London, 8 July 2013 – Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), the fast growing multinational pharmaceutical group, is today updating the market on current trading.
Since issuing our Interim Management Statement on 16 May 2013, all of our businesses have continued to perform well.
Our Generics business has continued to benefit from strong doxycycline sales. We have remained focused on the remediation of our Eatontown facility and are slowly reintroducing products to the market. Given the excellent performance of doxycycline, we are raising our full year guidance for this business to revenue of around $200 million with a reported operating margin of above 30%.
Our Branded business remains on track to meet our current full year guidance of around 9% revenue growth (11% in constant currency), with adjusted operating margin in line with 2012. Due to the timing of shipments, Branded revenue growth is expected to be stronger in the second half of the year.
Our Injectables business has continued to perform well, driven by strong performances in the US and Europe. We are also seeing good demand for our products in the MENA region, where we have won some key tenders. We expect these tenders will drive MENA revenue growth in the second half of the year. We continue to expect the global Injectables business to deliver low double digit revenue growth for the full year.
Overall, we now expect Group revenue to grow by around 17% in 2013, up from our previous guidance of around 13%.
Said Darwazah, Chief Executive Officer of Hikma said:
“We are performing well across all of our businesses and I am pleased to be able to raise our Group guidance for the full year once again. Overall, our diversified business model is positioning the Group to deliver another strong year in 2013.”
We will announce our interim results for the six months to 30 June 2013 on 21 August 2013.