Hikma releases warning on earnings for US generics business

London, UK-listed Jordanian group Hikma has released a statment commenting on its trading in the six months ending June 30, 2008. It said its branded business was set to beat expectations, yet it has issued a warning regarding its US generics earnings. Trading was below expectations due to deteriorating market conditions, according to the firm, and the business was further impacted by a $5.0 million one-off provision related to chargebacks, returns and rebates. The company is predicting an operating loss of $6.0 million in the first half of the year and a further loss in the second half. Hikma's share price fell 16.2% to 426.75 pence in London trading after the news was released.