Multinational pharmaceutical company Hikma Pharmaceuticals (HIK) has seen its shares plumb 20-month lows in recent weeks, taking running losses in 2025 to around 21%, compared with a 23% gain in the FTSE index.

The last leg of share price weakness has taken place since 7 August when the generic drug maker released first-half earnings.

Hikma’s core operating profit fell 7% to $373 million due to a strong comparator in 2024 and a change in product mix, beating the company-complied consensus of $368 million.

However, management lowered full-year core operating margin guidance for its injectables business unit to a range of 32% to 33% from the mid-thirties’ percentage range communicated at a 24 April trading update.

The company said it expects to return to growth in the second half and reiterated 2025 full-year guidance for the group.

Hikma generates around 70% of its US sales in the country and has made a $1 billion US investment to further its presence in the country. 

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