Hikma Previews 2017 Outlook Below our Expectations as Generic Advair Adds Uncertainty
Hikma's preliminary full-year 2016 results fell slightly below our expectations. The company's performance was negatively affected by currency headwinds across a number of its international markets in its branded drug segment, along with West-Ward product delays and slower-than-expected volume growth. Management's 2017 revenue guidance of roughly $2.2 billion falls short of our forecast $2.4 billion, and we anticipate a modest reduction to our GBX 2,150 per share fair value estimate. In our view...Hikma Pharmaceuticals is a pharmaceutical company engaged in developing, manufacturing, and marketing a range of branded and non-branded generic pharmaceutical products across the U.S., the Middle East and North Africa, and Europe. Co.'s business segments are: Injectables, which sells specialized generic injectable products, including sterile liquid, powder, lyophilized and cytotoxic products; Generics, which sells non-injectable generic products that include amoxicillin, buprenorphine, butalbital, acetaminophen and caffeine, colchicine, and fluticasone; and Branded products, which sells branded generics and in-licensed products including Amoclan®, Blopress®, Omnicef®, Prograf® and Suprax®.
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