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Beximco Pharmaceuticals Half Year Results - 2010


7/30/2010 1:50:45 PM

30th July, 2010 -- Beximco Pharmaceuticals Limited (“BPL” or “Company”; AIM Symbol: BXP) today announces its results for the half year to 30 June 2010.

Highlights

Half year financial highlights ? Net sales increased by 28% to Bangladesh Taka (“BDT”) 2,968.7m / £27.3m (2009: BDT 2,314.7m / £21.3m) o Domestic sales increased 28% to BDT 2,825.9m / £26.0m (H1 2009: BDT 2,207.9m / £20.3m) o Export sales increased 33.6% to BDT 142.7m / £1.3m (H1 2009: BDT 106.8m / £0.98m) ? Profit before tax increased by 83% to BDT 697.3m / £6.4m (H1 2009: BDT 381.5m / £3.5m) ? EPS increased by 22% to BDT 2.52 / 2.3 pence (2009: BDT 2.06 / 1.9 pence) ? 41,000,000 fully convertible, six-month 5% Preference Shares of BDT 100 (£0.92) each converted. The first conversion, representing 50% of the total amount, occurred in February 2010 at a conversion price of BDT 126.66 / £1.17 and the remainder were converted in May 2010 at a conversion price of BDT 135.59 / £1.25

Second quarter 2010 highlights ? Net sales increased by 34% to BDT 1,642.0m / £15.1m (2009: BDT 1,225.9m / £11.3m) ? Profit before tax increased by 65% to BDT 379.3m / £3.5m (2009: BDT 230.2m / £2.1m)

Operational highlights ? 35 new products registered in overseas markets ? 5 new markets entered: The Netherlands Antilles, El Salvador, Benin, Sudan and Tonga (Pacific Islands) ? 11 generics in a total of 28 products launched including 7 Ophthalmics, 4 injectables and 3 HFA- based inhalers o HFA inhalers and Napa Extend (a formulation of Paracetamol 665 mg) launched for the first time in Bangladesh ? Remaining three lines of the new Oral Solid Dosage (OSD) facility are being commissioned ? New Metered Dose Inhaler (MDI) facility is nearing completion ? Other projects including Amino Acid (AA) and ION (Injectable, Ophthalmic and Nebulizer) expansion are nearing completion ? The Company received the prestigious Bangladeshi Superbrands Award for 2010-11

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

“We strongly believe that we have significant scope to grow both in domestic and overseas markets, and our investments in expanding capacity and upgrading our facilities will provide the necessary impetus for long-term sustainable growth. Our new OSD facility will have increased capacity, with an additional three production lines commissioned, and the construction of our new MDI facility is nearing completion which will further expand capacity, enabling us to cater to growing demand.

“As we seek to deliver our ambitious long-term growth targets, we have delivered excellent results during the first half of 2010, achieving impressive sales growth in both domestic and export markets.

“We remain increasingly focused on expanding in international markets. As we increase our manufacturing capacity, we continue to successfully register products in all our existing export markets. “As competitiveness and global standards are prerequisite for success, we have taken steps to reduce costs and optimize resources to remain competitive in the marketplace. We have also renewed our focus on R&D and Regulatory Affairs in order to achieve excellence in these areas and to capitalize on the opportunities in global generics.”

The half yearly accounts can be viewed at the Company’s website: www.beximcopharma.com

(An exchange rate of £ 1 = Taka 108.55 has been used in this announcement.)

For further enquiries please contact:

Beximco Pharma Nazmul Hassan MP, Managing Director Tel: +880 2 861 9151, ext.2080

Libertas Capital Corporate Finance Jakob Kinde / Anthony Rowland Tel: +44 (0)20 7569 9650

Financial Dynamics Jonathan Birt / Susan Quigley Tel: +44 (0)20 7269 7169 Notes to Editors

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.

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 East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.



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