Hikma reports good start to 2019
By Sean Farrell
Date: Friday 17 May 2019
(Sharecast News) - Hikma Pharmaceuticals said it made a good start to 2019 with healthy demand across its businesses.
In a trading update before its annual meeting, the FTSE 100 company said it was on track to meet its guidance for financial performance in the current year.
Hikma makes medicines across three divisions: injectables, generic and branded. So far in 2019 strong injectables demand in the US is more than making up for price declines caused by strong competition. Revenue from the business will be in line with guidance of $850m (£665m) to $900m, Hikma said.
The generics business also had a strong start to the year in line with expectations, Hikma said, reiterating guidance for revenue of $650m to $700m. Increased competition will be partly offset by market share gains and new products.
Branded medicines are growing well though the second half will be stronger than the first half. Revenue growth will be in mid-single digits at constant currency, Hikma said.
Siggi Olafsson, Hikma's chief executive, said: "We delivered strong growth in revenue and profitability last year, while making significant strategic progress. We have been building on this momentum and 2019 is off to a good start. We continue to strengthen our capabilities, pipeline and business operations, whilst maintaining our focus on cost reduction. I am pleased to reiterate our full year guidance for 2019."
Olafsson said he was confident in the outlook for Hikma and its ability to achieve long-term, sustainable growth. The company will report results for the six months to the end of June on 8 August.
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