Hikma Pharmaceuticals seeks additional listing

·2-min read
Hikma Pharmaceuticals seeks additional listing on London Stock Exchange
Hikma Pharmaceuticals manufactures non-branded generic and in-licensed pharma products. Photo: Ali Jarekji/Reuters

London-headquartered Hikma Pharmaceuticals (HIK.L) has announced that it has made a block listing application to the UK finance watchdog and stock exchange.

In a short statement on Thursday, the firm said it had contacted the Financial Conduct Authority (FCA) and the London Stock Exchange (LSEG.L) for a total of 350,000 ordinary shares of 10p each in the capital of the company.

This was to be admitted to the official list of the UK Listing Authority. It is expected that admission will be granted as soon as Friday.

The company, which manufactures non-branded generic and in-licensed pharma products, was founded by Samih Darwazah in Jordan in 1978. It has manufacturing plants in 11 countries, including the US, Germany, Italy, and Portugal.

Shares in the company were trading 0.7% higher on the day in London.

Hikma Pharmaceuticals
Hikma shares were 0.7% higher in London on Thursday. Chart: Yahoo Finance UK

Last month, it posted a 7% rise in revenue to $1.21bn (£880m) for the six months to the end of June, while operating profit increased 15% to $326m.

The company said it had benefited from the resilience in its portfolio and flexibility in manufacturing. It praised strong performance for its generic drugs business, pointing to improved margin, demand, and a more favourable product mix.

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“Our strong performance included solid year-over-year increases in revenue and operating profit, underscoring our ability to generate positive results in challenging market conditions,” Hikma CEO Siggi Olafsson said.

“We are continuing to benefit from investments we have made to build our pipeline of new medicines and our progress in the first half underpins our improved outlook for the full year.”

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