With shortage-driven opportunities (Hikma’s primary growth lever in recent years) coming fewer and farther between, Hikma’s H1 15 results were subdued (behind the Street’s and our expectation) — revenue was down 4% on a reported basis (flat organically) compared to 16% and 9% growth in H1 14 and FY 14, respectively. Strong rebound in the Branded segment (16% cc growth, 9% reported) and stable returns from Injectables (3% cc growth despite tough comparables) was offset
