Hikma Pharmaceuticals rejigs top team as shares slide on weak outlook

(Alliance News) - Shares in Hikma Pharmaceuticals PLC on Thursday plummeted as it withdrew mid-term guidance and delivered a softer than hoped outlook for the current financial year.

The London-based pharmaceutical maker sees 2026 revenue growth in the 2% to 4% range, slowing from 7% in 2025.

It predicts core operating profit in the range of USD720 million to USD770 million, below company compiled consensus of USD784 million.

In addition, Hikma said it was withdrawing medium-term group guidance and the Injectables medium-term margin guidance previously set out.

This follows a strategic review "of the plans and projections for the group, and for the Injectables business in particular," Hikma said.

"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 [contract manufacturing organisation]. In doing this we are aiming to strike the right balance between optimising margins and pursuing sustainable profit growth," the company said.

Reflecting this, Hikma announced a restructured management team.

Chief Executive Officer Said Darwazah will relinquish his role as executive chair to fully focus on CEO duties for the next two years.

Victoria Hull, previously senior independent director, has been appointed chair.

In addition, Hikma named two deputy CEOs, Mazen Darwazah and Khalid Nabilsi.

Nabilsi will step down as chief financial officer. A search for a new CFO has begun.

CEO Darwazah said: "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."

"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," he added.

Shares in Hikma were 16% lower at 1,391.00 pence each in London on Thursday, the biggest faller on the FTSE 100, which was up 0.1%.

The news came as Hikma reported pretax profit rose 14% to USD519 million in 2025 from USD455 million in 2024.

Revenue picked up 7.0% to USD3.35 billion from USD3.13 billion.

Injectables core revenue increased, Branded core revenue rose 10% and Hikma Rx core revenue was flat.

The total dividend was boosted 5.0% to 84 US cents from 80 cents and the firm announced a USD250 million share buyback.

The buyback reflects the group's "strong cash generation, balance sheet strength and the board's confidence in the future growth prospects of the business," Hikma said.

By Jeremy Cutler, Alliance News reporter

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