Hikma delivers strong Q1, holds on to guidance

Pharmaceuticals group Hikma said it has made a "strong and encouraging start" to 2024, with all three business segments performing well, as it held on to guidance for the year.

In a trading update on Thursday, the company's chief executive Riad Mishlawi hailed "continued growth and momentum across the group" in the first quarter.

In the Injectables division, the company said it is capturing new market opportunities in the US, helped by new launches and new high-speed filling lines, and seeing "good demand" in Europe and "solid growth" in the Middle East and North Africa.

The Branded business also had a strong start to the year, supported by a growing product portfolio and commercial and operational strength in the MENA region, where it became the second largest pharmaceutical company in 2023.

Meanwhile, the Generics division put in a robust performance, with Hikma focusing on building a differentiated portfolio and pipeline.

"We expect group revenue to grow in the range of 4% to 6% and for core operating profit to be in the range of $660m to $700m in 2024, in line with prior guidance."

The stock was down 0.4% at 1,806p by 0834 BST.