Hikma Pharmaceuticals Plc · LSE:HIK
Hikma Pharmaceuticals — FY2025 Earnings Presentation
30 slides from Hikma Pharmaceuticals's earnings presentation, Feb 26, 2026
Slide 1: Better health. Within reach. Every day.
Better health. Within reach. Every day. Hikma Pharmaceuticals 2025 Full year results
Slide 2: Disclaimer
Disclaimer Save to the extent required by law, neither Hikma Pharmaceuticals PLC nor any of its affiliates (Hikma), nor any other party, is under any duty to update or inform you of any changes to such information. In particular, it should be noted that the financial information relating to Hikma co
Slide 3: Introduction
Introduction Said Darwazah Chief Executive Officer
Slide 4: A differentiated global pharmaceutical business
A differentiated global pharmaceutical business Injectables A global business with a broad, diversified and increasingly complex portfolio, Three unique and a rapidly expanding high-quality manufacturing footprint businesses, Hikma Rx Branded driving Group Hikma Rx A high-quality, US-based business
Slide 5: Leadership and presenting team
Leadership and presenting team Said Darwazah Mazen Darwazah Khalid Nabilsi Hafrun Fridriksdottir CEO Executive Vice Chairman and Deputy CEO, North America President, US and Global Deputy CEO, MENA and Europe Head of R&D 5
Slide 6: Group financial highlights – Full year 2025
Group financial highlights – Full year 2025 $3,349m $741m $853m Core revenue Core1 operating profit Core EBITDA2 $436m 228¢ 16.0% Operating cash flow Core basic earnings per share Return on average invested capital 1. Core results are presented to show the underlying performance of the Group, exclud
Slide 7: Financial performance and strategic updates
Financial performance and strategic updates Khalid Nabilsi, Deputy CEO, North America and Europe
Slide 8: Three high quality businesses
Three high quality businesses Branded Hikma Rx Injectables • Strong growth across most of our markets • Good revenue performance, with usual price erosion • North America sales up 5%. Competition on certain • Benefitting from our ongoing focus on high value on base portfolio offset by a strong perfo
Slide 9: Evolution of Injectables operating profit margin
Evolution of Injectables operating profit margin 2024 2025 2026 35.3% 31.0% 27% to 28% - Competition on high-margin calcitonin and testosterone - Double-digit % increase in R&D spend - Inventory write-downs - Reduced CMO opportunities - MENA growth outpacing US growth - Product and geographic mix -
Slide 10: Cash flow, capex, and balance sheet
Cash flow, capex, and balance sheet Operating cash flow Capex by region ($ million) Dec 2024 Dec 2025 $250 20% Operating cash flow 564 436 Operating cash 18.0% 13.0% flow/revenue $200 191 15% 172 169 165 Debt and leverage ($ million) 1,604 $150 145 138 1,306 10% 1,283 1,191 $100 1.6x 1.5x 1.4x 932 7
Slide 11: Divisional overviews
Divisional overviews
Slide 12: Injectables – Multiple levers driving growth over the medium term
Injectables – Multiple levers driving growth over the medium term, with investment required to ensure success Near-term Ongoing growth driver: Europe growth driver: Significant opportunity to take share across established and recently entered markets Demonstrated record of recent success: 23% gr
Slide 13: Hikma Rx – Leveraging breadth of portfolio, complex products and manufacturing strength
Hikma Rx – Leveraging breadth of portfolio, complex products and manufacturing strength Near-term growth driver: Contract manufacturing Ongoing contributor: Fluticasone propionate/salmeterol inhalation powder (generic Advair Diskus) Complex inhalation product – device drug combination, Columbus
Slide 14: Branded – Reinforcing our leading market position and track record
Branded – Reinforcing our leading market position and track record Ongoing growth driver: Local manufacturing presence Ongoing growth driver: Growing focus on key therapeutic areas 20 plants across the MENA region, with more under construction Oncology: launching therapies as first or only gener
Slide 15: R&D
R&D
Slide 16: Building an industry leading R&D organisation
Building an industry leading R&D organisation by strengthening capabilities and accelerating execution Our 4 strategic pillars to drive growth 1 2 3 4 Portfolio balance Targeted Manufacturing-driven Accelerated and value creation investment in complex differentiation development and and differentiat
