FTSE 100 Drug Maker Brings Back Former Chief as Shares Tumble
When your share price tanks by nearly a quarter in a year, someone’s got to take the fall. For FTSE 100 pharmaceutical giant Hikma, that someone is CEO Riad Mishlawi, who’s been shown the door after just two years in the top job. Stepping into his shoes? Former chief executive Said Darwazah, who’s dusting off his old playbook for a third stint as CEO. The leadership shake-up comes as Hikma battles tough competition in generic drugs, supply chain headaches, and profit warnings that have spooked investors. Here’s what’s really going on behind the boardroom shuffle.
Why Hikma’s CEO Got the Boot
Mishlawi’s exit wasn’t exactly a shock. The writing was on the wall after Hikma warned investors in November that core operating profit would hit the lower end of expectations—somewhere between £555m and £570m ($730m-$750m). First-half profits had already dropped 6% to $373m, and the company’s been wrestling with delays at a new UK manufacturing facility plus persistent supply chain issues.
Russ Mould, investment director at AJ Bell, didn’t mince words: “It’s no shock to see Hikma Pharmaceuticals CEO Riad Mishlawi head for the exit.” He pointed out that whilst Hikma faces brutal competition in the generic drugs market, many of its problems are self-inflicted.
After more than 20 years with the company—including two as CEO—Mishlawi is heading into retirement. But let’s be honest: when shares are down 25% year-to-date and profit warnings keep coming, “retirement” is often corporate-speak for “time to go.”
Said Darwazah Returns for Round Three
Darwazah isn’t exactly new to the job. He served as CEO from July 2007 to February 2018, then again from June 2022 to August 2023. Now he’s back for a third run, taking over with “immediate effect” as executive chairman-turned-CEO once more.
The company clearly hopes his experience can steady the ship. Darwazah thanked Mishlawi for his “contributions over his long career” (standard corporate farewell language) and said he’s looking forward to working with the executive committee to “deliver on our strategic plans.”
Translation: there’s work to do, and fast.
The Numbers Tell a Grim Story
Hikma didn’t just change leadership, it also downgraded future expectations. Revenue growth over the next three years is now projected at the “lower end” of targets: 6-8% instead of the original higher projections. Core operating profit growth? Slashed from 7-9% to just 5-7%.
Investors reacted predictably. Shares plunged 14% immediately after the announcement, dropping from 1,771p to 1,522p. For the year, Hikma’s stock is down nearly 25%, wiping out significant shareholder value.
The company’s full-year results for 2025 are scheduled for 26 February 2026, which gives Darwazah a few months to show he can turn things around.
What’s Next for Hikma Pharmaceuticals?
The generic drugs market is notoriously competitive, with razor-thin margins and constant pricing pressure. Hikma’s challenges—manufacturing delays, supply chain disruptions, and now a leadership transition—aren’t unique, but they’re piling up at the worst possible time.
Darwazah’s track record suggests he knows how to navigate rough waters, but he’s inheriting a company that’s missed targets and disappointed investors. The question now is whether a familiar face can execute a turnaround, or if Hikma’s problems run deeper than leadership alone.
One thing’s certain: shareholders will be watching those February results very closely.
Conclusion
Hikma’s leadership shake-up is a classic case of accountability when the numbers don’t add up. With shares down 25%, profit warnings piling up, and growth forecasts slashed, bringing back Said Darwazah signals the board’s urgency to stabilise the ship. Whether his experience can overcome manufacturing delays, supply chain issues, and brutal generic drug competition remains to be seen. Keep an eye on those February results—they’ll tell us if this leadership change was a smart reset or just rearranging deck chairs on a sinking ship.
FAQ
Q1: Why did Hikma replace its CEO?
A: Riad Mishlawi stepped down after Hikma’s share price dropped nearly 25% in a year and the company issued multiple profit warnings. The firm also lowered future growth expectations, prompting a leadership change.
Q2: Who is Said Darwazah?
A: Darwazah is Hikma’s former CEO who previously led the company from 2007-2018 and briefly in 2022-2023. He’s now returning for a third stint to stabilise the business and deliver on strategic plans.
Q3: What caused Hikma’s profit problems?
A: A combination of intense competition in generic drugs, delays at a new UK manufacturing facility, and ongoing supply chain issues have squeezed profits and missed expectations.
Q4: How much have Hikma shares fallen?
A: Hikma shares dropped 14% immediately after the CEO announcement and are down approximately 25% year-to-date, falling from 1,771p to around 1,522p.
Q5: When will Hikma report full-year results?
A: Hikma is scheduled to release its full-year 2025 results on 26 February 2026, which will be closely watched by investors assessing the turnaround effort.
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Effective Date: 15th July 2025
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