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Beximco Pharmaceuticals: Results for the Year Ended 31 December 2012



5/14/2013 9:14:25 AM

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May 14, 2013 -- Beximco Pharmaceuticals Limited (“Beximco Pharma”, "BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the year ended 31 December 2012.

Highlights:

Corporate

- Introduced 26 new products including dosage forms and strengths

-- Launched 9 products for the first time in Bangladesh

- Multiple landmark achievements for Bangladesh in the pMDI portfolio:

-- First Bangladeshi company to launch Salbutamol HFA Inhaler in Singapore with our own brand Azmasol®

-- Launched pMDI products for the first time in Bangladesh with integrated dose counter device (two combination inhaler products are currently marketed with dose counter actuator device)

-- Commenced inhaler exports to South Africa

- Registered 36 new products in 12 countries

-- Commenced export to 7 new countries, (Mauritius, Ethiopia, Columbia, Azerbaijan, Liberia, Thailand and Suriname)

- Lyophilized injectable and liquid vial lines commenced commercial operation

- Received GMP (Good Manufacturing Practices) accreditation from Austrian regulatory authority (for the European Union) for new Metered Dose Inhalers (MDI) facility; GMP clearance from MCC, South Africa for MDI facility

- Contract manufacturing agreement with an MNC done to produce a range of products

Financial

- Net sales increased to BDT 9,289.1 million (£78.1 million) registering a y-o-y growth rate of 17.73% (2011: BDT 7,890.2 million (£59.2 million)1)

- Profit before tax increased 13.83% to BDT 1,909.8 million (£16.0 million) (2011: BDT: 1,677.8 million (2011: £12.6 million))

- EPS rose by 10.18% to BDT 4.33 (Restated 2011: BDT 3.93)

- The Company has declared a 15% stock dividend (i.e. 15 shares for every 100 shares held) with record date set on 20 May 2013. Dividend is due within 30 days from the date of approval of the dividend at the Annual General Meeting (AGM)

- The AGM will be held on 29 June 2013 at 10.30 am at the Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh

Post year-end

- Launched 13 new products during the first quarter of 2013

-- 5 products launched for the first time in Bangladesh

- Registered 20 new products in overseas markets during Q1 2013

- Commenced exports to Europe (Germany and Austria) with two eye drops for the first time from Bangladesh

- Obtained marketing authorization for a product in Australia, exports due to commence in H2 2013

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

“We are pleased to report continued progress during 2012. Our successful growth leadership strategy, which has been in place for the last three years, has enabled us to set a new vision of building a better Beximco Pharma. Alongside expanding our domestic market, we are also expanding our overseas businesses through product registration, increased market reach and collaboration with international pharmaceutical companies.”

Audited financial reports are available from the Company's website: www.beximcopharma.com and will be posted to shareholders in due course.

1) (Exchange rates of £1 = Taka 133.21 for 2011 numbers and £1 = Taka 119 for 2012 numbers have been used in this announcement.)

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.20080

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

Tel; +880 2 8618220-1, Ext 10140

Libertas Capital Corporate Finance (Nomad)

Thilo Hoffmann

Tel: +44 (0)20 7569 9650

Daniel Stewart & Company (Broker)

Paul Shackleton

James Thomas

Tel: +44 (0)20 7776 6550

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 2,700 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'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 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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