Hikma Pharmaceuticals downgrades outlook amid Advair Diskus regulatory delay

Tue, 22nd Sep 2020

Generic drug maker Hikma Pharmaceuticals downgraded its revenue outlook after it received a 'minor' complete response letter from US health authorities for its generic version of GlaxoSmithKline's fluticasone propionate and salmeterol inhalation powder. Hikma said it would quickly address the small number of questions raised in the CRL, but now expected to receive approval for its generic Advair Diskus in early 2021. The company previously estimated receiving approval in the second half of 2020. 'As a result, generics revenue is now anticipated to be in the range of $710m to $730m and core operating margin to be in the range of 18% to 19% for 2020 full year,' the company said. Previously, generics revenue was forecast within a range of $720m to $760m and core operating margin to be around 21%. Story provided by StockMarketWire.com

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