LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on drugmaker Hikma Pharmaceuticals from 1,440.0p to 1,740.0p on Monday on the back of the group's recent trading update.
Berenberg stated that last week, Hikma reported "decent" 2022 results, in its view, with no real changes to the group's outlook from January when management presented at a competitor conference.

The German bank, which stood by its 'hold' rating on the stock, said guidance for 2023 looked "achievable" and said consensus was already in line with the ranges given.

"Following the update, we cut our 2023-24 EPS estimates by 2%, reflecting slightly higher financing costs than expected (we are in line with consensus for both years)," said the analysts.

Berenberg said Hikma's injectables and branded businesses were "performing well and gaining share" in their respective markets but noted that its generics unit faced "tough industry headwinds", and that it remains "uncertain about the recovery outlook" for the division.

It also added that Hikma's chief executive search was in the late stages of the interview process, with both internal and external candidates being considered and announcement expected within six weeks.







Reporting by Iain Gilbert at Sharecast.com

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