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FINANCIAL NEWS
Jordan- Hikma Pharmaceuticals expects 2013 revenue to grow 13%
16 May 2013
(MENAFN) Hikma Pharmaceuticals Plc CEO, Said Darwazah, stated that the drugmaker expects its 2013 revenue to grow by nearly 13 percent from 2012, compared with an earlier forecast of 10 percent, reported Reuters.
Darwazah added that the increase would be driven by higher revenue of its generic antibiotic doxycycline.
Last year’s revenue stood at USD1.11 billion, of which generic business accounted for USD103.7 million and injectables for USD470 million.
Jordan’s Hikma has been taking advantage of a drug shortage in the US as a number of generic drug manufacturers have been forced to lower capacity in the face of stringent regulatory scrutiny.
In November, the firm discontinued commercial production at its Eatontown, New Jersey plant to ensure conformity with US FDA rules.
It is worth noting that Hikma, established in 1978, projected the generic business to incur one-off remediation costs and inventory write-downs of between USD25 million and USD30 million in 2013.
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