Hikma shares fall as generics unit faces headwinds
Hikma Pharmaceuticals shares fell as the company reported headwinds at its generics business.
FTSE 100
7,895.85
16:59 19/04/24
FTSE 350
4,341.08
17:09 19/04/24
FTSE All-Share
4,296.41
17:08 19/04/24
Hikma Pharmaceuticals
1,799.00p
17:05 19/04/24
Pharmaceuticals & Biotechnology
21,247.91
17:09 19/04/24
The company on Friday said the division had been hit "by increased competition and a challenging pricing environment", resulting in a "slow" start to the year.
Hikma said it continued to expect full-year generics revenue growth of 8% - 10%, weighted towards the second half.
In a trading update, the company said its branded business was performing well and forecast revenue to be in line with 2021 with growth in the mid-single digits, excluding the $31m impact from hyperinflation in 2021.
Looking head Hikma said it expected full-year global Injectables revenue to grow in the mid to high-single digits, compared with previous guidance of low to mid-single digits.