HIKMA PHARMACEUTICALS (+) : Corporate Contact - Key Takeaways into Q2

研报英文原文证据摘录

HIKMA PHARMACEUTICALS (+) : Corporate Contact - Key Takeaways into Q2

EQUITIES

PHARMACEUTICALS

HIKMA PHARMACEUTICALS OUTPERFORMPRICE* 1,457p  TARGET PRICE 2,250p (UPSIDE 54%)

FLASH NOTE

Corporate Contact – Key Takeaways into Q2

22 JUNE 2026 Securities Research Report Production time: 12:36* (London time)

Research Analyst & Publishing Entities

Victor Floch BNP Paribas London Branch (+44) 203 430 8707 victor.floch@uk.bnpparibas.com

What happened?

We have spoken to Hikma, which is due to report its 1H26 earnings on August 6. There are no changes to the guidance,

and this report should be read as our interpretation of the discussion, Rx and FX trends rather than specific company

comments.

BNPP View:

Overall, guidance has been confirmed across the board, and we feel that consensus expectations are in the right place

with potential upside risk to the Branded estimates considering that the current situation in MENA could trigger some

stocking in the first part of the year in our opinion. After multiple profit warnings, we now believe the company can end

the downgrade earnings cycle. That said, it may still be too early to get greater visibility on the MT outlook as soon as

H1.

– Injectables. Consistent with earlier remarks this year, we report bullish comments on the momentum in Europe

and in particularly in Germany. The company is still on track to bring the Bedford facility online by 2028, in line

with its guidance, which will be key to expanding CMO capacity in the future. It has flagged that the search for a

leader of this business is ongoing, and that interest from potential clients has risen noticeably over the past few

months. The Tyzavan ramp‑up is progressing well, but company is keen to flag that it will be skewed to the