Hikma Raises 2013 Sales Forecast, to Pay Special Dividend

Hikma Pharmaceuticals Plc (HIK) raised its revenue forecast for the third time this year and said it will pay a special dividend as sales of generic drugs soared.

Revenue in 2013 will rise by about 20 percent, compared with a previous forecast of about 17 percent, the London-based company said in a statement today. Hikma raised its half-year dividend to 7 cents a share from 6 cents a year earlier, and announced a special dividend of 3 cents.

Hikma is benefiting from soaring sales of the anti-infective doxycycline. The company also raised its sales forecast on May 16 and July 8. Chief Executive Officer Said Darwazah said in March that sales of the generic drug were increasing because of supply disruptions in the U.S., where doxycycline is used for illnesses such as Lyme disease.

Profit excluding some costs surged 157 percent to $121.2 million in the first half, while revenue increased 20 percent to $638.3 million.

Hikma, which was founded in Jordan in 1978 by Chairman Samih Darwazah, operates in the Middle East, North Africa and the U.S.

To contact the reporter on this story: Phil Serafino in Paris at pserafino@bloomberg.net

To contact the editor responsible for this story: Heather Harris at hharris5@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.