Hikma Pharmaceuticals PLC (LSE:HIK, OTC:HKMPF) shares fell 1.45p to 1,494p, its lowest since late 2022, on news that Riad Mishlawi is stepping down as chief executive officer and from the board with immediate effect.
The decision was made by mutual agreement, the company said, with former CEO Said Darwazah, aged 68, assuming his old responsibilities, while the search for a new permanent boss takes place.
Chief financial officer Khalid Nabilsi will join the board and take on expanded management duties.
Mishlawi, who has spent decades at Hikma and served as CEO since 2022, said: "It has been an honour to work alongside you and, as I move into retirement, I wish you continued growth and every success."
The company said group guidance for 2025 remains unchanged, with full-year results due on 26 February 2026.
Russ Mould, investment director at AJ Bell, said the change comes as no surprise after a “disappointing” November update.
He noted the company has “lost more than a quarter of its value in 2025” and cited weakened medium-term profit growth expectations, competition in generics, supply chain issues, and UK manufacturing delays.
Mould added that investors will now look to Darwazah’s return to provide “renewed purpose” for the business.