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By Justin George Varghese
March 14 (Reuters) - Hikma Pharmaceuticals Plc isexpected to cut more jobs in its generics business to savecosts, the
Hikma, which was forced to cut revenue guidance for itsgenerics business three times in 2017 due to pricing pressuresin
Nabilsi added that another 200 jobs would go as a result ofthe consolidation of its generics' manufacturing facilities and
Hikma, which named former Teva Pharmaceuticalgenerics head Sigurdur Olafsson as CEO in a bid to improve thebusiness, posted full-year generics revenue of
It forecast revenue from the business to be in the range of
The company forecast revenue to range between
Core earnings fell 5 percent to
Hikma shares rose 8.3 percent at 1127 GMT, the secondbiggest gainer on the FTSE midcap index.
"We see these results as reassuring in the context of poormarket sentiment and multiple headwinds to the business andwould expect a positive reaction," Morgan Stanley analysts wrotein a note.
The company's problems have been compounded by a delay inthe launch of its generic version of GlaxoSmithKline'sblockbuster lung drug Advair.
The
Apart from Hikma, rival generics firms Mylan andNovartis' Sandoz division have also been in the runningto create a copycat version of GSK's blockbuster drug, but onlyto be so far knocked back by the FDA.(Reporting by Justin George Varghese in BengaluruEditing by Saumyadeb Chakrabarty, Sunil Nair and Mark Heinrich)
