* Sees 2013 revenue growth of 20 pct
* First-half profit up 93 pct
* First-half revenue up 20 pct
By Abhirup Roy
Aug 21 (Reuters) - Hikma Pharmaceuticals raised itsfull-year revenue forecast for the third time in four months,riding on strong sales of generic antibiotic doxycycline, a drugused to prevent and treat malaria and other infections.
The company, which makes and sells branded and genericdrugs, said it expected total revenue to rise 20 percent in2013, up from its previous forecast of 17 percent.
There is a shortage of doxycycline in the United States dueto manufacturing issues, according to the U.S. Food and DrugAdministration. The regulator said demand for the drug hasincreased due to shortage of substitute drugs. ()
Hikma has been benefiting from the shortage as genericdrugmakers are forced to cut capacity in the face of stringentregulatory scrutiny.
"I think you would be seeing many product price increasesbecause the cost of what the FDA is asking for is quiteexpensive ... and I hope Hikma will be there to benefit fromthat," Chief Executive Said Darwazah told Reuters.
Strong doxycycline sales prompted Hikma to raise itsfull-year revenue growth forecast to 17 percent last month, upfrom 13 percent.
"While 2014 will likely suffer from tough year-on-yearcomps, the one-time doxycycline boost this year helps solidifythe balance sheet and supports business," Citi analyst JoanneJerman said in a note.
The company, which was founded in Amman in 1978, saidrevenue from its Egyptian business grew 14 percent and that itwas confident in managing the business despite the politicalturmoil in the country.
"As of now we haven't seen and we don't predict any supplydisruptions from Hikma," Darwazah said, adding that thecompany's Egypt unit has changed their work hours around thecurfew.
Egypt is enduring the worst internal strife in its modernhistory, with about 900 people killed, including 100 police andsoldiers, after security forces broke up protest camps by oustedIslamist President Mohamed Mursi's supporters in the capital onAug. 14.
Hikma gets nearly half its revenue from the Middle East andNorth Africa (MENA) region.
FIRST-HALF NUMBERS JUMP
Profit before tax nearly doubled to $111.6 million in thesix months ended June 30, from $57.8 million a year earlier. Onan adjusted basis, Hikma's pretax profit jumped 158 percent.
Revenue increased 20 percent to $638.3 million, boosted by a137 percent revenue growth in its generics business.
Generics revenue was $132.0 million, up from $55.8 millionin the first half of 2012.
Revenue at Hikma's global injectables business rose 9.5percent, while revenue from its branded division grew 3.2percent in the first half.
The company, which listed on the London Stock Exchange in2005, raised its interim dividend to 7 cents per share, up from6 cents a year earlier. It also said it would pay a specialdividend of 3 cents.
Hikma shares were trading up 2.8 percent at 1121 pence at1048 GMT on Wednesday on the London Stock Exchange. The stockhas risen 43 percent since the start of the year.
Hikma Pharmaceuticals (HIK)
