(Reuters) - British drugmaker Hikma Pharmaceuticals (LON:HIK) reported a bigger-than-expected profit for 2023 on Thursday, helped by a strong performance of its generics businesses, but expects profit to be slightly lower this year.
The company said its core operating profit jumped 19% to $707 million in the year ended on Dec. 31, higher than analysts' expectation of about $689 million, according to a company-compiled consensus.
Hikma expects a profit of $660 million to $700 million in 2024, compared with market expectations of about $680 million, according to a company-compiled consensus.
The company's generics business, which supplies oral and other non‑injectable generic and specialty products to the U.S. retail market, recorded an 86% rise in core operating profit.
That was due to strong recovery and higher sales from the authorised generic of sodium oxybate.
The business's revenue is expected to grow in the range of 3% to 5% in 2024, with a core operating margin in the mid-teens percentage range.
Hikma expects total revenue growth in the range of 4% to 6% this year, compared with a growth of 14% last year.