Hikma Pharmaceuticals says "all of our businesses have continued to perform well" and now expects revenues to rise 17% in 2013, up from a previous forecast of a 13% increase, boosted by strong sales of its generic antibiotic doxycycline.

The Jordan-based company said it expected full-year revenue of about $200 million and operating margins of more than 30% for its generics business. It has overcome compliance problems at its facility in Eatontown, USA which led to a halt in production and is now "slowly reintroducing" generics products to the market.

Hikma added that its branded business remains on track to enjoy 9% revenue growth, while the injectables unit has continued to perform well, driven by strong performances in the US and Europe. The company added that "we are also seeing good demand for our products in the Middle East and North Africa (MENA) region "where we have won some key tenders".

Chief executive Said Darwazah said that "our diversified business model is positioning the Group to deliver another strong year in 2013". Commenting on the update, Panmure Gordon analyst Savvas Neophytou said that "as a buyer of the stock, one takes windfalls with glee".

However, his firm had recently speculated that the doxycycline boost could add $100 million to earnings this year so "it is disappointing the company's guidance talks of only $60 million of incremental profits"