Hikma Pharmaceuticals PLC (HIK) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and good afternoon, everyone. Thank you very much for joining Hikma's 2023 Full Year Results Q&A. I'm very happy to have Riyadh Mishlawi, Hikma's CEO, on the call today, along with our CFO Khaled Nabilsi, Bill Larkins, the head of our injectables business, Mazen Darwaza, the head of our branded business, and Brian Hoffman, who heads up our generics business. Mazen Darwaza is on the phone, and the rest of us should be on your screen. We are going to have Riyadh give some introductory comments, and then we will open up for Q&A. So I'll hand over now to Riyadh. Thanks, Riyadh. Thank you, Susan, and thank you everyone for joining us to discuss the 2023 results. Before we get to the Q&A, I would like to give you a few high-level thoughts on our 2023 performance and go a little bit on the 2024 outlook. Let me start by saying I'm extremely pleased with our performance in 2023. We have delivered strong growth in both revenue and core operating profits and core profitability. All three of our business contributed to our growth this year. Let me start with the injectables. Injectables continues to deliver. The revenue was up 6% in 2023, with an impressive and consistent core operating margin to close to 37%, probably one of the highest in the market. We've been busy expanding our portfolio by launching new products and expanding our manufacturing capacity, which is really allowing us to build our presence in the new markets and enhancing our existing market position in both the EU and MENA. It's worth noting that our 503B compounding business is progressing well. Month on month and year on year, we see growth as we build our customer base and portfolio. But we did decide to relocate it to our other segment this year, which will help us ensure a clear focus on its ...