Good 1H19 Good 1H19 results, outlook raised. 1H19 group sales increased by 7% to $1,043m (we envisage this is in line with consensus), Core operating profit was $246m (+15%) and Core EPS was 72.7c (vs INVe FY19E at 135c). New guidance for divisions: Management raised full-year expectations for its Generics division and expects Injectables to be at the higher end of the previous guidance range. Generics revenue guidance is now $690m-$720m (was $650-700m), with a core operating margin of 16%-18% (was mid-teens %). Injectables guidance is now for revenue of $870m-$900m (was $850-$900m), with a core operating margin of 36% to 38% (was 35% to 38%). Hikma remains in a strong financial position, with net debt/EBITDA now c.0.6x. Divisional performance – selected comments Injectables – demand for in-market products and recent launches are offsetting competition on some products and the reduced sales of certain market shortage products. Generics – strong demand for in-market products and recent launches more than offset price erosion. Branded – management flagged Saudi and Egypt (largest markets) with double digit % revenue growth, reflecting strong demand for portfolios and new product launches. Investor presentation A presentation for analysts and investors will be held today at 09:30 UK time at FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. To join via conference call dial: +44 (0) 20 3936 2999 or +1 646 664 1960, access code: 706288.