(Alliance News) - Hikma Pharmaceuticals PLC on Friday said the year is off to a "good start" with its Injectables, Generics and Branded divisions performing well and in line with expectations.
London-headquartered Hikma said its full-year outlook is unchanged and that it remains confident in its "ability to deliver consistent long-term, sustainable growth".
In Injectables, the firm said new product launches and demand for the broader portfolio in the US is partially offsetting reduced demand for Covid-19 related products, while Europe's strong performance has continued. Hikma said core revenue from injectables is expected to grow in the mid-single digits and core operating margin to be in the range of 37% to 38%.
Injectables revenue grew 9% to USD977 million in 2020 with a core operating margin of 38.6% versus 38.0% in 2019.
The Branded business is performing well, Hikma said, with expected full-year revenue growth in mid-single digits at constant foreign exchange rates. Branded revenue grew 5% at constant currency to USD613 million in 2020, with the core operating margin weakening to 20.6% from 22.1%.
The Generics business has seen continued demand for Covid-19 related products, Hikma said, and a good performance from recent launches, which more than offset increased competition on certain products.
"We now expect our full-year Generics revenue to be towards the top end of our guidance range of USD770 million to USD810 million and core operating margin to be around 20%," said Hikma.
Generics revenue grew 3% to USD744 million with a core operating margin of 21.6%, improved from 17.2%.
Hikma also said it had received US Food & Drug Administration approval for its Kloxxado nasal spray, used for opioid overdose treatment in adult and pediatric patients. Kloxxado is expected to be available in the second half of 2021, Hikma added.
Shares in Hikma were up 1.4% to 2,397.29 pence in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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Hikma Pharmaceuticals (HIK)