Hikma shares slide after cutting guidance for year

Jordan -based Hikma Pharmaceuticals (LSE: HIK) was 4% lower as Thursday’s London trading neared its end while markets digested its third-quarter trading update.

The company’s share price had risen from Tuesday’s £1,663.90 to close at £1,763 on Wednesday as it benefitted from the widespread pharma stock boost following the US elections results, but it was down at £1,688 again as Thursday’s trading entered its last hour.

Overall, Hikma announcing that it was generating good revenue growth and expected revenue for the full year to grow by approximately 35%. However, the new $2 billion estimate in constant currency is slightly down on previous guidance of between $2 billion to $2.1 billion.