UPDATE 1-Drugmaker Hikma's FY profit, revenue meet expectations; shares rise

From Reuters - March 14, 2018

(Reuters) - Hikma Pharmaceuticals Plc (HIK.L) reported full-year profit and revenue largely in line with expectations, aided by strong performance in the second half of the year.

The company has struggled due to persistent price pressures in the U.S. market and was forced to cut revenue guidance for its generics business thrice in 2017.

Hikmas problems were further compounded by a delay in the launch of its generic version of GlaxoSmithKlines (GSK.L) blockbuster lung drug Advair. The U.S. Food and Drug Administration on Monday asked Hikma to conduct a further clinical study evaluating the drug.

Hikma posted 2017 generics revenue of $615 million, surpassing its expectation of about $600 million.

The company, which named former Teva Pharmaceutical (TEVA.TA) generics head Sigurdur Olafsson as its CEO in a bid to improve the business, forecast revenue from generics in 2018 to be in the range of $550 million to $600 million.


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