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Beximco Pharmaceuticals Results for the Year Ended 31 December 2010



5/12/2011 10:10:44 AM

12TH May, 2011 -- Beximco Pharmaceuticals Limited (“BPL” or “the Company”; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids, today announces its audited results for the year ended 31 December 2010.

Highlights

Corporate

- Strong financial performance achieving revenue growth of 33.33% to Tk. 6,490.85 million over 2009

- Outperforming industry growth of 23.81%

- Export revenues grew by 21.47% to Tk. 330.54 million over 2009; an additional 45 products were registered in seven countries

- 34 new products introduced in different dosage forms in Bangladesh

- Entered ten new countries including Netherlands Antilles and South Africa

- Introduced Carvedilol in U.S. through acquisition of an ANDA (Abbreviated New Drug Application)

- Currently manufactured by overseas CMO (Contract Manufacturing Organization), Beximco to manufacture product following receipt of FDA GMP accreditation

- Product registered in FDA’s ‘Orange Book’ as Beximco product

- Expansion of Ophthalmology unit completed; expansion of MDI (Metered Dose Inhaler) manufacturing facility expected to be completed in H2 2011

- Units are U.S. FDA (Food & Drug Administration), EMA (European Medicines Agency) and TGA (Therapeutic Goods Administration, Australia) compliant

- Capacity to produce additional 12.6 million eye drops and 20 million inhalers per annum respectively

- GMP (Good Manufacturing Practice) accreditation audit by EMA regulatory authority completed for OSD (Oral Solid Dose) and Ophthalmology units; awaiting approval

- GMP re-inspection by TGA Australia successfully completed (required every two years) and GMP pre-clearance for OSD and MDI facilities extended until 2012

- First and only Bangladeshi company to receive regulatory approval from INVIMA (Colombia) for OSD and MDI facilities

Post year-end highlights

- Four new products registered in overseas markets

- Amino Acid project completed as a line extension of Infusion unit

- Installation of pre-filled Syringe line underway

- 11 new products launched in Q1, 2011 including;

- Lysine HCL ointment (brand name Limogel), maiden launch in Bangladesh market

- Amino Acid formulation (Composite Amino Acid, Sorbitol and Electrolyte IV)

- Beximco Group was the proud sponsor of Bangladesh National Cricket Team in ICC Cricket World Cup 2011

Financial

- Net sales increased by 33.33% to Tk. 6,490.85m (£ 54.23m*) (2009: Tk. 4,868.25m (£ 40.67m*))

- Profit before tax increased by 56.95% to Tk. 1,361.53 m (£ 11.38m*) (2009: Tk. 867.47m (£ 7.25m*))

- EPS increased by 47.71 % to Tk. 5.17 (2009: Tk. 3.5)

- The Company has declared 20% stock dividend (i.e. 20 shares for every 100 shares held) with record date on 11 May 2011 and payment date within 30 days from the date of approval of the dividend in the AGM

The AGM will be held on 2nd July 2011 at 12.30 pm at Beximco Industrial Park,Sarabo,Kashimpur,Gazipur, Bangladesh

Nazmul Hassan, Managing Director of Beximco Pharmaceuticals, commented:

"I am delighted to announce another strong performance by the Company, demonstrating the success of our strategy outlined in January 2010, to increase our manufacturing capacity and further diversify our business. During the period we reported an increase in top-line growth, with revenues up more than 30% over 2009. We also entered a number of key markets and introduced our first product in the important U.S. market.

“As we continue to perform well, both in the domestic and overseas markets, our investments in expanding capacity and upgrading our facilities will provide the necessary tools to achieve long-term sustainable growth and transform Beximco Pharma into a global generic drug company. Beximco is ideally positioned to gain from global opportunities and plans are underway to enter a number of highly regulated and lucrative markets.”

The full audited accounts are available from the Company’s website: www.beximcopharma.com and will be posted to shareholders in due course.

*(An exchange rate of 119.69 Taka/£ has been used in this announcement. The exchange rate used in last year’s announcement was 103.62 Taka/£.)

For further information please visit www.beximco-pharma.com or enquire to:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: +880 2 861 9151, ext.2080

Md. Asad Ullah, FCS, 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

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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