Beximco Pharmaceuticals Ltd.

6 November 2017

Results for the 12 month period ended 30 June 2017

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the 12 month period ended 30 June 2017.

Highlights:

Corporate

  • Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to the US
  • Received approvals for two ANDAs from the US Food and Drug Administration (US FDA)
  • Launched 15 products in the domestic market, four of which were launched for the first time in Bangladesh
  • Registered 71 new products in 20 countries
  • Entered seven new markets – Panama, Ecuador, Tanzania, Zimbabwe, Mali, Cameron and Guinea Conakri
  • Formed the Company’s first overseas manufacturing collaboration with the joint venture with BioCare Manufacturing (M) Sdn Bhd based in Malaysia
  • Granted a sub-license by Medicine Patent Pool of the UN to produce Bristol-Myers Squibb’s new hepatitis C drug Daclatasvir

Financial

  • Net sales increased to BDT 15,508.8 million (£147.51 million), registering year-on-year growth of 12.5% (2015-16: BDT 13,785.3 million (£135.7 million))
    • Export sales registered year-on-year growth of 25.2%
  • Profit before tax increased 12.8% to BDT 2,891.5 million (£27.50 million), (2015-16: BDT 2,564.3 million, £25.24 million)
  • EPS for the year amounted to BDT 5.49
  • Recommended 12.5% cash dividend (BDT 1.25 per share)

Post period-end

  • Became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to Canada
  • Received approval for the Company’s fourth ANDA from the US FDA
  • Received GMP accreditation for the Company’s oral solid dosage facility at Tongi from World Health Organization and granted WHO Prequalification
  • Entered into a memorandum of understanding under which Beximco Pharma may acquire a majority shareholding in Nuvista Pharma, a leading pharma company in Bangladesh specialising in hormones and steroid drugs

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"This past year was another successful period for Beximco Pharma where we registered year-on-year sales growth of 12.5%, with exports up 25.2%, clearly demonstrating our continued momentum. We successfully commenced export of our first product in the US, achieving an important milestone by becoming the first Bangladeshi pharmaceutical company to export medicine to the US. We continue to build our US export portfolio, having received approvals for three additional products from the US FDA, with two more ANDAs submitted for approval. Additionally, our strategic initiatives include commencing our first overseas manufacturing collaboration in Malaysia and signing a memorandum of understanding to acquire a majority shareholding in Nuvista Pharma in Bangladesh.

With our strength in offering specialised generic products in a global setting, we continue to focus on building a strong pipeline for prescription markets, as well as continuing to assess strategic opportunities to expand our offering and drive sustainable growth.”

Audited financial reports are available from the Company's website: www.beximcopharma.com.

(Exchange rates of £1 = Taka 101.59 for 2015-16 numbers and £1 = Taka 105.14 for 2016-17 numbers have been used in this announcement).

 

For further information please visit www.beximcopharma.com or enquire to:

 

Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080

Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 58611891, +880 2 58612040, Ext 10140

SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555

Northland Capital Partners Limited (Broker)
Gerry Beaney / Tom Price
Tel: +44 (0)20 3861 6625

FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000

Notes to Editors

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,500 employees of the Company.

Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in South East Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and North America, including the USA and Canada.

 

pdf Open/ Download