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Beximco Pharmaceuticals Half Year Results - 2013


7/31/2013 9:06:54 AM

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31st July, 2013 -- Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its un-audited results for the six months ended 30 June 2013.

Highlights

Half year financial highlights

- Net sales increased by 14.3% to Bangladesh Taka ("BDT") 4,966.4m / £42m (2012: BDT 4,346.3m / £33.8m)

- Domestic sales increased 11.6% to BDT 4,634.9m / £39.2m (H1 2012: BDT 4,152.2m / £32.3m)

- Export sales increased 70.7% to BDT 331.4m / £2.8m (H1 2012: BDT 194.1m / £1.5m)

- Profit before tax increased by 12.7% to BDT 955.6m /£8.1m (H1 2012: BDT 847.7m / £6.6m)

Second quarter highlights

- Net sales increased 27.3% to BDT 2,703.3m /£22.9m (2012: BDT 2,123.9m / £16.5m)

- Profit before tax increased 38.2% to BDT 572.1m /£4.8m (2012: BDT 413.9m / £3.2m)

Operational highlights

- Launched 18 products in the domestic market; five of them (Calorate Tablet, Jointec Max Tablet, Hemofix Tablet, Hemofix FZ tablet and Citicol Injection) were launched for the first time in Bangladesh

- Registered 23 products in seven overseas markets

- Entered the European market with two ophthalmic products namely Latanoprost and a combination of Latanoprost and Timolol. These two glaucoma drugs are being exported to Germany and Austria. This is for the first time ophthalmic products have been exported to Europe from Bangladesh

- Obtained marketing authorization for a product in Australia

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

"We are satisfied with our performance in the first half of 2013, considering the unstable political situation prevailing in the country which has affected business and economic activities across all industries. Both our revenue and profit grew over the comparative prior year period. As a result of our continued efforts, we successfully entered the German and Austrian markets in February 2013 - which is a major milestone for the entire industry. This is the first time a Bangladeshi company has succeeded in exporting its own pharmaceutical formulations into Europe. At this halfway point in the year, we are pleased with our progress achieved to date and notwithstanding a further worsening of the overall political environment, we remain hopeful of achieving our year-end targets.”

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

(Exchange rates of £1 = 118.3 Taka for 30 June 2013 numbers and £1 = Taka 128.5 for 30 June 2012 have been used in this announcement.)

For further enquiries please contact:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: +880 2 861 9151, ext.20080

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

Tel; +880 2 8618220-1, Ext 10140

Libertas Capital Corporate Finance

Thilo Hoffmann

Tel: +44 (0)20 3697 9494

FTI Consulting

Simon Conway / Susan Stuart / Victoria Foster-Mitchell

Tel: +44 (0)20 7269 7169

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, nebulizer solutions etc. Ensuring access to quality medicines is the powerful aspiration that motivates 2,800 employees of the Company.

Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, European Union, Gulf nations, and Brazil, among others. The Company has entered the EU pharma market in 2013 and its 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 Africa, including Mauritius, Kenya, Ghana and Nigeria, Pacific Island and Latin & Central American countries, Middle East and South East Asia, including Singapore, Malaysia, Philippines and Hong Kong.

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