We also continued to make good progress with the upgrade of our Bedford, Ohio facility during the first half, and remain on track for commercial production in 2028.

Hikma Rx

Hikma Rx, which supplies oral and other non-injectable generic and specialty products to the US retail market, delivered strong operating profit growth in the first half. We launched several products, including both extended and immediate release tapentadol, and continued to make progress on our R&D programmes.

Our CMO operations continue to build momentum. Higher contract manufacturing revenue, as well as revenue from more differentiated products, including renegotiated terms on sodium oxybate, are driving margin improvement and strengthening the portfolio mix.  We have continued to make good strategic progress, particularly in the development of our inhalation pipeline, including the signing of an exclusive co-development and license agreement with an established partner for the use of their device technology as part of the development of our generic Ellipta^® programme.

Branded

Our Branded business, which supplies branded generics and in-licensed patented products across the MENA region, continued the strong delivery of recent years, maintaining its leadership position and delivering impressive growth in both revenue and profit. We continued to sign new in-licencing partnerships and to launch products from previously signed agreements, for example Xcopri^® (cenobamate tablets) in the UAE and Finjuve^® (finasteride spray) in Egypt. Significantly, 14 of 15 new launches in our five major markets, from both R&D and partnerships, were first-to-market or first-generics.

We had good demand for our products across our markets and also benefited from our ability to meet additional government demand as a result of the ongoing conflict in the region. To date, we have managed to absorb the limited cost impacts of the conflict, which have related primarily to shipping, insurance and fuel. Patients continue to need our medicines, and Hikma is there to meet that demand.

Branded performance will be weighted to the first half due to both timing of tenders and an increase in second half spend, as several of our annual marketing activities and events are now expected to take place later in the year than usual as a result of the conflict.

Board appointment

Hikma has announced the appointment of Tobias Hestler as an independent Non-Executive Director with effect from 7 August 2026. Tobias will also be appointed a member of the Audit, Remuneration and Nomination and Governance Committees with effect from 7 August 2026. Tobias is a transformation and growth-oriented former FTSE 100 CFO, bringing extensive financial leadership, strategic thinking, M&A, capital markets, and healthcare sector experience to the Board. Tobias was Group Chief Financial Officer and Executive Director of Haleon PLC from its listing as an independent FTSE 100 company in 2022 until 2024, having previously served as CFO designate of Haleon and CFO of GSK PLC's Consumer Healthcare Joint Ventures. Earlier in his career, Tobias held senior finance leadership roles at Novartis, including CFO of Sandoz, Novartis Consumer Health and Hexal AG.

 

Acting Responsibly - Putting better health within reach, every day

Improving access to high-quality, affordable medicines remains central to our purpose of putting better health within reach, every day. During the first half, the Supreme Court of the United States unanimously ruled in Hikma's favour, effectively dismissing the Amarin skinny-label litigation and reinforcing long-established legal frameworks that support generic competition and help ensure patients have continued access to high-quality, affordable generic medicines.

 

As discussions continue regarding potential tariffs on generic medicines imported into the United States, we remain focused on ensuring patients have access to a resilient supply of domestically produced high-quality, affordable medicines. Hikma has manufactured medicines in the United States for more than three decades and today is one of the nation's largest suppliers of US-made generic medicines, with the majority of the medicines we sell in the US manufactured in Ohio and New Jersey. We are well positioned to support efforts to strengthen US supply chain resilience while continuing to serve patients across our global markets. We will continue to engage constructively with the administration, Congress and industry stakeholders as these discussions evolve.

 

We also published our 2025 Sustainability Report, highlighting the progress we are making across our sustainability priorities, with access to medicine remaining at the heart of our strategy. During the first half, we donated approximately $2 million of medicines to support communities affected by conflict and natural disasters, helping provide access to critical treatments during times of humanitarian need. More broadly, through our humanitarian partnerships, community programmes and medicine donations, we continue to expand access to healthcare and support vulnerable communities across our markets.

Reiterating outlook for full year 2026 (in constant currency)

Our solid start to the year gives us confidence to reiterate the guidance set out in February, as follows:

Group revenue is expected to grow in the range of 2% to 4%. Group core operating profit is expected to be in the range of $720 million to $770 million.

