2025-05-15-Jefferies-海克玛制药（HIK）_在CMD上的中期指引；初步想法_7页_131kb

Hikma Pharmaceuticals is a multinational generic drug company with a strong presence in the Middle East and North Africa (MENA), Europe, and the US. The company focuses on generics and in-licensed products, and it recently acquired Roxane, enhancing its injectables and US generics business. Jefferies equity research provides a "BUY" rating with a price target of 2,400p, up from current 1,941p, indicating potential upside of 24%.

The report highlights mid-term guidance for the period 2024-2027, with group revenue projected to grow at a compound annual growth rate (CAGR) of 6-8%, and core EBIT at a CAGR of 7-9%. The 5-year target sets $5bn in revenues by 2030, above consensus estimates of $3.9bn. The potential for commercial manufacturing organization (CMO) contribution to exceed 20% of business by 2030 is a key driver for possible re-rating, as it could enhance investor visibility and clarify path to growth.

Valuation is based on a sum-of-the-parts (SOTP) approach using EV/EBITDA multiples across divisions. key risks include intense competition, weaker product launches, increased pricing pressure, manufacturing issues, and foreign exchange fluctuations.

This summary captures the core aspects of the report, including investment outlook, growth targets, company description, and risk factors.