Thegroupannounced28%growthinitsbrandedbusinessduringthefirstfourmonthsoftheyear,alongwith12%organicrevenuegrowth。

Excellentgrowthhasbeenseenintwoofthecompanyslargestmarkets,AlgeriaandEgypt,whichhavebenefitedfromincreasedlocalproductionandgreatermanufacturingcapacity,respectively。

Aslower-than-expectedstartinSudanandtheeffectofreorganisationinIraqhasbeenpartiallyoffsetbyagoodperformancefromitsbusinessesinSaudiArabia,TunisiaandLibya,aswellashighertendersales。

Inastatementthecompanysaid:Wereiterateourguidanceofaround20%Brandedrevenuegrowthforthefullyearandexpectaround45%ofrevenuetobedeliveredinthefirsthalf。

Wecontinuetoexpectgrossmarginandadjustedoperatingmarginin2012tobebroadlyinlinewith2011,reflectingtheincreasesthatweanticipatedinwagesandresearchanddevelopmentexpenseandtheimpactofconsolidatingPromopharm,ourrecentacquisitioninMorocco。

Thebenefitofoperatingleveragewillmeanmarginsarestrongerinthesecondhalfoftheyear。

Divisionally,thefirmsinjectablesbusinesshasperformedextremelywellthisyear,drivingstrongdemandforitsproductsintheUS。

Overall,thegroupexpectsthattheglobalbusinesswillachieverevenuegrowthofmorethan35%in2012,withanadjustedoperatingmargininthehighteens。

TheGenericsbusiness,however,continuestoseepricingpressuresandrevenuehasbeenfurtheraffectedbyactionsthecompanyistakinginresponsetotheUSFoodandDrugAdministration(FDA)warningletteritreceivedinFebruaryforitsEatontownfacility,whichiscausingaslow-downinsales,butastrongersecondhalfisexpected。

Thefullyearadjustedearningsbeforeinterestandtaxmarginissettobeinthemidsingle-digits。

Thesharepricefell1。

5pto612。

00pby10:00。

NR

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