Slide 17: A strong pipeline across our three businesses
A strong pipeline across our three businesses >300 products in our pipeline >$90 billion Current market size 1 Development Launch Strategic focus areas phase timing profile to drive long-term growth Long-term • Ready-to-use formulations: global Approved/tentatively (≥2030) growth platform approved F
Slide 18: Healthy mid-term launch plan across platforms and geographies
Healthy mid-term launch plan across platforms and geographies Expected number of launches across our markets by dosage form 79 launches 81 launches 5 1 US 5 US 4 MENA 7 MENA 1 12 1 MENA Other 15 US 1 5 5 MENA 9 EU 58 launches Respiratory 15 MENA 12 US 4 EU 5 5 MENA 49 launches 6 MENA Injectables 3 3
Slide 19: Expecting complex and differentiated US launches over the mid-term
Expecting complex and differentiated US launches over the mid-term Expected number of US launches by year across injectable Non-injectable and non-injectable products, and the current market size1 Injectable 26 launches 25 launches $3.2b market size $1.4b market size 21 launches 20 launches $774m ma
Slide 20: Adding differentiation through our strategic focus on ready-to-use products
Adding differentiation through our strategic focus on ready-to-use products Benefits Our RTU pipeline • Ready-to-use products in final • Product selection strategy is focused on critical care area dosage form, with no need for • 15 products in ready-to-use formats in our pipeline targeted for the US
Slide 21: Expanding our pipeline of complex inhalation therapies
Expanding our pipeline of complex inhalation therapies Our pipeline US respiratory market size by device type ($m)1 Proven success in launches, $13,649 demonstrated by generic Advair, (+2%) Fluticasone, and Albuterol gAdvair (commercial) 13 complex respiratory and nasal Advair $946 gEllipta drug
Slide 22: Improving the quality and complexity of our solid oral pipeline
Improving the quality and complexity of our solid oral pipeline 1 Tafamidis 2 Trametinib 3 Enzalutamide Strategic rationale Strategic rationale Strategic rationale Soft-gel capsule. First to file PIV Oral oncology. First to file PIV product US and MENA co-development product (1 of 3 first filers). w
Slide 23: Conclusion
Conclusion Said Darwazah Chief Executive Officer
Slide 24: 2026 Full year guidance
2026 Full year guidance Revenue growth: GROUP Core operating profit: 2% to 4% $720 million to $770 million Injectables Branded Hikma Rx ● Revenue growth: ● Revenue growth: ● Revenue: low single digits 6% to 8% in constant and broadly flat ● Core operating margin: reported ● Core operating margin: 27
Slide 25: A growth business with industry leading margins and high returns
A growth business with industry leading margins and high returns Steady growth to date 2020 to 2025 Core revenue +7.4% Core operating profit +5.5% Return on 16.8% (m) CAGR (m) CAGR invested capital Average return 3349 719 741 3156 707 2875 632 17.4% 17.6% 17.7% 16.9% 596 16.0% 2553 2517 566 15.6% 23
Slide 26: Thank you.
h. Thank you.
Slide 27: Appendix
APPENDIX 27
Slide 28: Key pipeline metrics: Injectables
Key pipeline metrics: Injectables 118 >$45 billion Current products in our pipeline market size (US, MENA and EU) across our markets 1 Development Pipeline Launch phase by region timing profile Approved/tentatively Biosimilars/biologic Long-term approved (≥2030) Filed Complex 8% 17% 35% 6% 19% 60% 1
Slide 29: Key pipeline metrics: Respiratory, nasals, semi-solids and liquids
Key pipeline metrics: Respiratory, nasals, semi-solids and liquids (RNSSL) 20 products in our US pipeline c.$18 billion US addressable market size 1 Development Dosage Launch phase form timing profile Approved/tentatively Long-term Liquid and Inhalation approved (≥2030) ophthalmic/otic 35% 35% 30% 5
Slide 30: Key pipeline metrics: Solid orals
Key pipeline metrics: Solid orals US 146 c.$29 billion US Addressable market size products in our pipeline 1 (US and MENA) Development Dosage Launch phase form timing profile Approved/tentatively Long-term Complex approved (≥2030) 30% 15% 20% 35% 35% 85% 80% Filed Near-term Development (< 2030) Simp