2 November 2021
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED.
Results for the twelve-month period ended 30 June 2021
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its audited results for the twelve months ended 30 June 2021.
Highlights
Financial - demonstrated underlying strength with continued double-digit growth despite Covid-19 headwinds
· Net sales increased 15.2% to Bangladesh Taka ("BDT") 29,493.6m / £251.4m (2019-20: BDT 25,611.9m / £245.5m)
- Domestic sales increased 15.4% to BDT 26,369.6m / £224.8m (2019-20: BDT 22,860.1m / £219.1m)
- Export sales increased 13.5% to BDT 3,124.0m / £26.6m (2019-20: BDT 2,751.8m / £26.4m)
· Profit after tax increased 45.7% to BDT 5,165.7m / £44.0m (2019-20: BDT 3,544.4m / £34.0m)
· EPS for the year amounted to BDT 11.49
· Recommended 35% cash dividend (BDT 3.5 per share)
Operational - continued to build portfolio and international presence
· Entered into a binding commitment with Sanofi group to acquire a majority stake (54.6%) in Sanofi Bangladesh Limited; completed post-period
· Signed an exclusive agreement with the Serum Institute of India Pvt. Ltd (SII), the world's largest vaccine producer, for the distribution of AstraZeneca/Oxford's COVID-19 vaccine in Bangladesh.
o Received and distributed seven million doses from the Serum Institute of India under the said agreement (with a further one million doses received post-period)
· Domestic market:
o Launched twenty-two new products (thirty-two presentation forms and strength) such as:
§ Remmo, a buffered esomeprazole MUPS (Multiple-Unit Pellet System) formulation of Esomeprazole
§ Fulphila, a USFDA and EMA approved first Biosimilar Pegfilgrastim from Mylan as a supportive chemotherapy treatment.
§ Beximco's first mosquito repellent cream NOMOS®, containing nature inspired ingredient Ethyl butylacetyl aminopropionate, commonly known as IR3535 (developed by Merck)
· International market:
o Completed twenty-five registrations for twenty-two products in fourteen countries
o Entered eight new countries (Oman, Lebanon, Venezuela, Bolivia, Kosovo, Mexico, Congo, Mongolia)
o Received ANVISA (Brazil) approval for OSD (T-II), MDI and Sterile unit
o Received US Food and Drug Administration approval for Flecainide Acetate (50, 100 and 150 mg tablets), an antiarrhythmic drug used for treating irregular heartbeats and for muscle relaxant drug, Baclofen (post-period). Beximco Pharma now has nine Abbreviated New Drug Application (ANDA) approved for the US market
· Awards:
o Received highly prestigious CPhI Pharma Award in the category of 'Innovation in Response to COVID -19'
o Won "Public Service-Best COVID-19 Response awards" at the 3rd edition of the Bangladesh Innovation Award 2021
o Signed the "Open pledge from Global Manufacturers of Generic Medicines against COVID-19" on November 2020
o Nominated for the Global Generics & Biosimilars Awards 2021 in the category of "Company of the year, Asia Pacific" and "Corporate Social Responsibility (CSR) Initiative of the Year"
Beximco Pharma managing director Nazmul Hassan MP commented,
"Against the backdrop of logistical and operational challenges presented by the Covid-19 pandemic, Beximco Pharma was able to deliver another year of double-digit revenue growth, thanks to the ongoing execution of our strategy. We have continued to expand the number of products available in our domestic market while simultaneously expanding our global footprint. Bolstered by the acquisition of a majority stake in Sanofi Bangladesh, we are well-positioned to maintain our growth trajectory and deliver affordable medicines for people around the world."
Exchange rates of £1 = Taka 104.331 for 2019-20 numbers and £1 = Taka 117.32 for 2020-21 numbers have been used in this announcement.
