Branded and generic medicines company Hikma Pharmaceuticals has returned to growth in some of its key Middle Eastern and North Africa (MENA) markets after the disruption caused by the Arab Spring. The improvement meant like-for-like group sales grew by 7.6 per cent and helped maintain adjusted operating profits at $146m (£93m).
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Branded pharmaceuticals was the segment most exposed to ructions in the Middle East, so for this business to grow underlying sales by 9.6 per cent was quite some achievement. However, higher inflation in the MENA region, lower prices for locally produced medicines and increased raw materials costs combined to keep operating profits flat at $98.5m.