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Hikma Pharma Turns To Profit In FY18; Sees Sustainable Growth Over The Long Term

Hikma Pharmaceuticals PLC (HIK.L, HKMPY) reported Wednesday that its fiscal 2018 attributable profit was $282 million or 117 US cents per share, compared to prior year's loss of $843 million or 351.3 US cents per share.

Core attributable profit was $332 million or 137.8 US cents per share, compared to $252 million or 105 US cents per share a year ago.

Group core operating profit climbed 19 percent to $460 million. EBITDA edged up 1 percent to $492 million, while core EBITDA climbed 17 percent to $549 million.

Group revenue was $2.070 billion, up 7% from $1.936 billion a year ago. Revenue increased 8 percent at constant exchange rates.

Group core revenue was $2.076 billion, up 7%.

Further, the company proposed full year dividend of 38 cents per share, up from 34 cents per share.

Going forward, the company expects global Injectables revenue to be in the range of $850 million to $900 million in 2019. Revenue growth from new product launches and good demand for in-market portfolio would more than offset continued price erosion and an easing in demand for products on shortage. The company expects core operating margin to be in the range of 35% to 38% in 2019.

Said Darwazah, Executive Chairman of Hikma, said, "Looking ahead to 2019 and beyond, I am very optimistic for the future of Hikma. I believe we have set ourselves the right strategic objectives and have a strong leadership team in place to deliver sustainable growth over the long term."

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