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21 Jul 2008 07:00
Hikma Pharmaceuticals PLC
Trading statement
London, 19 July 2008: Hikma Pharmaceuticals PLC ("Hikma") (LSE:HIK)(DIFX:HIK) today comments on trading in the six months to 30 June 2008.
In the first half of 2008, our Branded business performed ahead of our expectations, with strong sales growth boosted by the smooth integration of the acquisitions made in the second half of 2007. Our Injectables business also performed well, delivering strong sales growth for the period.
In the US Generics business, where we were already expecting significant margin erosion, trading was below these expectations due to deteriorating market conditions. The performance of this business has been further impacted by the need to take one off provisions totaling approximately $5 million, largely related to a change in our estimates for chargebacks, returns and rebates. We expect the Generics business to realise an operating loss of approximately $6 million in the first half and a further slight loss in the second half of the year.
We expect the Group to deliver sales growth in the 30% to 35% range and gross margin of approximately 45% for the full year. We expect our effective tax rate for the full year will be approximately 15%.
We will announce our results for the six months to 30 June 2008 on 28 August 2008.
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Enquiries:
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Hikma Pharmaceuticals PLC
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Tel: +44 (0)20 7399 2760
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Susan Ringdal, Investor Relations Director
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Brunswick Group
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Tel: +44 (0)20 7404 5959
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Jon Coles / Justine McIlroy
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About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed pharmaceutical products. Hikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics". Hikma's operations are based principally in the Middle East and North Africa ("MENA") region, where it is a market leader and sells across 17 countries, the United States and Europe. In 2007, the Group achieved revenues of $449 million (2006 $317 million) and profit attributable to shareholders was $63 million (2006 $55 million). For news and other information, please visit www.hikma.com.
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