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* First-half revenue rises 16 pct to $738 mln
* Revenue in injectibles business rises 41 pct to $346 mln
* Company to pay special dividend of 4 pence per share
* Cuts revenue growth forecast for branded drugs business
* Shares fall as much as 2.3 percent (Adds CFO, analyst comments, details; updates share movement)
By Roshni Menon
Aug 20 (Reuters) - Hikma Pharmaceuticals Plc reported a 44 percent jump in first-half profit helped by astrong performance at its U.S. injectibles business, but theJordanian drugmaker cut its sales growth forecast for brandeddrugs citing shipment issues in some north African markets.
The company, which makes and markets branded and non-brandedgenerics and injectibles, lowered its full-year revenue growthforecast for the branded drugs business to a low-single digitpercentage from about 10 percent earlier.
Hikma said limited availability of foreign currency reservesrestricted product shipments in Sudan, while a restructuring ofdistribution channels in Algeria dragged on sales in thatcountry in the first half.
The Middle East and North Africa region accounted for 40percent of Hikma's branded drugs sales.
"The growth is going to slow in these markets ... It mightbe slightly below last year, but we continue to expect to supplyproducts into these markets," Chief Financial Officer KhalidNabilsi told Reuters.
The company also said it expected political disruptions inIraq and Libya to further impact sales this year.
Hikma shares fell as much as 2.3 percent on Wednesdaymorning on the London Stock Exchange.
"The only disappointment that came out of the first-halfresults was the weakness of the branded business as Sudan andAlgeria performances disappointed," UBS analysts said in a note.
INJECTIBLES SALES SOAR
Hikma, which was founded in Amman in 1978, said adjustedprofit attributable to shareholders rose 44 percent to $176million in the six months ended June 30.
Revenue rose 16 percent to $738 million. Revenue frominjectibles rose 41 percent to $346 million.
The company, which benefited from a shortage of theantibiotic doxycycline last year, said in May that it wasfocusing on high-value products in its injectibles business.
Adjusted operating margins in the business rose to 41.0percent in the first half from 28.5 percent a year earlier.
"This reflects exceptionally strong sales from certainmarket opportunities in the U.S., a focus on higher-valueproducts and tight control of overhead costs across ourmanufacturing facilities," the company said.
Hikma strengthened its injectibles business earlier thisyear by acquiring Boehringer Ingelheim's U.S. genericinjectibles business and manufacturing operations in Ohio.
CFO Nabilsi said that the company's low net-debt-to-EBITDAratio even after the acquisition gave it significant headroomfor more acquisitions.
"We have a war chest of $1 billion plus for acquisitions, sowe have increased the number of M&A and business developmentteams across different regions."
The company said it would pay a special dividend of 4 centsper share. It's regular interim dividend was unchanged at 7cents per share.
Hikma paid a special dividend of 3 pence per share last yearto reflect the strong performance of its generics business.
Hikma shares were down 1.6 percent at 1775 pence at 0945GMT. The stock has gained 50.4 percent this year until Tuesday. (Reporting by Roshni Menon in Bangalore; Editing by Ted Kerrand Gopakumar Warrier)
