Reporting a 2020 core operating profit of $566 million, Hikma missed a consensus forecast for $574 million.

The company expects mid-single-digit revenue growth in 2021 for its needle-based drugs' injectables division, and sales between $770 million and $810 million at its generics business, with growth seen in its branded drugs division as well.

However, analysts pointed to a shorfall of 5-9% in its guidance for the generics business and low core earnings per share, based on the overall sales guidance.

Shares in the company, founded in Jordan in 1978, were 7% down at 2,252 pence by 1019 GMT.

Hikma, which is producing U.S.-based Gilead's COVID-19 drug remdesivir and supplies many generic drugs including pain medications, anaesthetics and sedatives, has seen a mixed effect from the COVID-19 pandemic.

While hospitals and patients around the world have delayed elective surgeries, the company's injectables division has been helped by demand for some products used in the treatment of the illness caused by the novel coronavirus.

However, as countries globally roll out COVID-19 immunisation campaigns, demand for COVID-19 related products will go down, Chief Executive Officer Siggi Olafsson told Reuters, adding that he encouraged employees to get vaccinated.

"When COVID-19 cases start to go down, my expectation is that elective surgeries will pick up again. So it is neutral for the business," Olafsson said.

He also said that going forward, Hikma might have more inventory on hand as a result of the pandemic as customers are concerned about the supply situation.

Hikma also said that it expects to resume the launch of its generic version of GSK's Advair Diskus in the United States as soon as the regulator completes a review, having paused last month.

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Uttaresh.V & Simon Cameron-Moore)

By Tanishaa Nadkar and Pushkala Aripaka