Interim Management Statement (4377G)
May 12 2011 - 2:00AM
UK Regulatory
TIDMHIK
RNS Number : 4377G
Hikma Pharmaceuticals Plc
12 May 2011
AGM and Interim Management Statement
London, 12 May 2011 - Hikma Pharmaceuticals PLC (LSE: HIK)
(NASDAQ Dubai: HIK), the fast growing multinational pharmaceutical
group, will hold its Annual General Meeting today where the
following statement will be made regarding its current trading and
financial position. This constitutes its Interim Management
Statement relating to the period from 1 January 2011 to 11 May 2011
as required by the UK Listing Authority's Disclosure and
Transparency Rules.
Hikma is performing well, benefitting from the diversity of its
business model. We therefore maintain our 2011 Group guidance of
around 7% revenue growth and gross margin of around 47%, excluding
the Multi-Source Injectables ('MSI') business.
Branded
Our businesses in Egypt, Tunisia and Bahrain are performing well
following disruptions in these markets at the beginning of the year
and we are very pleased with the speed at which our operations are
returning to normal. Demand is strong across most of our other MENA
markets, although sales activities in Libya and Yemen remain
limited. Overall, we are maintaining our guidance for Branded
revenue growth of around 7% for the full year, but will continue to
monitor closely the effect that the current unrest is having in the
affected markets.
Injectables
We have delivered a good performance in our Injectables business
in the year to date, particularly in the MENA region. In Europe we
have been successful in offsetting continued price erosion by
increasing volumes and launching new products. In the US we have
seen strong demand for our own products. In both the US and Europe
we have seen an increase in our contract manufacturing business.
Overall, the Injectables business is on track to deliver strong
organic growth for the full year. In addition, the acquisition of
MSI, which closed on 2 May 2011, will contribute substantially to
the Injectables business going forward.
Generics
Our Generics business is also performing well, driven by strong
demand across the core product portfolio and particularly for
anti-infectives manufactured in our FDA approved facilities in the
MENA region. We continue to expect full year Generics revenues of
around $160 million.
Other activities
Since the beginning of the year we have invested in
strengthening our API supply chain and our R&D pipeline. As
previously announced, we acquired a minority stake in the Indian
company Unimark Remedies Limited in April. Through this strategic
partnership, Hikma and Unimark will collaborate on the development
of strategic APIs and ANDAs. Unimark's strong technical and R&D
capabilities will complement Hikma's in--house R&D efforts and
are expected to enable Hikma to bring more products in more
therapeutic categories to market globally. This transaction has now
closed.
Financing position
Our financing position remains very strong and will allow us to
make further strategic investments across our business.
Overall, we remain confident that we can continue to deliver
strong organic growth complemented by additional acquisitions,
partnerships and in-licensing activity. We will announce our
interim results for the six months to 30 June 2011 on 25 August
2011.
-- ENDS --
Enquiries:
Hikma Pharmaceuticals PLC
Susan Ringdal +44 (0)20 7399
Investor Relations Director 2760
Financial Dynamics
Ben Atwell/Julia Phillips/Jonathan Birt/Matthew +44 (0)20 7831 3113
Cole
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 products.
Hikma operates through three businesses: "Branded", "Injectables"
and "Generics", based principally in the Middle East and North
Africa ("MENA"), where it is a market leader, the United States and
Europe. In 2010, Hikma achieved revenues of $731 million and profit
attributable to shareholders of $98.8 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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