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Are the clouds parting for Hikma?

Are the clouds parting for Hikma?

The only good thing about issuing multiple sales warnings is that investors have very low expectations of financial results. That is what has happened at Hikma (HIK). After forecasting that its unbranded (generic) drugs division would only generate $600m (£430m) of sales in 2017, reported revenue of $615m – 2 per cent up on the previous year – came as a pleasant surprise. The fact that this was $185m short of management’s original expectations didn’t seem to matter to investors, who lifted the share price more than 10 per cent on results day.

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