Hikma Pharmaceuticals PLC on Friday upgraded its 2023 financial guidance following a stronger than expected start to the year in its Generics business.

The London-based pharmaceutical company was founded in and has its main operations in Jordan.

Hikma said it now expects revenue growth of around 20% for Generics, and an operating margin in the range of 16% to 18%.

The Injectables arm also performed well, Hikma said, and it continues to expect its revenue to grow by between 7% and 9%, and for its core operating margin to be around 39% and 37%.

A final dividend of 37 cent per share will be paid for last year, Hikma said, which brings the total dividend for 2022 to 56 cents per share, reflecting a 3.7% increase from 54 cents in 2021.

Hikma made reference to the conflict in Sudan, noting that its current guidance ‘does not take into account any potential impact this evolving situation could have on our business’, as sales from Sudan in Generics and Injectables only represented 2.5% of revenue in 2022. Hikma has a manufacturing facility in Khartoum, the capital of Sudan.

Chair & Chief Executive Officer Said Darwazah said: ‘The strength of our operations is enabling us to meet the evolving needs of our customers across our markets, and we look forward to making continued progress in the year ahead.’

Shares in Hikma were up 4.5% at 1,849.00 pence each in London on Friday morning.

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