REG - Hikma Pharmaceutical - Hikma updates Generics guidance for 2022

Hikma PharmaceuticalsAnnouncement

05/05/2022 07:00

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RNS Number : 3780K  Hikma Pharmaceuticals Plc  05 May 2022

This announcement contains inside information.

 

London, 5 May 2022 - Hikma Pharmaceuticals PLC (Hikma) notes Jazz
Pharmaceuticals' (Jazz) update to its expectations for the launch timing of an
authorized generic of Xyrem(®) (sodium oxybate) as provided in its first
quarter 2022 earnings conference call on 4 May 2022. Jazz now expects
authorized generic entry to occur "in late 2022, or possibly even January
2023".

 

As background, in 2017 Hikma entered into a settlement agreement with Jazz to
sell an authorized generic of Xyrem(®).  Under the terms of this agreement,
Hikma has a date certain launch of 1 January 2023, or earlier depending on
certain market conditions, and 180 days exclusivity.

 

To align with Jazz's updated expectations, Hikma now conservatively assumes it
will launch its authorized generic on 1 January 2023 and that the revenue and
profit contribution from the exclusivity period will shift to the first half
of 2023. Reflecting this, Hikma is today updating guidance for its Generics
business.

 

For 2022, Hikma now expects Generics revenue to be in the range of $710
million to $750 million and core operating margin to be around 20%, with the
lower end of the range reflecting the possibility of further price erosion in
the US generic market, should this materialize. This compares with Hikma's
previous guidance of Generics revenue growth in the range of 8% to 10% over
full year 2021 revenue of $820 million and core operating margin in the range
of 24% to 25%.

 

All other guidance remains unchanged.

 

--  ENDS -

 

The person responsible for the release of this announcement on behalf of Hikma
is Peter Speirs (Company Secretary).

 

Enquiries:

Hikma (Investors)

 Susan Ringdal                                                                +44 (0)20 7399 2760/ +44 7776 477050

 EVP, Strategic Planning and Global Affairs
 Guy Featherstone                                                             +44 (0)20 3892 4389/ +44 7795 896738

 Senior Investor Relations
 Manager
 Layan Kalisse                                                                +44 (0)20 7399 2788/ +44 7970 709912

 Investor Relations Analyst

 Teneo (Press)

 Charles Armitstead

                                                                            + 44 (0) 7703 330269
 Camilla Cunningham

                                                                              + 44 (0) 7464 982426

 

 

About Hikma

Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY)
(LEI:549300BNS685UXH4JI75) (rated BBB-/stable S&P and BBB-/stable Fitch)

 

Hikma helps put better health within reach every day for millions of people
around the world. For more than 40 years, we've been creating high-quality
medicines and making them accessible to the people who need them.
Headquartered in the UK, we are a global company with a local presence across
the United States (US), the Middle East and North Africa (MENA) and Europe,
and we use our unique insight and expertise to transform cutting-edge science
into innovative solutions that transform people's lives. We're committed to
our customers, and the people they care for, and by thinking creatively and
acting practically, we provide them with a broad range of branded and
non-branded generic medicines. Together, our 8,700 colleagues are helping to
shape a healthier world that enriches all our communities. We are a leading
licensing partner, and through our venture capital arm, are helping bring
innovative health technologies to people around the world. For more
information, please visit: www.hikma.com
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