Solid first-half 2012 results from Jordan's Hikma

Fast-growing Jordan headquartered Hikma Pharmaceuticals (LSE: HIK) has reported its interim results for the six months ended June 30, 2012, saying it is on track to deliver revenue growth of 20% for the full year. The company's shares rose 3.4% to 749.5 pence.

Group revenue for the first half of 2012 increased by 34.8% to $532.3 million, with organic revenue up 7.6% Branded revenue growth of 24.6% reflects strong demand across Hikma’s Middle East and North Africa (MENA) markets, with organic growth of 12.8%. The Branded business remains on track for around 20% full year revenue growth, with gross and adjusted operating margins broadly in line with 2011, the company noted.

Excellent performance in global Injectables delivered 94.0% revenue growth, with organic revenue growth of 25.7%, and adjusted operating margin of 22.0%, the company noted. Significant increase in Injectables margins more than offsets lower margins in the Generics business, with group adjusted operating margin of 15.4%, compared to 15.1% in the first half of 2011.