Analysts at Berenberg raised their target price on drugmaker Hikma Pharmaceuticals from 1,960.0p to 2,000.0p on Tuesday, citing more stability in its generics unit. Berenberg said Hikma had "a solid finish to 2023" across all three of its divisions, with guidance roughly 300bp ahead of consensus group revenue estimates, mainly due to its generics division, and in line with estimates for operating income. Berenberg also highlighted that in the Middle East and North Africa, Hikma was growing ahead of the market, and was now the second-largest branded pharmaceutical company by revenue, after Sanofi. "We adjusted our estimates to reflect slightly better generics earnings and our price target moves up to £20. Hikma's shares are up 14% year to date and trading on c8.5x 2024 EV/EBITDA (a slight premium to peers), with an improved outlook and guidance looking to be priced in for now," said Berenberg.

Source: The North Africa Journal February 27, 2024 15:12 UTC