14th May 2015 06:32
LONDON (Alliance News) - Hikma Pharmaceuticals PLC Thursday reiterated its guidance for 2015, saying it had made a good start to the year, and expressed confidence for growth over the longer-term.
The company continues to expect revenue growth of around 6% at constant currency for the full year, although it also continues to expect the strong dollar to hit revenue and therefore at actual exchange rates expects growth of 2%.
In a statement ahead of its annual general meeting, the company said its US Injectibles business is performing well, with strong sales of some products offsetting increased competition for others. Management changes in its Middle East and North Africa Injectibles business are delivering good results, Hikma said, particularly in Algeria and Saudi Arabia, and European revenue is stable.
Its Branded business is performing well, driven by recovery in Algeria and good demand in Saudi Arabia. Hikma said it expects continued growth in this business, driven by new product launches.
Hikma said it continues to expect full year revenue growth in the Branded business in the low teens at constant currency, and in the high single digits at actual exchange rates.
It reiterated its guidance for its Generics business, expecting revenue of around USD200 million for 2015, despite lower demand for its legacy products, as it continues to expect sales from recent product launches to pick up in its second half.
"Over the longer-term, we are confident in our ability to continue to drive strong growth across the Hikma group," said Chairman and Chief Executive Officer Said Darwazah in the statement.
"By strengthening our operations in the MENA region, enhancing and expanding our global Injectables business and developing our non-injectable Generics portfolio in the US, we are building an extremely robust set of businesses that are uniquely positioned to capture a range of attractive future growth opportunities," Darwazah added.
Hikma will announce its half-year results on August 19.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Hikma Pharmaceuticals