Hikma Pharmaceuticals PLC?s fiscal 2024 (year ended Dec. 31) results were solid, with strong broad-based organic revenue growth of 9%, aided by another year of over 100 new product launches that helped offset expected margin erosion in the U.S. Generics business from increased royalty payments to Jazz Pharmaceuticals PLC following Hikma?s launch of an authorized generic version launch of Xyrem narcolepsy drug. Despite ongoing challenges in the Generics business from competition and prices, we forecast sustained business momentum for Hikma, supported by broad products portfolio and new launches in the Injectables and Branded businesses. Recent transactions (notably Xellia Pharmaceuticals? U.S. assets) contribute, alongside the gradually expanding contract manufacturing (CMO) business. We also assume Hikma will maintain a prudent stance toward
