Hikma Pharmaceuticals revises revenue forecast for 2017 over delays of Advair drug approval

Hikma Pharmaceuticals has cut its full year revenue forecast over delays of Advair drug approval. The company in its trading update statement, which was released on Friday (April 19), has said it projects to earn a revenue in the range of $2bn (£1.5bn) to $2.1bn compared to the previous forecast of $2.2bn for 2017.

The development comes as the London-based multinational remains uncertain about the release of the generic version of GlaxoSmithKline's Advair Diskus, which is used as a treatment for asthma sufferers.

And, this uncertainty over the launch had previously slashed the firm's stock valuations by 16%, according to a report by City A.M. The recent trading update had provided little clarity to the matter.

"We announced on 11 May 2017 that the FDA had issued Hikma with a complete response letter (CRL) in relation to our abbreviated new drug application (ANDA) for our generic version of GlaxoSmithKline's Advair Diskus® (fluticasone propionate and salmeterol inhalation powder). We are in the process of reviewing the response and will provide an update on our application as soon as practicable once we have completed this review and discussed it with the FDA.", the statement said.

The trading update report also affirmed forecasts for a single-digit revenue growth in the Group's Branded products division due to the 51% drop in the value of the Egyptian pound against the US dollar.

The Group also claimed to experience price erosion on their marketed products.

Hikma Pharmaceutical shares closed with a 0.48% increase on Thursday (May 18).