· Received marketing authorization from “Instituto de Salud Publica de Chile” (Drug Regulatory authority in Chile) for a number of products. With this approval BPL has become the first Bangladeshi pharmaceutical company to obtain product registration in any Latin American country. Product export to commence soon.
· Received marketing authorization for 24 new products in international markets.
· Afghanistan, Solomon Islands and Kiribati have become new international market destinations.
· Signed distribution agreements in four new international markets.
· Signed a Long Term Arrangement with the Global Supply Division of UNICEF (Denmark) to supply 60,000 units CFC-free metered dose inhaler product over a two-year contract period.
· The first company in Bangladesh to launch a specially designed innovative ‘gum’ formulation incorporating Ascorbic acid or vitamin C for use by children..
Corporate
· Facility installation has been completed for SVP (Small Volume Parenterals), Opthalmics and Nebulizer solution projects. The commercial production of these three new product lines will commence towards the end of the first quarter 2009.
· The addition of three more lines in the new Oral Solid Dosage (OSD) facility was kept on hold for completion of the TGA (Therapeutic Goods Administration) Australia, inspection which we are now expediting. At least one of these three lines will be installed and fully operable before the end of 2008.
· 4 MW [Mega Watt] Power Plant Project is now complete and operational.
· BPL is one of the few pharmaceutical companies in the world that are currently producing technology driven CFC-free HFA Metered Dose Inhalers (MDIs). Based on the very encouraging responses for the MDI products, particularly the CFC-free MDIs from Central and Latin America and Middle East countries, BPL has undertaken a project to set up a 10 million unit capacity plant beside the existing MDI facility. The project is now in progress.
· As the costs of pharmaceutical raw materials and excipients are rising sharply at a global level and as this has a significant impact on the bottom line, the Company is proactively dealing with the Bangladeshi drug regulatory authority to adjust prices for certain products. The Company is also reviewing prices for all international markets to maintain and improve on the bottom lines.
· Banking related issues have been resolved. The Letter of Credit limit has been increased from Tk. 250 million to Tk. 500 million. Cash Credit Limit has also been increased from Tk. 570 million to Tk. 930 million. We are further negotiating for additional working capital funding to support export growth beyond 2009.
· BPL has received approval (GMP Clearance) from the Therapeutic Goods Administration (TGA), Australia for its Metered Dose Inhaler & Spray and new Oral Solid Dosage (Tablet, Capsule) manufacturing facilities. BPL is the first Bangladeshi company to receive this regulatory approval of TGA, Australia through a stringent facility audit process. Under Mutual Recognition Agreements (MRA), TGA’s Certificate of GMP Compliance is recognized by over 20 developed countries including Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, and the UK.
· The joint inspection committee of the Ministry of Health of Gulf Cooperation Council (GCC) countries has recently audited the manufacturing facilities of BPL. The GCC is considered as one of the most active trade blocs in the world and the member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. BPL will commence exporting medicines to this region (total pharmaceutical market valued at over US $4 billion) after receiving approvals from the Executive Board of the Health Ministers’ Council for Cooperation Council States, which the Company expects to receive during the third quarter of 2008.
Financial
· Net sales decreased by 15.4% to Tk. 1659.3m (2007: Tk. 1960.4m) · Profit before tax decreased by 25.7% to Tk. 201.1m (2007: Tk. 270.6) · EPS decreased by 35.6% to Tk. 1.32 (2007: Tk. 2.05)
Nazmul Hassan, CEO of Beximco Pharmaceuticals, commented:
“We have now recovered from the banking-related issues that we faced throughout 2007 and during the first quarter of 2008. We have returned to the market strongly, rapidly improving the product supply issues. We see 2008 as a very challenging year for us in terms of ensuring product supply, ongoing project completion and international market expansion. We believe that we are on target to meet these challenges. Finally, receiving TGA, Australia’s approval of our new oral solid dosage facility and inhaler facility is a major breakthrough for us in our goal to becoming a global pharmaceutical company”.
The half yearly accounts can be viewed at the Company’s website: www.beximcopharma.com
For further enquiries please contact:
Beximco Pharma Nazmul Hassan, CEO Tel: +880 2 861 9151, ext.2080
