LONDON (AFX) - Jordanian generic drug maker Hikma Pharmaceuticals PLC said since last updating the market in May the group has continued to perform well, and 'remains on track to deliver strong growth' for the full year.

Its branded generics business has seen strong growth, despite sales being hurt in Algeria after a new pricing regime was implemented. The weakness has been offset by the performance from other markets.

The company said it is confident Algeria will report growth across the year, and combined with new product launches and expanding its markets, sales growth at the division should accelerate in the second half of the year.

Hikma's smallest but fastest growing business is injectible generic drugs. The group said today that 'substantial growth' is being achieved, which should be maintained throughout the second half of the year.

Its largest business, generic drugs sold in the US, is generating higher sales volumes in an environment of continued pricing pressure, the company added. It expects new product launches in the second half of the year to drive revenue growth for the year as a whole.

Hikma will report interim results on Sept 13.

Shares in the company, which floated last November at 290 pence, closed yesterday at 370.5 pence, giving the company a market value of 611 mln stg.

Hikma Pharmaceutical on track for strong annual growth