The boss of FTSE 100 giant Hikma Pharmaceuticals will be replaced by the firm’s former top chief after the group’s share price dropped by nearly a quarter this year.
Riad Mishlawi has exited his role as chief executive at Hikma, with executive chairman Said Darwazah to step into the post with “immediate effect”.
It ends an over-20-year tenure at the company for Mishlawi, who served in the top role for his last two years.
Meanwhile, Darwazah steps back into the role he served in from July 2007 to February 2018 and from June 2022 to August 2023.
It follows the drug maker maintaining full-year revenue targets last month, but adding that core operating profit would come in at the lower end of expectations, between $730m and $750m (£555m-£570m).
Profit fell six per cent in the first half of the year to $373m.
Hikma’s revenue to slow in the years to come
Hikma compounded the bad news by telling investors that revenue was expected to grow at the “lower end” of its target – six to eight per cent over the next three years.
Core operating profit is only expected to increase by five to seven per cent, down from previous expectations of seven to nine.
Shares in Hikma plunged after the news, falling 14% from 1,522p to 1,771p.
Shares in the firm are down nearly 25 per cent for the year-to-date.
Mishlawi said: “I’d like to thank Said and all my Hikma colleagues.
“It has been an honour to work alongside you and, as I move into retirement, I wish you continued growth and every success.”
Darwazah said: “I would like to thank Riad for his contributions over his long career at Hikma and we wish him well for the future.
“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.”
Hikma is pencilled in to post full year results for 2025 on 26 February 2026.