(Sharecast News) - Hikma Pharmaceuticals shares fell as the company reported headwinds at its generics business.
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.
Hikma Pharmaceuticals (HIK)