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Drugmaker Hikma expects 2017 revenue at the lower end of guidance

Aug 17 (Reuters) - Hikma Pharmaceuticals Plc (Frankfurt: A0HG69 - news) said on Thursday it expected 2017 revenue at the lower end of its guidance, after increased competition in the generics business hit prices and volumes.

The Jordan-based company, which makes and markets branded and non-branded generic and injectable drugs, said it now expected 2017 revenue to be about $2 billion, at the lower end of its previous forecast of $2 billion-$2.1 billion.

In May, London-listed Hikma cut full-year guidance for the first time to the range of $2 billion-$2.1 billion at constant currency, down from $2.2 billion.

Hikma also lowered full-year revenue guidance for the second time in its generics business to about $620 million in 2017, from its previous forecast of $670 million. Hikma's initial forecast was $800 million.

The drugmaker also said in May that U.S. regulators decided not to approve its generic version of GlaxoSmithKline Plc (Other OTC: GLAXF - news) 's blockbuster lung drug Advair, citing "major" issues with the application.

The company reported a 1 percent rise in revenue to $895 million for the six months ended June 30, while core operating profit of $176 million was in line with last year.

(Reporting By Justin George Varghese in Bengaluru; Editing by Edmund Blair)