Hikma improves forecasts

London-listed drugmaker Hikma improved annual revenue forecasts for its generic and injectables businesses on Friday as its boss looks to transform the company into a specialty pharma business.

Hikma said it expected annual sales in its largest unit injectables in a range of $870 million to $900 million, against a prior forecast of $850 million to $900 million.

The company, founded in Jordan in 1978, expects generics revenue in a range of $690 million to $720 million for the full year, compared with its earlier forecast of $650 million to $700 million. The company said core earnings rose 14.3% to $288 million in the six months ended June 30 from a year earlier, helped by strong performances in Saudi Arabia and Egypt.

Hikma shares jumped to their highest level in nine months and were up 7.6% at 1,981 pence by 0858 GMT.

Hikma has in the past faced higher price pressures than the rest of the industry and had renegotiated contracts with suppliers to cut costs. “I think today the pricing pressure is a little less,” Olafsson told Reuters, though he added that pressure on prices would be a long-term theme for the industry. (RTRS)