November 8, 2018 / 8:12 AM / 12 days ago

Hikma boosts revenue outlook again, shares climb

Nov 8 (Reuters) - Jordanian drugmaker Hikma Pharmaceuticals raised full-year revenue expectations for its injectables division, its largest unit, for the second time in three months as it supplies more opioid painkillers amid a shortage in the United States.

The company’s shares rose 7.2 percent in early trading after it forecast injectables revenue of $825 million-$850 million, up from its previous estimate of $775 million-$825 million.

Injectable opioid painkillers, which hospitals use to manage pain after operations and in terminal illness, have been in short supply for more than a year largely due to production problems at top supplier Pfizer.

To take advantage of the shortfall, Hikma has been focusing on the manufacture of opioid products such as fentanyl, meperidine and morphine.

London-listed Hikma also raised full-year expectations for its generics division.

Generics revenue for the full-year is now expected in the range of $675 million to $700 million, the company said, up from $600 million to $650 million projected earlier by the company.

In a separate statement, Hikma said it signed an agreement with Vectura Group plc for the global development and commercialisation of generic versions of GSK’s Ellipta portfolio. (Reporting by Sangameswaran S in Bengaluru Editing by Saumyadeb Chakrabarty)

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