Hikma Pharmaceuticals Plc Trading Statement (6106F)
May 19 2017 - 2:00AM
UK Regulatory
TIDMHIK
RNS Number : 6106F
Hikma Pharmaceuticals Plc
19 May 2017
AGM Trading Update
London, 19 May 2017 - Hikma Pharmaceuticals PLC ("Hikma" or "the
Group") (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1
Moody's / BB+ S&P, both stable), the fast growing multinational
pharmaceutical group, will hold its Annual General Meeting today
where the following statement will be made regarding its current
trading.
Group
We expect full year Group revenue to be in the range of $2.0 to
$2.1 billion in constant currency in 2017. This updated guidance
reflects changes in the outlook for our Generics business, where we
have revised our expectation for the launch timing of our generic
version of Advair Diskus(R) and where we are experiencing increased
price erosion on our marketed products.
We maintain our full year guidance for our Injectables and
Branded businesses.
Generics
We announced on 11 May 2017 that the FDA had issued Hikma with a
complete response letter (CRL) in relation to our abbreviated new
drug application (ANDA) for our generic version of
GlaxoSmithKline's Advair Diskus(R) (fluticasone propionate and
salmeterol inhalation powder). We are in the process of reviewing
the response and will provide an update on our application as soon
as practicable once we have completed this review and discussed it
with the FDA.
We now expect Generics revenue to be around $670 million in
2017. This assumes we do not launch our generic version of Advair
Diskus(R) in 2017 and reflects the intensifying competitive
environment in the US. Through our focus on portfolio optimisation
and continued cost savings, we expect to achieve a slight
improvement in the profitability of the Generics business in 2017
after incurring additional operational costs related to our generic
version of Advair Diskus(R).
Injectables
In the year to-date, revenue from our global Injectables
portfolio has been in line with 2016. New product launches,
including the former Bedford products, are enabling us to offset
the impact of increased competition on certain products. We
continue to expect global Injectables revenue to be in the range of
$800 million to $825 million for the full year, with core operating
margin in the high 30s, reflecting a further step-up in
R&D.
Branded
We are reiterating our expectation for Branded revenue growth in
the mid-single digits in constant currency in 2017. As in previous
years, we expect the usual seasonality of the Branded business and
our pipeline of new product launches in key markets to drive
stronger revenue in the second half of the year. On a reported
basis, we continue to expect Branded revenue to grow in the
low-single digits in 2017 and core operating margin to be broadly
in line with 2016. This reflects an adverse currency impact,
primarily arising from the devaluation of the Egyptian pound
against the US dollar by approximately 51%.(1)
We will announce our interim results for the six months to 30
June 2017 on 17 August 2017.
--ENDS--
Enquiries
Hikma Pharmaceuticals PLC
Susan Ringdal, VP Corporate +44 (0)20 7399 2760/
Strategy and Investor Relations +44 7776 477050
Lucinda Baker, Deputy Director +44 (0)20 7399 2765/
of Investor Relations +44 7818 060211
FTI Consulting
Ben Atwell/ Matthew Cole +44 (0)20 3727 1000
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: "Injectables", "Branded"
and "Generics", based principally in the United States, the Middle
East and North Africa (MENA) and Europe. In 2016, Hikma achieved
revenues of $1,950 million and profit attributable to shareholders
of $155 million.
(1) On 18 May 2017, the Egyptian pound had devalued against the
US dollar from its peg of 8.8 EGP:USD prior to 3 November 2016 to
18.1 EGP:USD (www.oanda.com)
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTFMGMKLRKGNZM
(END) Dow Jones Newswires
May 19, 2017 02:00 ET (06:00 GMT)
Hikma Pharmaceuticals (LSE:HIK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hikma Pharmaceuticals (LSE:HIK)
Historical Stock Chart
From Jul 2023 to Jul 2024