Acquisition-hungry Hikma Pharmaceuticals (HIK) stood firm on its expectations for full-year revenues in spite of operating profits falling by 18 per cent to $194m at the half-way mark. The rationale for this guidance is based partly on the strong performance of its branded division, which specialises in branded generics in the Middle East and north Africa (Mena) - the Jordan-based company's home market.
The division, which accounts for 40 per cent of group revenues, will further benefit from a tie-up with UK vitamin and supplement firm Vitabiotics, announced alongside these results. The deal will give Hikma exclusive rights to market five of Vitabiotics' specialist products in 15 of its Mena markets, and the full range of products in five markets. Hikma shares rose more than 4 per cent on the back of the statement.