Good manufacturing spread with 29 facilities including U.S. Food and Drug Administration (FDA) approved facilities across five countries. Established competitive position in the highly profitable injectables business. Low profitability in the non-injectables generics division. Good geographic diversification which mitigates exposure to high risk countries and foreign exchange (FX) fluctuation. Solid core ratios with adjusted debt to EBITDA of about 2x and funds from operations (FFO) to debt at 34%, despite relatively weaker profitability in 2016 following the integration of West-Ward Columbus. Sound cash flow generation reduced due to higher capital expenditure (capex). Prudent financial policy with the leverage target below 3x. Comfortably adequate liquidity. The stable outlook reflects our expectations that Hikma Pharmaceuticals PLC will deliver operational improvements to be
