Hikma Pharmaceuticals PLC (‘Hikma’ or ‘Group’), the multinational pharmaceutical company, today reports its audited results for the year ended 31 December 2025.
The Group reported revenue growth of 7% (6% in constant currency) to $3.349 billion, compared to $3.127 billion in 2024 with growth in all three geographies, North America, MENA, and Europe.
Said Darwazah, Chief Executive Officer (CEO) of Hikma, said:
“Strong momentum in our Branded and Hikma Rx businesses and growth in all our geographies enabled us to deliver Group revenue and profit growth in line with guidance and resilient margins. While our Injectables business has experienced some challenges, we are taking clear steps to address these and we are confident in the longer-term prospects for this business.
The leadership changes that we are announcing today will enable us to execute the Group strategy with more agility and greater accountability. To support this, I will relinquish my Executive Chairman responsibilities and focus fully on being CEO.
We are confident in the guidance we have set for 2026, which assumes continued strong momentum in Branded and Hikma Rx and increased investment in Injectables. Looking ahead, our focus is on delivering sustainable profit growth. I remain optimistic for the future and am committed to returning to the out-performance we and our shareholders expect. Reflecting this, and our strong cash flow generation, we have increased our total dividend by 5% and are announcing a $250 million share buyback, which we will execute over the course of the year.”
In 2025 Hikma launched 84 products across our markets. In the US, Tyzavan® was launched– an IP protected, room temperature stable, ready to use vancomycin bag – used for critical sepsis treatment in hospitals and received approval for and launched our first biosimilar product– ustekinumab. Hikma reported double-digit growth for Europe Injectables, driven by both established and new markets.
In MENA, we continued the successful roll out of palbociclib tablets and dapagliflozin tablets, enhancing our strength in oncology and diabetes treatments, respectively. In addition, we signed 14 deals in MENA during 2025, with 43 deals signed with 29 partners since 2023, and we expanded partnership with Celltrion in MENA for an additional six biosimilars.
During 2025, we became the largest pharmaceutical company, by sales, in MENA[1], up from the second largest in 2024 and the fifth largest as recently as 2020. We were also the seventh largest supplier of generic medicines in the US[2], and the third largest supplier of generic injectable products by volume[3]. In Europe, our highest growth region, our strategy is focused on supplying critical medicines, and we now have a strong competitive position in several key critical medicines across our largest European markets.
We are very encouraged by the strength of our Branded business and its ability to continuously deliver strong growth and consistently high margins. At the same time, we are successfully transforming our Hikma Rx business, adding resilience and exciting new growth opportunities that will enable us to maintain attractive margins. In Injectables we are taking the necessary steps to strengthen the business, accelerating investment and adding capabilities in sales and marketing, manufacturing, R&D, supply chain and CMO. In doing this we are aiming to strike the right balance between optimising margins and pursuing sustainable profit growth.
We expect Group revenue to grow in the range of 2% to 4%.
Share Buyback
Hikma announced a share buyback programme of up to $250 million to be executed during 2026 reflecting the Group’s strong cash generation, balance sheet strength, and the Board’s confidence in the future growth prospects of the business. The buyback has been sized to maintain balance sheet efficiency whilst leaving significant headroom for continued investment opportunities.
BOARD & MANAGEMENT CHANGES
- Said Darwazah, who stepped back in as CEO in December 2025, will step down as Executive Chairman of the Board to focus exclusively on the CEO role for the next two years
- Victoria Hull, previously Senior Independent Director (SID), has been appointed Chair and Douglas Hurt, our Audit Committee Chair, will assume the SID role
- Mazen Darwazah will become Deputy CEO, MENA, responsible for all the Group’s activities in the MENA region, including MENA Injectables. He will also maintain his role as Executive Vice Chairman of the Board
- Khalid Nabilsi, who was appointed to the Board of Directors in December 2025, will become Deputy CEO, North America and Europe and will oversee all Hikma’s activities in North America and Europe. He will step down as Chief Financial Officer (CFO)
- The Board has initiated a search for a new CFO. While the search is ongoing, Areb Kurdi, currently VP, Group Financial Controller, will become Acting CFO
- Hafrun Fridriksdottir, currently President, Hikma Rx, will become President, US. She will continue to lead the Hikma Rx segment and will now take responsibility for all Injectables sales in the US, in addition to her responsibilities as Global Head of R&D
- All leadership and Board changes are effective immediately
Our Injectables business, which manufactures and supplies generic injectable and specialty medicines to hospitals across North America, Europe and MENA, grew core revenue 7%, to $1,423 million compared to $1,324 million in 2024, benefiting from our broad portfolio across the three geographies and the contribution from the Xellia acquisition and recent launches.