Injectables revenue is expected to grow in the low single digits, and core operating margin to be in the range of 27% to 28%. Revenue and operating profit are expected to be weighted to the second half.

As a result of the strong first half performance, Branded revenue is now expected to grow at the top end of our previously communicated range of 6% to 8%, and core operating margin is expected to be around 25%.

Hikma Rx revenue is expected to be broadly flat, and core operating margin to be close to 20%. Revenue and operating profit are expected to be broadly evenly weighted.

Corporate unallocated costs are expected to be around $105 million, and our 'Other' businesses are expected to break even.

Group core net finance expense is expected to be between $99 million and $103 million. The core effective tax rate is expected to be around 23%. Group capital expenditure is expected to be in the range of $190 million to $210 million. This excludes an expected spend of $120 million related to a contract manufacturing project in our Hikma Rx business which is being reimbursed by our partner.

 

FINANCIAL REVIEW

The financial review set out below summarises the performance of the Group and our three main business segments: Injectables, Branded and Hikma Rx, for the six months ended 30 June 2026.

 

Group

 

 

Group revenue grew 4%, reflecting strong growth in Branded and flat revenue for Injectables and Hikma Rx, in line with our expectations.

 

Core gross profit grew 7% and core gross margin was 44.8%. This growth and margin improvement was driven by the strong Branded performance and an improvement in Hikma Rx gross margin which collectively offset the decline in Injectables gross margin.

 

Group reported operating expenses were $429 million (H1 2025: $456 million). Group core operating expenses were $369 million (H1 2025: $351 million).

 

Group reported selling, general and administrative (SG&A) expenses were $328 million (H1 2025: $396 million). Core SG&A expenses were $282 million (H1 2025: $278 million). This slight increase primarily reflects an increase in sales and marketing spend in US Injectables, offset by a reduction in Hikma Rx spend.

 

Core and reported R&D expenses grew 18% to $86 million (H1 2025: $73 million), representing 5.0% of revenue (H1 2025: 4.4%).

 

Reported other net operating expense was $15 million (H1 2025: $14 million income), relating to impairment charges on assets related to discontinued products. Core other net operating income was nil (H1 2025: $1 million).

 

Group reported operating profit grew 30% primarily due to a lower comparator in H1 2025, which was impacted by the non-core legal settlement related to sodium oxybate. Group core operating profit grew 9%, with a core operating margin of 23.4%.

 

Group revenue by business segment

 

Group revenue by region

 

Injectables

 

 

Injectables revenue was flat in the first half, with a decline in the US offset by growth in Europe and ROW and MENA.

 

In the US, revenue declined 4%. While we saw a steady performance from the base business, the timing of the transition from Vanco Ready^TM to Tyzavan^® impacted revenue growth. We launched Tyzavan^® in December 2025. Consequently, while prescription volumes of Tyzavan^® grew over the course of the first half of this year, reported sales lagged as customers worked through the launch volumes. Sales in the second half are now growing in line with market demand, which we expect to accelerate over the course of the year.

 

In Europe and Rest of World (ROW), we saw 9% sales growth as a strong performance from our own products offset slightly lower revenue from contract manufacturing.  Germany, Italy and Canada were particularly strong performers with good progress being made across our markets.

 

MENA revenue grew 6% as a strong performance from in market and recently launched products more than offset the impact of supply shortages relating to the manufacturing challenges of one of our in-licensing partners.

 

Injectables core gross profit declined 4% and core gross margin was 44.2%, primarily reflecting the supply disruptions of our in-licensing partner.

 

Injectables reported operating profit declined 14%. Injectables core operating profit declined 8%, and core operating margin was 27.6%, down from 30.0% in H1 2025. This performance was in line with our expectations, reflecting the combination of gross margin headwinds and planned increased investment in sales and marketing and R&D, both of which grew double digits in the first half.

 

Hikma Rx

 

 

Hikma Rx revenue was broadly flat in the first half. We are experiencing modest price erosion across the portfolio, in line with recent history, and are offsetting this with recent launches and improved performance from several in-line products.

 

Hikma Rx core and reported gross profit grew 10% and core gross margin expanded to 37.1%, reflecting improving mix in the business, with higher margin CMO as well as a good performance from sodium oxybate.

