Hikma lifts guidance for generics business

Hikma Pharmaceuticals lifted annual revenue and margin guidance for its generics business as first-half core operating profit rose 35%.

The drugmaker on Thursday said it now expected the generics business to report revenue growth of close to 30%, up from its previous forecasts of around 20%, and core operating margin to be 18 - 20%, up from 16 - 18%.

Core operating profit came in at $401m from $296m a year ago. Revenue was up 18% to $1.4bn.

"Our generics business had an excellent first half, as the competitive pressures experienced in 2022 began to ease. We have seen a reduction in price erosion and we have been able to increase volumes across the portfolio," the company said.

Reporting by Frank Prenesti for Sharecast.com