5th Nov 2020 10:44
(Alliance News) - Hikma Pharmaceuticals PLC on Thursday said was "performing well", having maintained its momentum from the first half of the year.
The drug maker maintained its global Injectables guidance for core revenue of between USD950 million and USD980 million in 2020, as well as for a core operating margin of between 38% and 40%. Injectables revenue in 2019 was USD894 million.
Within Injectables, demand for Covid-19 related products in the US was lower in the second half than in the first. While there has seen some return of elective surgeries, these are unlikely to reach normal levels until 2021.
For its Generics business, it is performing well with "a better than expected contribution from new launches", and the firm expects to launch its generic version of Advair Diskus in early 2021.
Hikma upped its Generics revenue guidance to between USD720 million and USD740 million from a previously guided USD710 million to USD730 million. Generics revenue in 2019 was USD719 million. The company is still expecting its core operating margin here to be in the 18% to 19% range for 2020.
In the Branded business, good demand - especially in Egypt, Algeria and Saudi Arabia - has helped offset some Covid-19 disruption. While there made be some impact on reported revenue due to negative exchange rate movements, Hikma said, annual Branded revenue growth at constant currency is still forecast to grow in the mid-single digits. Branded revenue totalled USD583 million in 2019.
Chief Executive Siggi Olafsson said: "Hikma is performing well, maintaining the positive momentum of the first half. The breadth of our portfolio, the flexibility of our manufacturing capabilities and the strength of our commercial and distribution channels are enabling us to supply the medicines most needed by our customers, including those used in the treatment of Covid-19.
"We continue to see good demand for our marketed products and are delivering a strong performance from new launches. As a result of this solid progress, we are raising our full year guidance for Generics and reiterating our current guidance for Injectables and Branded. Alongside the health and safety of our employees, Hikma is committed to its purpose of providing high-quality, affordable medicines and we look forward to the rest of the year with confidence."
Additionally, Hikma announced the US launch of 1 gram Icosapent Ethyl Capsules though its Hikma Pharmaceuticals USA Inc affiliate. The drug is a generic for Amarin Corp's Vascepa.
This follows "an earlier than expected favourable court ruling", with Hikma accelerating the launch so as to provide quick access to the drug, which is indicated as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia.
Hikma said it is working to scale up the manufacture of the drug and increase is availability as soon as possible.
Brian Hoffmann, president of Hikma Generics, said: "Hikma's launch of this important medicine for US patients and healthcare providers once again underscores our ability to put better health, within reach, every day for millions of people who rely on our medicines.
"Today's launch demonstrates Hikma's ability to successfully challenge patents and launch complex products, bringing greater value to our customers and patients."
Shares in Hikma were up 2.5% at 2,719.00 pence in London on Thursday morning.
By Anna Farley; [email protected]
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