 

Hikma Rx reported operating profit grew 20%, and core operating profit grew 16%. The strong growth reflects the increase in gross profit and a reduction in specialty-related sales and marketing expense following the out licensing of Kloxxado^®, which more than offset the increase in R&D spend.

 

Branded

 

 

Branded revenue grew 15%. This strong performance was once again driven by key markets such as Saudi Arabia, as well as our focus on medications used to treat chronic illnesses, with a particularly strong performance from diabetes and cardiovascular products, as well as improved leverage of our capacity to respond to opportunities. As in prior years, revenue is H1 weighted primarily due to the timing of tenders in the region.

 

Branded reported and core gross profit grew 19%, with core gross margin of 55.0%, reflecting a continued improvement in product mix which can be attributed to our focus on first to market and first generic products.

 

Branded reported operating profit grew 11%. Core operating profit grew 23%, due to the strong gross profit performance, as well as a relatively lower increase in sales and marketing expense as we shifted key marketing events to the second half due to the geopolitical situation. In constant currency, Branded core operating profit grew 20% reflecting a slight benefit to reported numbers due to stronger currencies in our North African markets.

 

Other businesses

Other businesses comprises Arab Medical Containers (AMC), a manufacturer of plastic specialised medicinal sterile containers, International Pharmaceuticals Research Centre (IPRC), which conducts bio-equivalency studies, Hikma's MENA diagnostics business and the 503B compounding business, which has been classified as held for sale at 30 June 2026 following the Group's decision to wind down the business (Notes 5 and 11). Other businesses contributed revenue of $21 million (H1 2025: $15 million) with a core operating loss of $2 million (H1 2025: $4 million loss), driven by the continued losses of the 503B compounding business. On a reported basis, the Other businesses generated a loss of $7 million.  This was due to exceptional costs of $5 million related to the strategic decision made during the period to wind down the 503B compounding business.

 

Research and development

Our investment in R&D and business development is core to our strategy and enables us to continue expanding the Group's product portfolio. 

 

Net finance income/(expense)

 

 

Reported net finance expense was $49 million, compared with a net finance income of $35 million in H1 2025. This is primarily due to the H1 2025 net finance income including $71 million resulting from amendments to royalty payment arrangements and remeasurement of contingent consideration payment liabilities. Core net finance expense was $49 million, reflecting increased debt levels and the refinancing of the Eurobond in July 2025.

 

We continue to expect core net finance expense to be between $99 million to $103 million for the full year.

 

Tax

The Group incurred a reported tax expense of $62 million (H1 2025: $55 million). Excluding the tax impact of exceptional items and other adjustments, the Group core tax expense was $77 million in H1 2026 (H1 2025: $66 million). The core effective tax rate for H1 2026 was 21.6% (H1 2025: 19.5%). We continue to expect the Group's core effective tax rate to be around 23% for the full year.

 

Profit attributable to shareholders and earnings per share

Profit attributable to shareholders was $223 million (H1 2025: $238 million). Core profit attributable to shareholders was $277 million (H1 2025: $270 million). Reported basic earnings per share was 103 cents (H1 2025: 108 cents). Core basic earnings per share was 128 cents (H1 2025: 122 cents).

 

Dividend                                                                                                                                                   

The Board is recommending an interim dividend of 38 cents per share (H1 2025: 36 cents per share). The interim dividend will be paid on 17 September 2026 to eligible shareholders on the register at the close of business on 14 August 2026.

 

Net cash flow, working capital and net debt

The Group generated operating cash flow of $214 million (H1 2025: $161 million). This primarily reflects the increase in Group operating profit.

 

Group working capital days were 264 at 30 June 2026. This compares to 245 days at 31 December 2025 and 259 days at 30 June 2025.  The slight increase versus H1 2025 is primarily due to higher inventory days as we focus on supply chain continuity in MENA.

