Hikma Pharmaceuticals lowered its medium-term profit growth forecast, citing delays at a new manufacturing facility in the U.S.
The London-based drugmaker said on Thursday it now expects its group core operating profit to grow in the range of 5% to 7% annually between 2024 and 2027, down from its previous guidance of 7% to 9%.
The company also said its three-year revenue growth would likely be at the lower end of its previously guided 6% to 8% range.
Hikma attributed the revision to a change in its expectations for the start of commercial production at its new Bedford manufacturing facility, which it said was partly related to global supply chain challenges.
The facility is now expected to be fully operational towards the end of 2027, the company said.
"While we have adjusted our medium-term expectations, I am confident that these investments will enable us to deliver our revised growth targets," Chief Executive Riad Mishlawi said.
Hikma confirmed its guidance for 2025, expecting group revenue to grow between 4% and 6% and tightening its core operating profit forecast to a range of $730 million to $750 million.