*

Hikma lowers medium-term profit forecast due to

injectables

margin pressures

*

Co delays launch of new U.S. injectables facility

*

CEO Mishlawi to temporarily lead injectables unit after

Larkins

steps down

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Shares drop 11% after profit forecast cut

(Recasts lead, adds analyst comment in paragraph 8, shares in

paragraph 9, details throughout)

By Unnamalai L

Nov 6 (Reuters) - Hikma Pharmaceuticals ( HKMPF ) cut its profit

and revenue targets on Thursday after the British generics

drugmaker delayed the launch of its new U.S. factory, dealing a

blow to its injectables business and sending shares to a near

three-year low.

The company now expects medium-term core

operating profit margins to grow in the range of 5% to 7%, down

from its previous outlook of 7% to 9%, and compounded annual

revenue growth to be at the lower end of the 6% to 8% range.

Medium-term profit margin for the injectables business,

which accounted for 42% of revenue last year, is expected to be

around 30%.

The company blamed the cuts in part on a postponement in

the commercial start of its manufacturing facility in Bedford,

Ohio, which executives said in a call with analysts was due to

delays in the delivery of machinery.

It now expects Bedford to be fully operational towards

the end of 2027, rather than the start of that year as

previously expected.

Hikma in August narrowed its full-year operating margin

forecast for the injectables unit.

'DISAPPOINTING' CUT TO MARGINS

"This is disappointing given that Hikma had only provided

medium-term guidance for the first time earlier this year,"

analysts at Jefferies said in a note.

Shares of the company fell as much as 13.6% in early

trading. They had pared some losses to be down about 11% at

1,577 pence by 0958 GMT.

Hikma, which counts North America as its largest market,

expects improving profitability in its generics unit to

partially offset slowing injectables operating profit growth.

The generic drugmaker also cut its 2025 core operating

profit forecast to between $730 million and $750 million from a

previous range of between $730 million and $770 million.

"Looking forward, we remain focused on significantly

expanding our manufacturing capacity, which will enable us to

meet growing demand across our global businesses," CEO Riad

Mishlawi said in a statement.

Additionally, Hikma announced that the head of its

injectables unit, Bill Larkins, has stepped down from his role,

with Mishlawi taking the role on an interim basis.