Results for the year ended 30 June 2024

Beximco Pharmaceuticals Ltd

07 November 2024

 

7 November 2024

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

BEXIMCO PHARMACEUTICALS LIMITED.

Results for the year ended 30 June 2024

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 30 June 2024.

Financial Highlights (consolidated)

·      Net sales increased 13.1% to Bangladesh Taka ("BDT") 44,391.6m / £286.6m (2022-23: BDT 39,266.7m / £288.6m)

o  Domestic sales increased 13.5% to BDT 41,433.3m / £267.5m (2022-23: BDT 36,503.4m / £268.3m)

o  Export sales increased 7.1% to BDT 2,958.4m / £19.1m (2022-23: BDT 2,763.2m / £20.3m)

·      Profit after tax increased 29.7% to BDT 5,866.8m / £37.9m (2022-23: BDT 4,524.5m / £33.3m)

·      EPS for the year amounted to BDT 13.07 (2022-23: BDT 10.34)

·      Recommended 40% cash dividend (BDT 4.00 per share)

Operational Highlights

·      Launched 30 new products in Bangladesh market

·      Completed 37 new registrations of 31 products across 11 countries

·      Received two product approvals from the US FDA

o  Hydroxyzine Pamoate capsule (an antihistamine drug), and Carbidopa tablet (a medication for the treatment of Parkinson's disease)

·      Obtained approvals from the Therapeutic Goods Administration (TGA), Australia for two products

o  Mometasone nasal spray (a corticosteroid), and Hyoscine Butylbromide tablet (an antispasmodic drug)

·      Launched Flecainide tablets (50 mg, 100 mg, and 150 mg) and Nebivolol tablets (2.5 mg, 5 mg, 10 mg, and 20 mg) in the US

·      Launched Ketorolac 10 mg tablet - the 3rd oral solid dose (OSD) product in the Canadian market

·      Won Bangladesh's National Export Trophy (Gold) for a record ninth time

Post Period Activity

·      Launched three new products in the domestic market

·      Completed 18 new product registrations across five countries

Beximco Pharma Managing Director Iqbal Ahmed commented:

"We have again delivered a strong set of results, including double digit revenue growth and a 40% cash dividend for shareholders. Our performance this year underscores the durability of the business despite challenging macroeconomic factors. Following the appointment of an interim government in Bangladesh, the political situation in the country has significantly stabilised and, while rising inflation, increased interest rates, slower economic growth and overall financial sector vulnerability pose challenges, we remain committed to delivering high-quality, affordable healthcare solutions. I firmly believe the Company is well prepared to navigate these challenges in order to deliver value for shareholders and provide essential medicines for patients."

Exchange rates of £1 = Taka 136.05 for 2022-23 numbers and £1 = Taka 154.90 for 2023-24 numbers have been used in this announcement.

This announcement is available in its entirety at http://www.rns-pdf.londonstockexchange.com/rns/2426L_1-2024-11-6.pdf.

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

S M Rabbur Reza, Chief Operating Officer

Tel: [phone], Ext.20111  

Mohammad Ali Nawaz, Chief Financial Officer

Tel: [phone], Ext.20030

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Andrew Emmott

Tel: [phone] / 3555

SP Angel Corporate Finance LLP (Broker)

Matthew Johnson

Tel: [phone]

FTI Consulting

Simon Conway / Victoria Foster Mitchell/ Sam Purewal

Tel: [phone]

Notes to Editors

About Beximco Pharmaceuticals Limited

Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.

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 and it has a geographic footprint in more than 50 countries. More than 5700 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world. 

 

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