Hikma earnings down despite 25.6% revenue growth

Fast-growing Jordan headquartered drugmaker Hikma Pharmaceuticals (LSE: HIK) delivered what it called a robust set of results for 2011, despite a challenging environment, noting that it has successfully financed $325 million of acquisitions with new debt facilities during the year.

Revenues for 2011 leapt 25.6% to $918.0 million, with gross profit up 10.6% to $395.3 million. However, reported profit of $80.1 million was down 19.0%, with basic earnings per share falling 19.7% to $41.30 and adjusted EPS (diluted) dipping 2.6% to $51.00, hit by turmoil in its man markets of the Middle East and North Africa (MENA) region, but still more or less in line for consensus expectations.

Segmental financial highlights