Hikma reiterates outlook on strong trading

Updating on current trading, the blue chip said it was "performing well", leaving it on track to grow 2024 revenue by between 6% and 8%. Core operating profit is forecast to be in the range of $700m and $730m.

The Jordanian-founded firm, which is headquartered in London, raised the guidance in August. It had previously forecast revenue growth of between 4% and 6%.

Hikma said it had seen strong trading across all three of its units - injectables, branded and generics - this year.

In particular, its injectables business benefited from the acquisition of Danish rival Xellia, which completed in September. It is expected to contribute revenues of around $20m this year.

In branded, Hikma said operating costs would be weighted to the second half, as it continued to invest in the pipeline. Revenues remain on track to grow by between 6% and 8% in the division, however, with a core operating margin forecast of around 25%.

Research and development investment also rose in generics.

Riad Mishlawi, chief executive, said: "I am pleased with our progress this year, and we remain on track to deliver another strong performance in 2024, in line with our current guidance.

"All three businesses are contributing, with new launches across our markets and investment in our infrastructure giving us confidence for the future. We have made excellent strategic progress in the period."