(Reuters) - Drugmaker Hikma Pharmaceuticals (L:HIK) Plc lowered its full-year revenue forecast for its generics drugs business for the second time this year, citing slower-than-anticipated sales growth of its drug to treat gout flares.
Shares in the Jordanian company, which makes and markets branded and non-branded generic and injectable drugs, fell almost 8 percent in early trading, making it the top loser on bluechip FTSE 100 index.
"Trading in our generics business is currently below our expectations due to slower than expected growth in colchicine sales," Hikma said in a statement on Monday.
Hikma now expects revenue in the generics business to be $150 million, down from its earlier range of $175 million to $200 million.
The company had lowered its forecast for the unit in August from $200 million.
Hikma also said it expected 2015 adjusted operating margins for the unit to be in the "high twenties". The company reported margins of 41.8 percent in the six months ended June.
Jefferies analysts were expecting full-year revenue of $209 million from the unit with adjusted operating margins of 34 percent.
The drugmaker has been trying to expand its generics business - currently its smallest unit - and recently bought Roxane Labs, Boehringer Ingelheim's U.S. generics drugs business, for $2.65 billion to boost its footprint in the United States.
"Over the longer term Roxane has the potential to be transformational in the United States. However, with the lowered expectations for the generics business, we will be reviewing our estimates ... and we expect the market to respond to the new lowered guidance," Panmure Gordon analyst Mike Mitchell said.
Shares in the company were trading down 5.22 percent at 2052.56 pence at 0858 GMT on the London Stock Exchange.