Business
AGM Statement
AGM Statement.
About this update from Hikma Pharmaceuticals Plc
[{"type":"text","content":"\n \nRNS Number : 9957X Hikma Pharmaceuticals Plc 12 May 2016 \n\n \n \n \n \n \nAGM Trading Update\nHikma reiterates guidance for 2016\n \nLondon, 12 May 2016 - 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. \n \nHikma has made a good start to the year and we are pleased to reiterate our guidance for 2016 for the Group overall and for each of our business segments. \n \nGroup\nWe continue to expect full year Group revenue to be in the range of $2.0 billion to $2.1 billion, including the contribution of ten months of revenue from Roxane, with continuing momentum into 2017. \n \nInjectables\nOur Injectables business is performing well. We are making good progress transferring the products acquired from Bedford Laboratories to our manufacturing facilities in New Jersey, Germany and Portugal and we have received three approvals for former Bedford products so far this year, making a total of six Bedford products approved since the acquisition.\n \nWe remain on track to deliver global Injectables revenue growth in the mid to high-single digits in 2016, with competition on marketed products being more than offset by new product launches from our R&D, business development and Bedford pipelines. We continue to expect core operating margin to return to a more normalised level of around 36%, due primarily to a change in product mix and higher R&D expenses.\n \nBranded\nOur Branded business is also continuing to perform well. Growth in the year to date is being driven by higher sales in Algeria, Egypt, Iraq and Jordan. We continue to expect full year 2016 Branded revenue to be in line with historical trends, on a constant currency basis, driven by our focus on strategic products and the strength of our sales and marketing teams. Improvement in the Branded core operating margin is expected to be driven by revenue growth and operational leverage. \n \nSince reporting our preliminary results in March, negative movements in exchange rates have persisted, particularly in ...