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Drugmaker Hikma's full-year core operating profit rises 2.4 pct
March 15, 2017 / 7:25 AM / 8 months ago

Drugmaker Hikma's full-year core operating profit rises 2.4 pct

March 15 (Reuters) - Drugmaker Hikma Pharmaceuticals Plc said its full-year core operating profit rose 2.4 percent as weakness in its generic drugs business was more than offset by growth in its injectables and branded business.

The company, which makes and markets branded and non-branded generic and injectable drugs, said revenue rose 35.4 percent to $1.95 billion in 2016.

Hikma, which bought Boehringer Ingelheim’s U.S. generic drugs business last year, had cut its full-year revenue expectation for the business in November, due to a slightly slower-than-expected ramp-up in the unit.

Core operating profit rose to $419 million for the year ended Dec. 31 from $409 million.

Jordan-based Hikma, founded in 1978, also forecast 2017 revenue of about $2.2 billion on a constant currency basis. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)

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