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Better Health. Within Reach. Every Day © Hikma Pharmaceuticals PLC Better health. Within reach. Annual ReportAnnual 2019 Every day. © Hikma Pharmaceuticals PLC Annual Report 2019 Welcome to our 2019 Annual Report Contents Strategic report Hikma puts better health 2 What we do 4 Executive Chairman’s statement within reach, every day. 6 Chief Executive Officer’s statement 9 Investment case 10 Engaging with our stakeholders 12 Our markets We create high-quality medicines and 14 Our business model 16 Our strategy make them accessible to people who 18 Our progress Business and financial review 20 Group overview need them. Global experts with a local 22 Injectables 24 Generics presence, we think creatively and act 26 Branded 28 Group performance Sustainability practically. We develop innovative 32 Sustainability Risk management solutions that transform people’s lives, 44 Risk management 52 Compliance for a healthier world wherever we are. Corporate governance 55 Chair overview 56 Corporate governance at a glance 58 Leadership 62 Structure 66 Nomination and Governance Committee 69 Audit Committee 73 Compliance, Responsibility and Ethics Committee 75 Remuneration Committee 79 Remuneration policy 86 Annual report on remuneration 101 Directors’ report Financial statements 107 Independent auditors’ report 115 Consolidated financial statements 120 Notes to the consolidated financial statements Read more content online www.hikma.com 168 Company financial statements 170 Notes to the Company financial statements Shareholder information 175 Shareholder information 176 Principal Group Companies and Advisers What’s inside Chief Executive Officer’s statement pg 6 What we do Executive Chairman’s pg 2 statement pg 4 How we have performed Revenue Operating profit/(loss)1 Core2 operating profit EBITDA3 STRATEGIC ($m) ($m) ($m) ($m) $2,207m $493m $508m $592m REPORT 2,207 493 508 592 2,070 1,950 1,936 460 409 419 473 488 492 381 371 386 454 1,440 302 CORPORATE GOVERNANCE 2015 2016 2017 2018 2019 2015 2016 20171 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 (747) Profit/(loss) to shareholders Basic earnings/(loss) per share Core basic earnings per share4 Dividend per share FINANCIAL ($m) (cents) (cents) (cents) $486m 200.8c 150.4c 44c STATEMENTS 44 486 200.8 38 150.4 143.7 34 137.8 32 33 118.5 126.6 105.0 282 117.0 252 SHAREHOLDER 155 66.5 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 INFORMATION (843) (351.3) 1. In 2017, the Group reported an operating loss of $747 million, primarily due to an impairment 3. EBITDA is earnings before interest, tax, depreciation, amortisation and impairment charges. of the intangible assets and property, plant and equipment of the Columbus business EBITDA is a non-IFRS measure, see page 30 for a reconciliation to reported IFRS results 2. Core results are presented to show the underlying performance of the Group, excluding the 4. Core basic earnings per share is reconciled to basic earnings per share in Note 15 in the exceptional items and other adjustments set out in Note 6 in the Notes to financial Notes to the financial statements statements. A reconciliation from core to reported operating profit is included within the Consolidated income statement in the Financial statements Our markets Business and financial review Corporate governance pg 12 pg 20 pg 54 Our strategy Sustainability Financial statements pg 16 pg 32 pg 107 Hikma Pharmaceuticals PLC | Annual Report 2019 1 What we do We develop, manufacture and market a broad range of generic pharmaceutical products across the US, the Middle East and North Africa (MENA) and Europe. We are also a leading licensing partner. Our markets % Group core US 61% (2018: 62%) revenue MENA 33% (2018: 32%) US Europe & ROW 6% (2018: 6%) c.1,900 employees MENA c.5,700 employees Our business segments Segmental $894m (2018: $826m) Injectables revenue $719m (2018: $692m) Our Injectables business develops and $583m (2018: $542m) manufactures generic injectable products. Our products are sold globally and are primarily used in hospitals. For more information see page 22 2 Hikma Pharmaceuticals PLC | Annual Report 2019 > What we do STRATEGIC c.8,600 31 7 690+ employees manufacturing plants R&D centres products REPORT in 11 countries US Our large manufacturing facilities – one for injectables and one for non-injectables – supply products across a broad range of therapeutic areas, including respiratory, oncology and pain management. We also have two dedicated R&D facilities to support sustainable growth. Europe & ROW MENA We sell branded generics and in-licensed patented products c.1,000 across the region. We have manufacturing facilities in seven employees markets, including US FDA-inspected plants in Jordan and Saudi Arabia. Around 2,000 sales representatives market our brands to healthcare professionals across 18 markets. Europe and the rest of the world (ROW) We have injectable manufacturing facilities in Germany, Italy and Portugal, with a range of capabilities including dedicated capacity for oncology and cephalosporins. These facilities