7th Nov 2024 10:59
(Alliance News) - Hikma Pharmaceuticals PLC on Thursday said it is on track to deliver "another strong performance" following trading to date, and reiterates its full-year revenue expectations.
The London-based pharmaceutical maker with operations in Jordan said it expects full-year group revenue to grow between 6% and 8% from the USD2.88 billion it reported last year.
Core operating profit is expected to be in line with its previously upgraded guidance of between USD700 million and USD730 million, compared to USD707 million the year before.
Hikma said its global Injectables business delivered accelerated growth in the second half of the year, driven by expected second-half weighting of contract manufacturing in Europe. The division's revenue is expected to grow between 6% and 8%, with a core operating margin between 36% and 37%.
The company also reiterated guidance for its Branded business of revenue in the high-single digits, or 6% to 8% higher year-on-year, with a core operating margin around 25%.
Its Generics business is expected to deliver revenue growth between 5% and 7%, with a core operating margin between 16% and 17%.
Chief Executive Officer Riad Mishlawi 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, having closed the Xella acquisition and signed an important contract manufacturing agreement for our Generics business."
Shares in Hikma Pharmaceuticals were up 0.9% at 1,787.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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