Hikma chief executive steps down after two years in role

(Sharecast News) - The chief executive of Hikma Pharmaceuticals has stepped down, it was announced on Monday, just over a month after the blue chip warned on profits. Hikma said Riad Mishlawi - who has been with the generic drugs manufacturer for 35 years, the last two of which as chief executive - was leaving by mutual agreement. He will be replaced by former incumbent and current executive chair Said Darwazah.

Chief financial officer Khalid Nabilsi will also join the board of directors, Hikma said, taking on additional management responsibilities "to further strengthen the group's focus on delivering its strategic plans".

Shares in Hikma tumbled in early November after it lowered medium-term margin guidance for its injectables unit, which Mishlawi had led for 12 years prior to taking on the top job from Darwazah in September 2023. Guidance for the current year was left unchanged, but medium-term forecasts were revised down to around 30% from mid-30s.

Core operating profit guidance was also narrowed to a range of $730m to $750m, from previous expectations for between $730m and $770m.

Thanking Mishlawi for his "contributions over his long career" at Hikma, Darwazah said on Monday: "I look forward to continuing to work closely with Hikma's executive committee and with Khalid in his expanded role to deliver on our strategic plans."

Victoria Hull, senior independent director, added: "The board is confident in Hikma's future growth prospects under the experienced leadership of Said.

"We will be launching a search for a new chief executive in due course."

Mishlawi said he would now "move into retirement" adding: "I'd like to thank Said and all my Hikma colleagues. It has been an honour to work alongside you."