Hikma's profits boosted in first half by good injectables sales

Revenue for Jordanian drugmaker Hikma Pharmaceuticals (LSE: HIK) in the first half of 2014 rose 16% following a good performance of its injectables in the USA.

Sales for the half-year were $738 million, up 16%, with earnings before interest, taxes, depreciation and amortization up 48% to $269 million. Basic earnings per share registered a significant increase, going up 130% to 85.4 cents per share. Although it did not issue specific forecast figures for the year, Hikma said it expected full-year revenue growth of around 5%.

Sales of its branded business increased 35% this half-year, compared to 40% in the same half last year. Its injectables, however, increased 47%, which compares favorably with a 39% increase in the same period in 2013. Generics went up 17%, compared to 21% in the first half of last year. Other business registered a 1% increase, when the year before it was at zero. Regionally, the USA was a strong area for sales, with a 54% increase in the first half of 2014 compared to 47% in 2013, taking it up from $297 million to $396 million half-year on half-year.