Hikma takes a hit after annual results

Shares in FTSE 100 Hikma Pharmaceuticals (LON:HIK) have fallen by 6.45% to 10.35p (as of 10:35 GMT) after reporting statutory profits for the year ended 31st December dropped by 6%. Core revenues were up by 6% with operating profits also improving and management believe that the outlook for 2021 is good.

CEO Siggi Olafsson commented: “Thanks to our strong foundation, flexible and high-quality manufacturing capabilities, robust supply chain and the unwavering dedication of our people to our purpose, Hikma was able to play a critical role in the pandemic. We responded rapidly to the changing needs of healthcare providers, supplying essential medicines used to treat COVID-19 patients, while continuing to provide the critical medicines our patients need every day.

Our response to the pandemic demonstrates the resilience of our business, which enabled us to deliver a strong financial performance and continued progress against our longer-term strategic objectives. We achieved good revenue growth in all our businesses and an improvement in core profitability. We expanded our portfolio with successful new launches and new partnership agreements, enhanced our manufacturing capabilities and continued to focus on the development of a more diverse, energised and engaged workforce. These achievements leave us well positioned for future growth and we look forward to continued success in 2021“.