Hikma's Generic Unit Continues to Weigh on Third-Quarter Results
Hikma’s brief third-quarter update revealed soft performance in the generic and branded drug segments, which was partially offset by healthy results in the injectables business. While management lowered its full-year expectations for the generic drug sales, which were slightly below our model estimates, higher-than-expected injectable drug margins largely wash out the impact to the bottom line. As a result, we do expect changes to our GBX 2,150 per share fair value estimate and continue to belie...
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