Hikma injects optimism into trading update

 
Michael Bow
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HIKMA Pharmaceutical, fresh from a $2.6bn (£1.66bn) deal to buy Boeh­ringer Ingelheim’s Roxane unit, met expectations for half-year results yesterday.

The Jordan-based firm, which is listed on the FTSE 100, said revenue for the six months ending 30 June was $709m, in line with forecasts.

Hikma went on to say it expected to grow revenue by about six per cent this year on a constant currency basis.

The firm manufactures and sells injectable drugs and generic products, with almost half its sales in the US market.

Over the period, a 38 per cent fall in its generics division – the company’s smallest unit – was cushioned by a 16 per cent rise in branded drugs and steady income for the injectables unit.

Chief executive Said Darwazah said: “We have had an excellent start to the year. Our financial results are in line with expectations and we are making strong strategic progress across the group.”

Darwazah said the Roxane deal, announced last month, would allow the company to expand its product portfolio across the Middle East and North Africa.