Upbeat outlook at Hikma

HIKMA Pharmaceuticals has stuck to its guidance of seven per cent revenue growth in 2011, around half 2010’s level, as it manages the impact of political turmoil in its North Africa and Middle East markets.

The Jordan-based company said its businesses in Egypt, Tunisia and Bahrain were back to normal after disruption at the start of the year.

It also confirmed its forecast for gross margin of about 47 per cent.

“Demand is strong across most of our other Middle East and North Africa markets, although sales activities in Libya and Yemen remain limited,” the London-listed firm said yesterday.

Hikma sells branded drugs across 17 markets in the region, led by Saudi Arabia and Algeria. Libya accounts for only around two per cent of sales.