Hikma lifts full year revenue guidance

Hikma Pharmaceutical said all of its businesses have continued to perform well and overall it expects revenue to grow by around 17 per cent in 2013, up from previous guidance of around 13 per cent.Across its main businesses, generics continued to benefit from strong doxycycline sales. Given the strong performance of doxycycline, Hikma said it is raising its full year guidance for this business to revenue of around $200m with a reported operating margin of above 30%. Elsewhere its branded business remains on track to meet its current full year guidance of around 9% revenue growth or 11% in constant currency, with adjusted operating margin in line with 2012. Due to the timing of shipments, Branded revenue growth is expected to be stronger in the second half of the year, Hikma explained.Its injectables business has performed well since its last update in May, driven by strong performances in the US and Europe. Hikma said there has been strong demand from the MENA region, where it has won some key tenders. "We expect these tenders will drive MENA revenue growth in the second half of the year. We continue to expect the global injectables business to deliver low double digit revenue growth for the full year," the group said in a statement.Chief Executive Officer Said Darwazah commented: "We are performing well across all of our businesses and I am pleased to be able to raise our group guidance for the full year once again.""Overall, our diversified business model is positioning the group to deliver another strong year in 2013."