Hikma Pharmaceuticals announces 36% increase in operating profits for 2009

Hikma Pharmaceuticals today announced 2009 preliminary results with operating profits up 36% on the back of a strong performance from its Middle East markets.

In a video interview on financial broadcaster http://www.cantos.com, Group CEO Said Darwazah re-committed to his target of doubling the size of the business every four years, saying, "If you look at our track record over the last 10 or 12 years you see that we've pretty much delivered that and I see no reason why we won't be able to continue delivering that. So my commitment stands."

The emerging markets-based Pharma company also reported a return to profitability in its US generics business and improving trends in its European Injectables and Oncology businesses

Hikma also has a $300m dollar war chest for acquisitions. Group Chief Financial Officer, Bassam Kanaan, said: "We have up to about $300m of borrowing capacity which we can use to fund acquisitions that we plan to make, especially in the MENA region. Anything above that, I think we will have to explore other options for funding."