Hikma has crept, largely unnoticed, into the FTSE 100, which it joins in a little more than a week with a market capitalisation of about £4.4 billion. Those who know the company have a vague idea that it sells generic drugs into the Middle East. Probably the cleverest thing Hikma has done over the past couple of years is not to sell its injectables business.
This was on the slab with a rumoured asking price of $2 billion, but the company decided the offers that came forward were not good enough. The possible sale drew attention to the attractions of the business and it has been the best performer since.
Hikma’s strong cash generation, more than $400 million in 2014, has seen it benefit from