As expected, Hikma downgraded its FY 17 guidance (released as part of the Q1 17 trading update) following the FDA’s complete response letter (CRL) on its abbreviated new drug application (ANDA) for GSK’s Advair generic (on 10 May 2017). Management now expects the full year revenue to be in the range of $2-2.1bn (previously $2.2bn). Topline expectations from the Generics segment have been revised downwards to c.$670m (vs.$800m previously, including a c.$90-100m contribution from th
