Jordanian drugmaker Hikma’s full-year profit, revenues hit expectations

Hikma posted 2017 generics revenue of $615 million, surpassing its expectation of about $600 million. (Reuters)
Updated 14 March 2018
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Jordanian drugmaker Hikma’s full-year profit, revenues hit expectations

BENGALURU: Hikma Pharmaceuticals reported full-year profit and revenue largely in line with expectations, aided by strong performance in the second half of the year.
The company has struggled due to persistent price pressures in the US market and was forced to cut revenue guidance for its generics business thrice in 2017.
Hikma’s problems were further compounded by a delay in the launch of its generic version of GlaxoSmithKline’s blockbuster lung drug Advair. The US Food and Drug Administration on Monday asked Hikma to conduct a further clinical study evaluating the drug.
Hikma posted 2017 generics revenue of $615 million, surpassing its expectation of about $600 million.
The company, which named former Teva Pharmaceutical generics head Sigurdur Olafsson as its CEO in a bid to improve the business, forecast revenue from generics in 2018 to be in the range of $550 million to $600 million.
“We see these results as reassuring in the context of poor market sentiment and multiple headwinds to the business and would expect a positive reaction,” Morgan Stanley analysts wrote in a note.
Hikma shares rose as much as 10.7 percent in early trading.
The Jordan-based drugmaker said earnings before interest, tax, depreciation and amortization fell 5 percent to $468 million for the year ended December 31, but was largely in line with analysts’ estimate of $469.9 million, according to Thomson Reuters.
Revenue fell marginally to $1.94 billion, also keeping with estimates.


VAT refunds for UAE tourists to start November 18

Tourists can identify participating stores through frontstore posters. (File/AFP)
Updated 22 October 2018
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VAT refunds for UAE tourists to start November 18

  • Only invoices from registered retail outlets will be eligible for refund

DUBAI: UAE tourists could avail of Value Added Tax (VAT) refunds on their purchases in the country starting November 18, local daily Khaleej Times has reported.

The UAE Federal Tax Authority is implementing the new tax scheme, which allows VAT rebates for tourists.

More than 4,000 retail stores across the UAE will be part of the tax refund system, FTA director general Khalid Ali Al-Bustani said, adding that only invoices from the registered outlets will be eligible for the refund.

Tourists can identify the participating stores through frontstore posters, he added.

First phase will be implemented in Abu Dhabi, Dubai and Sharjah International Airports, while full implementation will be finished by mid-December.

"The scheme will be fully operational as per the timeline we set for it and will include integrated electronic programs and mechanisms for direct connection between retailers and tax refund offices for tourists at airports and land and sea ports," Al-Bustani said.