 

Capital expenditure was $122 million (H1 2025: $68 million[11]). This includes $39 million related to a contract manufacturing project in our Hikma Rx business which is being reimbursed by our partner.  The assets will remain on Hikma's balance sheet. In the US, $74 million was spent on the expansion of the CMO and inhalation manufacturing capacity and capabilities for Hikma Rx, the ongoing lyophilisation and aseptic bag capabilities at the Bedford Injectables site, as well as upgrade projects in Cherry Hill. In MENA, $38 million was spent on strengthening and expanding our local manufacturing sites across our markets, including the expansion of our oral oncology and general formulation manufacturing capabilities in Saudi Arabia. In Europe, we spent $10 million on infrastructure upgrades and expanding manufacturing capacity in Portugal, as well as infrastructure upgrades in Italy and Germany.  

 

We continue to expect Group capital expenditure to be in the range of $190 million to $210 million in 2026. This excludes an expected spend of $120 million related to a contract manufacturing project in our Hikma Rx business which is being reimbursed by our partner.

 

The Group's total debt was $1,957 million at 30 June 2026 (31 December 2025: $1,604 million; 30 June 2025: $1,558 million).

 

The Group's cash balance was $263 million at 30 June 2026 (31 December 2025: $217 million).

 

The Group's net debt was $1,694 million at 30 June 2026 (31 December 2025: $1,387 million). The increase compared with 30 June 2025 reflects the impact of the ongoing share buyback and one-off legal settlements. We continue to maintain a strong balance sheet with a net debt to core EBITDA ratio of 1.9x (31 December 2025: 1.6x).

 

Net assets

Net assets at 30 June 2026 were $2,538 million (31 December 2025: $2,606 million). Net current assets were $1,358 million (31 December 2025: $1,190 million).

 

Statement of Directors' responsibilities

 

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:

 

·    an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

·    material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

The maintenance and integrity of the Hikma Pharmaceuticals PLC website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the interim financial statements since they were initially presented on the website.

 

 

By order of the Board

 

 

 

The Board of Directors that served during all or part of the six-month period to 30 June 2026 and their respective responsibilities can be found on the Leadership team section of www.hikma.com.

 

Cautionary statement

 

This Interim Results announcement has been prepared solely to provide additional information to the shareholders of Hikma and should not be relied on by any other party or for any other purpose.

 

Definitions

 

We use a number of non-IFRS measures to report and monitor the performance of our business. Management uses these adjusted numbers internally to measure our progress and for setting performance targets. We also present these numbers, alongside our reported results, to external audiences to help them understand the underlying performance of our business. Our core numbers may be calculated differently to other companies. 

 

Adjusted measures are not substitutable for IFRS results and should not be considered superior to results presented in accordance with IFRS.

 

Core results

 

Reported results represent the Group's overall performance. However, these results can include one-off or non-cash items which are excluded when assessing the underlying performance of the Group. To provide a more complete picture of the Group's performance to external audiences, we provide, alongside our reported results, core results, which are a non-IFRS measure. Our core results exclude exceptional items and other adjustments set out in Note 5.

 

Constant currency

 

As the majority of our business is conducted in the US, we present our results in US dollars. For both our Branded and Injectable businesses, a proportion of their sales are denominated in currencies other than the US dollar.   In order to illustrate the underlying performance of these businesses, we include information on our results in constant currency.

 

Constant currency numbers in H1 2026 represent reported H1 2026 numbers translated using H1 2025 exchange rates, excluding price increases in the business resulting from the devaluation of currencies.

 

Core EBITDA

Core EBITDA is reported operating profit before depreciation and software amortisation.

 

Core EBITDA for the twelve months ending 30 June 2026, which is used in the calculation of net debt to core EBITDA, was $887 million.

 

Working capital days

 

We believe Group working capital days provides a useful measure of the Group's working capital management and liquidity. Group working capital days are calculated as Group receivable days plus Group inventory days, less Group payable days. Group receivable days are calculated as Group trade receivables x 365, divided by trailing 12 months Group revenue. Group inventory days are calculated as Group inventory x 365 divided by trailing 12 months Group reported cost of sales. Group payable days are calculated as Group trade payables x 365, divided by trailing 12 months Group reported cost of sales[13].

 

Group net debt

 

We believe Group net debt is a useful measure of the strength of the Group financial position. Group net debt includes long and short-term financial debts (Note 12), lease liabilities, net of cash and cash equivalents.

