LONDON (dpa-AFX) - Shares of Hikma Pharmaceuticals Plc (HIK.L, HKMPY) declined around 12 percent in the morning trading in London after the company reduced its fiscal 2017 outlook for group revenues after lowering guidance for the Generics business. In its first half, the company reported higher earnings and revenues.
Separately, Hikma said it unit Hikma Pharmaceuticals LLC has agreed to expand its licensing and distribution agreement with Takeda Pharmaceutical Co. Ltd. for products in the Middle East and North Africa.
For the year 2017, the company now expects Group revenue to be around $2.0 billion in constant currency, Generics revenue to be around $620 million and core Generics operating profit to be around $30 million.
Previously, the company expected full-year Group revenue to be in the range of $2.0 billion to $2.1 billion in constant currency and Generics revenue around $670 million in 2017.
For the first half, profit before tax was $100 million, up from $83 million in 2016. Core profit before tax was $148 million, compared with $147 million last year.
Profit attributable to shareholders increased 19% to $69 million, while core attributable profit of $109 million was in line with last year.
Core earnings per share were 45.2 cents, compared with 47.8 cents a year ago, n H1 2016.
EBITDA grew 9 percent to $211 million and core EBITDA increased 2 percent to $215 million.
Revenue increased 1 percent to $895 million from $882 million last year. Revenues grew 5 percent at constant currency rates.
Further, the Board has declared an interim dividend of 11.0 cents per share or approximately 8.5 pence per share, in line with last year.
In London, Hikma shares were trading at 1,167 pence, down 11.8 percent.
Copyright RTT News/dpa-AFX