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Hikma Pharmaceuticals backs outlook after making strong start to 2024

25th Apr 2024 10:15

(Alliance News) - Hikma Pharmaceuticals PLC on Thursday reported an encouraging start to the year supported by all three business segments.

Shares in Hikma, the London-based pharmaceutical company rose 2.2% to 1,853.21 pence in London on Thursday.

In a trading statement ahead of Thursday's annual general meeting, Hikma said it expects group revenue to grow in the range of 4% to 6% and for core operating profit to be in the range of USD660 million to USD700 million in 2024, in line with prior guidance.

Chief Executive Riad Mishlawi said: "Hikma has had a strong start to 2024, with continued growth and momentum across the group. Our three businesses are performing well, underpinned by our strong commercial and operational capabilities. We are launching new products and expanding our manufacturing capacity, which will drive sustainable future growth."

Hikma expects 2024 Injectables revenue to grow in the range of 6% and 8% and for core operating margin to be between 36% and 37%.

In its Branded business, Hikma expects revenue to grow in the mid-to-high-single digits in constant currency, or low-single digits on a reported basis.

Given the strong performance in the year to date, it now expects slight growth in reported core operating profit.

Hikma continues to expect Generics revenue to grow in the range of 3% to 5% in 2024. It expects 2024 core operating margin to be in the mid-teens, reflecting the increase in royalties payable on its authorised generic of sodium oxybate.

Hikma expects to pay a final dividend 47 US cents.

By Jeremy Cutler, Alliance News reporter

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