 

 

Forward looking statements

 

This announcement contains certain statements which are, or may be deemed to be, "forward looking statements" which are prospective in nature with respect to Hikma's expectations and plans, strategy, management objectives, future developments and performance, costs, revenues and other trend information. All statements other than statements of historical fact may be forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward looking words such as "intends", "believes", "anticipates", "expects", "estimates", "forecasts", "targets", "aims", "budget", "scheduled", "goals", "objectives", "outlook", "plan", "project", "risks", "seek", "risks" or words or terms of similar substance or the negative thereof, as well as variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. 

 

By their nature, forward looking statements are based on current expectations and projections about future events and are therefore subject to assumptions, risks and uncertainties that are beyond Hikma's ability to control or estimate precisely and which could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. In particular, these include statements relating to future actions, product authorisations, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results and also include those risk factors described in the "Principal risks and uncertainties" section set out in Hikma's 2025 Annual Report on pages 84 - 88. Where included, such statements have been made by or on behalf of Hikma in good faith based upon the knowledge and information available to the Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and Hikma's shareholders are cautioned not to place undue reliance on the forward-looking statements. Forward looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

 

Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation and the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), Hikma does not undertake to update the forward looking statements contained in this announcement to reflect any changes in events, conditions or circumstances on which any such statement is based or to correct any inaccuracies which may become apparent in such forward looking statements. Except as expressly provided in this announcement, no forward looking or other statements have been reviewed by the auditors of Hikma.  Any forward-looking statement, and all subsequent oral or written forward looking statements attributable to Hikma or any of its members, directors, officers or employees or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit forecast or profit estimate.

 

Neither the content of Hikma's website nor any other website accessible by hyperlinks from Hikma's website are incorporated in, or form part of, this announcement.

 

By participating in, listening to or accessing this document or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

 

All names, logos, and trademarks are properties of their respective owners and are used for identification purposes only.

 

Principal risks and uncertainties

 

The Group faces risks from a range of sources that could have a material impact on our financial commitments and ability to trade in the future. The principal risks are determined via robust assessment considering our risk context by the Board of Directors with input from executive management.

The principal risks facing the Group are set out in Hikma's 2025 Annual Report on pages 84 to 88. The principal risks have not materially changed in the last six months; however, the Group's exposure to certain of these risks has increased.

The escalation of military conflict in the Middle East during the period has increased exposure to the "Crisis and business disruption" principal risk, through colleague safety, freight and logistics routing and costs, and regional security. The Group activated its business continuity, security and colleague safety arrangements in response, and its manufacturing and distribution operations have continued without material interruption.

Disruption to supply from one of the Group's in-licensing partners during the period offset the growth of the MENA Injectables business, relevant to the "Active pharmaceutical ingredient (API) and third-party risk management" and "Market dynamics and commercial environment" principal risks. The Group is assessing options to restore continuity of supply for these products.

The Group continues to monitor the dynamic global trade environment, including potential tariffs on generic medicines imported into the United States, and the potential impact on the Group and the mitigations available, relevant to the "Active pharmaceutical ingredient (API) and third-party risk management" and "Market dynamics and commercial environment" principal risks.

The Board recognises that certain risk factors that influence the principal risks are outside of the control of management. The Board is satisfied that the principal risks are being managed appropriately and consistently with the target risk appetite. The set of principal risks should not be considered as an exhaustive list of all the risks the Group faces.

 

 

Our conclusion

We have reviewed Hikma Pharmaceuticals PLC's condensed consolidated interim financial statements (the "interim financial statements") in the Interim Results H1 2026 of Hikma Pharmaceuticals PLC for the 6 month period ended 30 June 2026 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

●      the Condensed consolidated interim balance sheet as at 30 June 2026;

●      the Condensed consolidated interim income statement and the Condensed consolidated interim statement of comprehensive income for the period then ended;

●      the Condensed consolidated interim statement of changes in equity for the period then ended;

●      the Condensed consolidated interim cash flow statement for the period then ended; and

●      the explanatory notes to the interim financial statements.

The interim financial statements included in the Interim Results H1 2026 of Hikma Pharmaceuticals PLC have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), UK adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Interim Results H1 2026 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the Directors

The Interim Results H1 2026, including the interim financial statements, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the Interim Results H1 2026 in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Interim Results H1 2026, including the interim financial statements, the Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.