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Hikma sees low teens sales growth in 2010

Hikma Pharmaceuticals reported a 33% increase in 2009 operating profit and said it was confident of continuing growth.

The Jordan based drug maker said it expects to increase sales in the "low-teens" in 2010.

Operating profit rose 33% for the year ended 31 December 2009 to £107.3m. Revenue for the period rose 9.7% to 636.9m.

Hikma, which sells brands across the Middle East and North Africa, said its market share in Saudi Arabia increased to 5.4%, compared to 4.9% at the end of December 2008. Markets in Iraq, Sudan, Libya and Lebanon also performed well.

Gross margins in 2010 are expected to be broadly in line with better levels seen in 2009.

Chief executive officer Said Darwazah said, "In 2009 Hikma significantly outpaced the slowing global healthcare market and, despite difficult worldwide economic conditions, achieved record results, with 36% growth in diluted earnings per share."

Branded revenues increased by 9.9% in 2009 to $352.7m. In 2010, the group said it expects low double digit revenue growth in its Branded business.

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