North America sales were up 5%
While we saw competition on certain larger products, this was more than offset by the contribution from the products acquired in the Xellia acquisition[4], as well as new launches.
In Europe and Rest of World (ROW) sales grew 23%. We delivered good growth across all our established and recently entered markets. Our own products grew 30%, driven by our expanding portfolio and ability to address market shortages.
In MENA, sales grew 9%, supported by the breadth of the portfolio and a strong performance from certain products in our biosimilar portfolio reflecting our position as the partner of choice in the region.
We continued to broaden and diversify our portfolio, with 50 injectable launches globally, including 22 in the US. With our new R&D centre in Zagreb, we are well positioned to develop more complex products, including ready-to-use formulations. Today we have 118 products in our pipeline, including 15 ready to use/formulations, which will drive growth over the medium to long term.
We expect Injectables revenue to grow in the low single digits
Our Branded business, which supplies branded generics and in-licenced IP protected products across the MENA region, reported revenue growth of 10% (9% in constant currency) to reach $849 million compared to $769 million in 2024, benefiting from our leading market position and a growing and diversified portfolio of oncology products and medicines used to treat chronic illnesses.
This business is a market leader and we expect it to continue to build on its excellent momentum. We have a unique business in the region, leveraging our global expertise to meet local market needs. Over the past few years, we have been investing in enhancing our pipeline and portfolio to drive growth and margins, focusing on launching more complex and first-to-market products that are tailored to local needs. We continue to make great progress and are gaining market share in key therapeutic areas.
During 2025 we saw a noticeably strong performance from certain oncology and diabetes products, including palbociclib and dapagliflozin. We are a leader in multiple sclerosis treatments in the region, and are leveraging partnerships to bring more innovative products, such as FinjuveTM in Saudi Arabia, a novel spray in the dermatology space.
We expect Branded revenue to grow 6% to 8% in both reported and constant currency.
Hikma RX, which supplies oral, respiratory and other generic and speciality products to the North American retail market, reported revenue growth of $1,037 million compared to $1,026 million in 2024.
Hikma Rx core revenue was flat in 2025, reflecting expected price erosion across the base portfolio, offset by a strong performance on key in-market products. Hikma Rx reported revenue grew 1%.
We delivered a strong performance from our more complex products, such as generic Advair Diskus® and fluticasone nasal spray and good demand for other portfolio products including albuterol and lisdexamfetamine.
We are refocusing our efforts on R&D and submitted nine new filings during the year. We see significant potential to leverage our respiratory and nasal development and manufacturing capabilities to build an attractive pipeline for the future.
Contract manufacturing (CMO) continues to be an important part of our Hikma Rx business, and we have been making good progress readying our Columbus site for a significant upcoming contract previously messaged to the market. We will see revenues linked to this contract in 2026, with the first full year of commercial production in 2027.
We expect Hikma Rx revenue to be broadly flat.
[1] Based on internal analysis using data from the following source: IQVIA MIDAS® Monthly Value Sales data for Algeria, Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, Tunisia and UAE, for the period: MAT December 2025, reflecting estimates of real-world activity. Copyright IQVIA. All rights reserved
[2] IQVIA MAT November 2025, includes all generic injectable and generic non-injectable products by sales
[3] IQVIA MAT November 2025, generic injectable volumes by eaches, excluding branded generics and Becton Dickinson
[4] Products acquired through the Xellia acquisition, which closed on 10 September 2024, contributed $69 million of revenue to Injectables