Said Darwazah, Executive Chairman and Chief Executive Officer of
'
Resilient first half performance
Group revenue flat - strong performance in Injectables and Branded offseting impact of weaker pricing in Generics
Stable reported gross margin of 50.4%, reflecting positive product mix
Core operating profit down 4% to
Good cashflow from operating activities of
Maintained comfortable leverage with net debt[5] to EBITDA[6] of 1.7x at
Interim dividend of
Strong performance in Injectables and Branded partially offsets decline in Generics
Global Injectables revenue grew strongly, up 9%, driven by the US base business, the Custopharm and
Branded achieved good growth in several key markets, with revenue up 6%. An improved product mix drove growth in core operating profit of 16% and core operating margin of 21.8%
Generics was impacted by the highly competitive environment in the US and slower than expected ramp up of recent launches, resulting in an 18% fall in revenue and core operating margin of 17.6%
Strategic progress positions business for future growth
Successfullly completed the acquisitions of Custopharm and
Expanded our European footprint through entry into the French injectables market
Investing in local injectables manufacturing in MENA to support growing product portfolio
Benefited from strong demand for our oncology products in
Strong contribution from chronic medications - driving 80% of Branded revenue growth in H1
Continued investment in commercial capabilities to support development of growing speciality portfolio and more resilient growth opportunities in Generics
Outlook for full year 2022
Injectables - we continue to expect revenue growth to be in the mid to high-single digits and core operating margin to be between 36% to 37%
Branded - we now expect revenue to grow in the low-single digits on a reported basis. On a constant currency basis, we expect Branded revenue to grow in the mid-single digits. We expect core operating profit to be more evenly split across the year
Generics - we now expect revenue to be in the range of
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