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Pharmaceutical company Hikma Pharmaceuticals upgraded its outlook on its injectable business after first-half results came in ahead of its expectations on increased demand for Covid-19 related products.
For the six months ended 30 June, pre-tax profit rose to $274m from $226m on-year as revenue grew 8% to $1,132m on-year,
Profit was driven by a strong performance in its injectables business, which grew revenue 13% to $485m, supported by increased demand for COVID-19 related products in the US and EU,
Looking ahead, the company said its injectables revenue was now expected to be between $950m and $980m, with core operating margin in the range of 38% to 40%.
Generics revenue was now expected to be in the range of $720m to $760m and core operating margin to be around 21%, the company said.
Branded revenue, meanwhile, was expected to grow in the mid-single digits in constant currency.
'We have a positive outlook for each of our three businesses and look forward to the second half with confidence,' Hikma said.