15th May 2014 10:16
LONDON (Alliance News) - Hikma Pharmaceuticals PLC on Thursday maintained its revenue growth guidance for 2014, and raised its guidance for operating margin in its Injectibles business, after a strong start to the year.
In a statement ahead of the company's annual general meeting Thursday, the company kept its guidance of 5% revenue growth for 2014. It continues to expect its Injectibles business to see revenue growth of 20% for the full year. However it now expects an adjusted operating margin for the business of around 35%. Previously it had guided that it expects an improvement in the operating margin over the 31% it had posted for 2013.
Hikma said its Branded business had performed in line with last year so far in the new year to date, as it launched new products in Saudi Arabia and Egypt. Other markets, including Algeria and Sudan, saw a slower start to the year. However it expects new product launches and an improved product mix to drive sales going forward.
In Generics the company saw a good start to the year, as it was able to recommission its Eatontown facility in New Jersey after it was cleared by the US Food and Drug Administration. Hikma said it continues to expect this business to deliver revenue of around USD170 million in 2014, and an adjusted operating margin of above 25%.
"Overall, we are pleased with our performance in the year to date and are confident in the outlook for the full year," said Chief Executive Said Darwazah.
The company will announce its half-year results on August 20.
Shares in Hikma were trading up 0.7% at 1,634.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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