Hikma lifts guidance for generics business
Hikma Pharmaceuticals
1,953.00p
16:40 20/12/24
0.93%
18.00p
Hikma Pharmaceuticals lifted annual revenue and margin guidance for its generics business as first-half core operating profit rose 35%.
FTSE 250
20,450.69
17:14 20/12/24
n/a
n/a
FTSE 350
4,463.29
17:14 20/12/24
n/a
n/a
FTSE All-Share
4,421.11
17:04 20/12/24
n/a
n/a
Pharmaceuticals & Biotechnology
19,761.12
17:14 20/12/24
0.06%
12.71
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