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Hikma trims full year revenue forecast on Advair U.S. launch delay

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05/19/2017 | 09:32am CEST

(Reuters) - Drugmaker Hikma Pharmaceuticals Plc on Friday lowered its revenue forecast for the full year to reflect a delay in the launch of its generic asthma drug, after U.S. regulators denied approval citing "major" issues with the application.

Shares of the company fell as much 7.47 percent to 1,573 pence, the lowest since May, 2014. They were the top loser on the FTSE 100 bluechip index and the pan-European Stoxx 600 index.

Hikma now expects full-year revenue to be in the range of $2.0 billion-$2.1 billion at constant currency, down from its earlier forecast of $2.2 billion (1.7 billion pounds).

Earlier this month, the company said approval for its generic version of GlaxoSmithKline Plc's blockbuster lung drug Advair was unlikely in 2017.

Hikma and its partner Vectura Group Plc are in a race with Mylan to launch the first U.S. generic copy of Advair. The FDA has already delayed approval of Mylan's version.

Hikma on Friday lowered its 2017 revenue forecast for its generics business to $670 million, down from its earlier forecast of $800 million.

"This assumes we do not launch our generic version of Advair Diskus in 2017 and reflects the intensifying competitive environment in the U.S.," the company said in a statement.

Hikma maintained its full-year revenue estimate for its injectables unit at a range of $800 million-$825 million, with core operating margin seen in the high 30s.

(Reporting by Sanjeeban Sarkar and Tenzin Pema in Bengaluru; Editing by Sunil Nair)

Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
HIKMA PHARMACEUTICALS 0.18% 1393.5 Delayed Quote.22.66%
MYLAN NV -1.41% 38.4594 Delayed Quote.-7.82%
STOXX EUROPE 600 -0.91% 385.58 Delayed Quote.-0.01%
VECTURA GROUP PLC -0.61% 81.7 Delayed Quote.-30.16%
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Financials ( GBP)
Sales 2018 29 840 M
EBIT 2018 7 924 M
Net income 2018 3 804 M
Debt 2018 19 412 M
Yield 2018 5,14%
P/E ratio 2018 20,76
P/E ratio 2019 16,81
EV / Sales 2018 3,23x
EV / Sales 2019 3,10x
Capitalization 77 042 M
Duration : Period :
GlaxoSmithKline Technical Analysis Chart | GSK | GB0009252882 | 4-Traders
Technical analysis trends GLAXOSMITHKLINE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 27
Average target price 15,6  GBP
Spread / Average Target -0,04%
EPS Revisions
Emma Walmsley Chief Executive Officer & Executive Director
Philip Roy Hampton Non-Executive Chairman
Simon Dingemans Chief Financial Officer & Executive Director
Karenann K. Terrell Chief Technology & Digital Officer
Hal V. Barron Executive Director & Chief Scientific Officer
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