Hikma Pharmaceuticals 2017 interim results
Group revenue of $895 million, up 1% in H1 2017 and up 5% in constant currency,3 reflecting the consolidation of an additional two months of West-Ward Columbus and continued Injectables growth, partially offset by lower Branded revenue
Group core operating profit of $176 million, in line with H1 2016 and up 3% in constant currency, with a good improvement in Generics profitability, offset by a weaker Branded performance
Group core basic earnings per share of 45.4 cents, down 6% and down 3% in constant currency due to the issuance of 40 million new shares to Boehringer Ingelheim in H1 2016 as part of the consideration for the West-Ward Columbus acquisition
Group operating cash flow of $225 million, up from $99 million, reinforcing our strong balance sheet
Net debt reduced from $697 million to $633 million and healthy leverage ratios maintained
Interim dividend of 11.0 cents per share, in line with the interim dividend for H1 2016
We now expect 2017 Group revenue to be around $2.0 billion in constant currency after lowering our guidance for the Generics business. We now expect Generics revenue to be around $620 million and core Generics operating profit to be around $30 million in 2017