supply injectable products to the US and MENA and a growing number of markets in Europe. Generics Branded Our Generics business develops and Our Branded business develops and manufactures oral and other non-injectable manufactures branded generics and markets generic products. Our products are sold in and sells in-licensed patented products in the US retail market. MENA. Our products are sold in the retail and hospital markets. For more information see page 24 For more information see page 26 Hikma Pharmaceuticals PLC | Annual Report 2019 3 Executive Chairman’s statement Our strategy is delivering results. Hikma Clear purpose and values Hikma’s founding purpose was to put better achieved a robust financial performance health within reach every day by producing high-quality medicines and making them in 2019 and we are investing in the future accessible to those who need them. I am proud that everything we do at Hikma, from the to drive sustainable long-term growth strategic decisions we make to the culture we and create continued value for foster, enables us to remain true to this purpose. We have evolved from a family company to a shareholders. global company with family values: integrity, respect, excellence and transparency. We are building a culture that reflects our values, encourages employees to perform at their best, shows consideration for one another and embodies openness, communication and accountability. Building a strong culture Having the right organisational culture – a culture that believes in our vision and is committed to delivering our strategic objectives – is critical to achieving long-term success. We undertook our first Group-wide culture survey in 2019, with 73% participation. The survey provided important insights into where we excel and where we need to improve. Our employees have tremendous pride in working for Hikma and believe in the positive impact of our business, but they are also seeking opportunities for further professional development and responsibility. 4 Hikma Pharmaceuticals PLC | Annual Report 2019 > Executive Chairman’s statement Ensuring broad stakeholder Maintaining strong governance Robust financial performance STRATEGIC engagement The Board and I worked closely with our CEO, and shareholder returns We are committed to engaging with all our Siggi Olafsson, the Executive Committee Our strategy is delivering results. While the stakeholders, including shareholders, and the wider leadership team in 2019. This market remains highly competitive, the Group REPORT patients, healthcare professionals, customers, included a thorough review of the strategic delivered another strong performance in 2019. suppliers, regulators and the communities in priorities for the Group. We met with Group core operating profit increased by 10% which we operate. Continuous engagement management teams and employees to assess and core basic earnings per share increased with a broad range of stakeholders informs and give guidance on the growth opportunities, by 9%. our day-to-day commercial and operational challenges and risks for our businesses. The decisions, as well as our long-term investments Board and I are confident that our strategic Hikma has a long track record of creating in our business and our people. This enables direction and priorities will drive continued value for shareholders. Over the last ten years, us to fulfil our commitment to be a high- success. Our strategy is set out in detail within we have delivered a total shareholder return quality, reliable supplier of essential medicines Siggi’s statement and on pages 16 to 17. of 345%, exceeding the FTSE 100 and the to those that need them. FTSE Pharmaceutical total shareholder One of our Directors, Nina Henderson, is returns of 104% and 206% respectively. Since our founding, the principle of supporting responsible for ensuring our employees’ the communities in which we have a presence perspective is considered in the Board’s We remain committed to consistent dividend has been integral to how we operate. We do decision-making. In this role, Nina has met payments. The strong financial performance this through the provision of high-quality with employees at all levels in the organisation, in 2019, the strength of our balance sheet and medicines, raising health awareness, investing visiting a number of our sites and has attended confidence in our outlook mean that the Board in our businesses and employees, and through various internal meetings, including our global has recommended a 16% increase in the total donations, fundraising and volunteering. We leadership conference. She is also a member dividend for the full year in 2019 to 44 cents are proud of the positive impact we have on of each Board Committee. Nina’s role is one per share (approximately 34 pence per share), millions of lives. More detail on our stakeholder of a number of ways that we are ensuring the up from 38 cents per share (approximately engagement is provided on pages 10 to 11 and Board is more connected to the employee 29 pence per share) in 2018.
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