Hikma reports solid trading in year to date

Hikma Pharmaceuticals reiterated full-year guidance as the company reported solid trading across its business.

The FTSE 250 group said its injectables division was performing well with the US on track for growth in the year to the end of December. In Europe Hikma's own products are selling strongly and the company is carrying out contract manufacturing.

Hikma said its generics business is continuing the strong performance of the first half. Annual generics revenue will be $810m-$830m and the core operating margin will be at the top of guidance for 22-24%, the company said. Branded products are selling well, in line with expectations.

Siggi Olafsson, Hikma's chief executive, said: "Our business continues to perform strongly, enabling us to reiterate our full year guidance to achieve another year of growth. While the global pandemic continues to bring some volatility, we are leveraging our resilient commercial and operational capabilities to drive growth and to reliably deliver medicines to our customers and patients."

Injectables revenue will increase by mid-single digits and the division's core operating margin will be in the range of 37% to 38%, Hikma said. Branded revenue growth in constant currency will be in the mid-single digits, it added.

Hikma shares rose 0.2% to £24.69 at 08:21 GMT.