Hikma Pharmaceuticals was the worst performer on the FTSE 100 on Friday morning, dropping as much as 7 per cent as the wider market cautiously recovered from yesterday’s falls.
The Jordanian drugmaker cut revenue forecasts in a trading update this morning, after its efforts to introduce a new generic competitor to GSK’s Advair asthma treatment hit a setback.
At publication time, shares in the group were down 5 per cent, at £16.16, having hit a three-year low of £15.73 in early trading.
Shares in the company have now lost 19 per cent of their value since last Thursday, when it first announced that the US Food and Drug Administration had withheld approval for the new drug.
There was more positivity in the wider market, however, with stocks picking up after political worries in the US knocked markets earlier in the week. The Europe-wide Stoxx 600 index was up 0.15 per cent at publication, with all the major European indices in positive territory.
The FTSE 100 was up 0.33 per cent at publication time, while the Dax rose 0.16 per cent and the CAC climbed 0.4 per cent.