Exceptional charges dent Hikma's profits

Drugs developer Hikma Pharmaceuticals kept up its track record of doubling revenues every four years, but it will be less pleased with the slide in profits in 2011 as exceptional charges increased.

Drugs developer Hikma Pharmaceuticals kept up its track record of doubling revenues every four years, but it will be less pleased with the slide in profits in 2011 as exceptional charges increased.

Profits before tax fell from $120.98m to $93.89m, after operating expenses soared. Group operating expenses grew by 24.5% to $276.7m, compared to $222.2m in 2010, with acquisition and integration related expenses rising to $16.4m from $7.7m the year before while this time round the group did not benefit from a $7.18m gain on the revaluation of previously held equity interests like it did in 2010.

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