LONDON (Alliance News) - Hikma Pharmaceuticals PLC Thursday reiterated its revenue expectations for 2016 as it said it made a "good start to the year".
In a statement ahead of the company's annual general meeting it said it continues to expect full year revenue in the range of USD2.0 billion to USD2.1 billion, including ten months of revenue from its acquired Roxane business. This compares to revenue of USD1.44 billion in 2015.
Its Injectibles business is performing well, Hikma said, and it is making good progress transferring products it acquired from Bedford Laboratories to its manufacturing facilities in New Jersey, Germany and Portugal. It continues to expect revenue growth in this business in the mid to high single digits in 2016.
Its Branded business also continued to perform well, with growth in 2016 to date driven by higher sales in Algeria, Egypt, Iraq and Jordan. It expects full year revenue in this segment "in line with historical trends." It warned however, that negative movements in exchange rates have persisted, and assuming these rate prevail, it would expect a further hit to revenue and operating profit in Branded.
In its Generics business it continues to expect revenue in the range of USD640 million and USD670 million for 2016. In April, Hikma had its abbreviated new drug application for a generic version of GlaxoSmithKline PLC's Advair Diskus accepted for filing.
Hikma reiterated guidance that it will see a number of exceptional costs and other charges in 2016 estimated at around USD115 million.
"Hikma has made a good start to the year. We have performed well in each of our businesses and we are pleased to be reiterating our 2016 guidance for the group overall and for each of our business segments," said Chairman and Chief Executive Officer Said Darwazah in a statement.
"Our focus this year is on integrating Roxane and delivering high value, differentiated product launches," Darwazah added.
Hikma will report its half year results August 24.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Hikma Pharmaceuticals (HIK)