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