Hikma chief executive replaced by former boss after share price weakens

The boss of drugmaker Hikma will be replaced by the firm’s former chief executive, the company has announced, after a sharp drop in its share price this year.

Riad Mishlawi is stepping down from the top role by “mutual agreement” with the firm’s board of directors.

Said Darwazah will take over as chief executive with “immediate effect”, the firm told investors.

Mr Darwazah joined Hikma in 1981 and was its chief executive between 2022 and 2023, and 2007 and 2018. He has also served as its executive chairman for more than a decade.

Mr Mishlawi said he would “move into retirement” after stepping down.

The UK pharmaceutical business, which is listed on the London Stock Exchange, creates medicines for people around the world including for respiratory, oncology and pain management.

Its share price has tumbled by about a quarter since the beginning of the year amid declining profits.

The pharmaceutical industry has faced uncertainty this year amid the threat of higher tariffs on US imports under president Donald Trump, and industry frustration at how much the NHS pays for medicines.

Hikma said in the summer that the trade plans were being “closely monitored” and it was taking some actions to mitigate the situation.

But a new UK-US tariff deal, reached earlier this month, will mean zero tariffs on imports of UK pharmaceuticals to the US in return for the NHS raising spending on medicines.

The deal followed warnings that US pharma firms would shut down their sites in the UK if the NHS did not pay more for drugs.

Dame Emma Walmsley, the outgoing boss of pharma giant GSK, said recently that the US is the best place to invest as it was the “leading market in the world” for new drugs and vaccines.