We project that Hikma Pharmaceuticals will continue to deliver robust operating performance, while maintaining stable debt-protection metrics. Hikma's well-diversified portfolio, with a focus on injectable generics, and recently optimized cost base should support further earning growth and cash flow generation. We are thus revising our outlook on Hikma to positive from stable and affirming our 'BB+' issuer credit rating. The positive outlook reflects a potential upside for the ratings in the coming 12-24 months if Hikma continues to grow organically or potentially through mergers and acquisitions (M&A) while avoiding material profitability erosion and maintaining debt to EBITDA below 2x on a sustainable basis and free operating cash flow (FOCF) to debt of 25% or above. The positive outlook reflects Hikma's
