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Beximco Pharmaceuticals: Half Year Results - 2011


7/29/2011 10:25:42 AM

29th July, 2011 -- Beximco Pharmaceuticals Limited ("BPL" or "Company"; AIM Symbol: BXP) today announces its results for the half year to 30 June 2011.

Highlights

Half year financial highlights

- Net sales increased by 22.7% to Bangladesh Taka ("BDT") 3,642.3m / £30.5m (2010: BDT 2,968.7 m / £27.3m)

- Domestic sales increased 22.8% to BDT 3,468.8m / £29.1m (H1 2010: BDT 2,825.9m / £26.0m)

- Export sales increased 21.6% to BDT 173.5m / £1.5m (H1 2010: BDT 142.7m / £1.3m)

- Profit before tax increased by 9.6% to BDT 764.5m / £6.4m (H1 2010: BDT 697.3m / £6.4m)

- EPS increased by 7.9% to BDT 2.72 / 2.3 pence (2010: BDT 2.52 / 2.3 pence)

Second quarter highlights

- Net sales increased by 20% to BDT 1,970.6m / £16.5m (2010: BDT1,642.0m / £15.1m)

- Profit before tax increased by 21.6% to BDT 461.4m / £3.9m (2010: BDT 379.3m / £3.5m)

Operational highlights

- 10 new products registered in overseas markets

- Launched 21 new products across different therapeutic classes

- Plant and Machinery for the New MDI (Metered Dose Inhaler) facility installed and commissioned, trial production scheduled August 2011

Post-period events

- Received GMP (Good Manufacturing Practices) accreditation from Austrian regulatory authority for Oral Solid and Sterile Eye Drop Facilities

- Approval recognized throughout European Union (EU)

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

“I am delighted to report another strong performance from Beximco Pharmaceuticals, achieved against a backdrop of currency pressures, a challenging global environment and strong competition in the domestic market. Our recent EU GMP approval is an important step towards becoming a global player in the lucrative generic pharmaceutical market. Approval also highlights the high standards achieved by Beximco and demonstrates the importance of continued investment in facilities, products and people, to deliver long-term sustainable growth for the Company and our shareholders.”

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com (Exchange rates of £1 = Taka 108.55 for 2010 numbers and £1 = Taka 119.25 for 2011 numbers have been used in this announcement.)

For further enquiries please contact:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: +880 2 861 9151, Ext.2080

Md. Asad Ullah, FCS, Executive Director & Company Secretary

Tel; +880 2 8618220-1, Ext. 1140

Libertas Capital Corporate Finance

Jakob Kinde / Thilo Hoffmann

Tel: +44 (0)20 7569 9650

Financial Dynamics

Jonathan Birt / Susan Quigley

Tel: +44 (0)20 7269 7169

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.

Mo Noonan

Senior Manager

Financial Dynamics

Holborn Gate, 26 Southampton Buildings

London, WC2A 1PB

D +44 (0)20 7269 7116

M +44 (0)7876 444 977

www.fd.com



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