Hikma reports better-than-expected 2016 performance

Shares in Jordon-based Hikma Pharmaceuticals (LON: HIK) are up over 7% today on the news that the Jordanian drugmaker beat expectations in its 2016 financial results statement.

The London-listed company announced annual revenues of $1.9 billion, up 35% from the previous year. Reported operating profit was $302 million, down 21%, and the earnings per share figure was 66.5 cents.

Investors had been expecting more of a fall in profits, the final figure coming in higher than average forecast of $281 million, despite weak performance from its generics division.