April 30, 2020 / 6:55 AM / a month ago

Hikma maintains revenue forecast as pandemic drives demand for some drugs

(Reuters) - Hikma Pharmaceuticals (HIK.L) stuck with its full-year revenue forecast for its generic drug business on Thursday, encouraged by high demand for some of its medicines during the COVID-19 pandemic.

The company, which makes and markets a broad range of branded and non-branded generic medicines, said it was seeing an increase in demand across its portfolio.

Hikma said it expects its generic drug business, which develops and manufactures oral and other non-injectable generic products, to bring in revenue in the range of $700 million to $750 million this year.

The company said that its forecast reflects the uncertain environment due to the coronavirus pandemic, but added that some of its divisions have seen increased demand due to the outbreak.

Hikma also said it expects core operating margin for the generics business to be between 16% and 18% in 2020.

Reporting by Pushkala Aripaka and Aakash Jagadeesh Babu in Bengaluru; Editing by Saumyadeb Chakrabarty

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