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, Ext.20080
Mohammed Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, Ext.20030
Jamal Ahmed Choudhury, Director, Accounts & Finance
Tel: +880 2 58611001, Ext.20022
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0) 20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0) 20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 5500 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Financial Position
As at June 30, 2021
| | | | Amount in Taka |
| | June 30, 2021 | | June 30, 2020 |
| ASSETS | | | |
| Non-Current Assets | 38,475,237,847 | | 37,069,663,021 |
| Property, Plant and Equipment- Carrying Value | 36,211,375,594 | | 35,000,809,631 |
| Right-of-use Assets | 319,884,849 | | 240,163,919 |
| Intangible Assets | 1,380,693,809 | | 1,275,560,330 |
| Goodwill | 546,691,213 | | 546,691,213 |
| Other Investments | 16,592,382 | | 3,751,551 |
| Other Non-current Assets | - | | 2,686,377 |
| Current Assets | 13,770,846,179 | | 13,049,078,919 |
| Inventories | 7,142,863,477 | | 5,944,769,057 |
| Spares & Supplies | 661,722,724 | | 775,528,787 |
| Accounts Receivable | 2,873,844,874 | | 3,305,451,434 |
| Loans, Advances and Deposits | 2,416,948,496 | | 2,388,313,122 |
| Cash and Cash Equivalents | 675,466,608 | | 635,016,519 |
| TOTAL ASSETS | 52,246,084,026 | | 50,118,741,940 |
| | | | |
| EQUITY AND LIABILITIES | | | |
| Equity Attributable to the Owners of the Company | 37,030,558,202 | | 32,495,120,607 |
| Issued Share Capital | 4,461,120,890 | | 4,055,564,450 |
| Share Premium | 5,269,474,690 | | 5,269,474,690 |
| Excess of Issue Price over Face Value of GDRs | 1,689,636,958 | | 1,689,636,958 |
| Capital Reserve on Merger | 294,950,950 | | 294,950,950 |
| Revaluation Surplus | 1,121,824,646 | | 1,125,767,451 |
| Unrealized Gain/(Loss) | 13,767,206 | | 926,375 |
| Retained Earnings | 24,179,782,862 | | 20,058,799,733 |
| Non-Controlling Interest | 334,306,627 | | 302,329,006 |
| TOTAL EQUITY | 37,364,864,829 | | 32,797,449,613 |
| Non-Current Liabilities | 5,531,540,789 | | 5,963,327,323 |
| Long Term Borrowings-Net of Current Maturity | 1,206,717,094 | | 1,651,590,390 |
| Liability for Gratuity and WPPF & Welfare Funds | 2,335,257,766 | | 2,144,053,434 |
| Deferred Tax Liability | 1,989,565,929 | | 2,167,683,499 |
| Current Liabilities and Provisions | 9,349,678,408 | | 11,357,965,004 |
| Short Term Borrowings | 5,023,181,128 | | 7,398,361,360 |
| Long Term Borrowings-Current Maturity | 1,401,406,013 | | 1,454,311,995 |
| Creditors and Other Payables | 1,965,048,180 | | 1,397,817,066 |
| Accrued Expenses | 619,399,363 | | 739,512,826 |
| Dividend Payable / Unclaimed Dividend | 118,137,390 | | 82,075,347 |
| Income Tax Payable | 222,506,334 | | 285,886,410 |
| TOTAL EQUITY AND LIABILITIES | 52,246,084,026 | | 50,118,741,940 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Year ended June 30, 2021
| | | | Amount in Taka | |
| | July 2020- June 2021 | | July 2019 - June 2020 | |
| | | | | |
| Net Revenue | 29,493,573,869 | | 25,611,947,655 | |
| Cost of Goods Sold | (15,570,071,581) | | (13,712,847,509) | |
| Gross Profit | 13,923,502,288 | | 11,899,100,146 | |
| | | | | |
| Operating Expenses | (7,272,794,940) | | (6,289,606,032) | |
| Administrative Expenses | (896,648,965) | | (792,951,709) | |
| Selling, Marketing and Distribution Expenses | (6,376,145,975) | | (5,496,654,323) | |
| Profit from Operations | 6,650,707,348 | | 5,609,494,114 | |
| Other Income | 908,275,284 | | 293,558,304 | |
| Finance Cost | (858,685,146) | | (1,013,804,085) | |
| Profit Before Contribution to WPPF & Welfare Funds | 6,700,297,486 | | 4,889,248,333 | |
| Contribution to WPPF & Welfare Funds | (322,749,293) | | (235,808,378) | |
| Profit Before Tax | 6,377,548,193 | | 4,653,439,955 | |
| Income Tax Expenses | (1,211,798,461) | | (1,108,956,854) | |
| Current Tax | (1,386,678,310) | | (1,086,668,418) | |
| Deferred Tax Income/ (Expense) | 174,879,849 | | (22,288,436) | |
| Profit After Tax | 5,165,749,732 | | 3,544,483,101 | |
| Profit/(Loss) Attributable to: | | | | |
| Owners of the Company | 5,127,693,711 | | 3,514,687,301 | |
| Non-Controlling Interest | 38,056,021 | | 29,795,800 | |
| | 5,165,749,732 | | 3,544,483,101 | |
| Other Comprehensive Income/(Loss) | 12,840,831 | | (1,577,828) | |
| Total Comprehensive Income | 5,178,590,563 | | 3,542,905,273 | |
| Total Comprehensive Income Attributable to: | | | | |
| Owners of the Company | 5,140,534,542 | | 3,513,109,473 | |
| Non-Controlling Interest | 38,056,021 | | 29,795,800 | |
| | 5,178,590,563 | | 3,542,905,273 | |
|
Earnings Per Share (EPS)/ Restated EPS |
11.49 | |
7.88 | |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2021
| As at June 30, 2021 | Amount in Taka | ||||||||||
| | Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Unrealized gain/(Loss) | Retained Earnings | Equity attributable to Owners of the Company | Non-Controlling Interests | Total Equity | |
| Balance as on July 01, 2020 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,125,767,451 | 926,375 | 20,058,799,733 | 32,495,120,607 | 302,329,006 | 32,797,449,613 | |
| Total Comprehensive Income: | | ||||||||||
| Profit for the Year | - | - | - | - | - | - | 5,127,693,711 | 5,127,693,711 | 38,056,021 | 5,165,749,732 | |
| Other Comprehensive Income/(Loss) |
- |
- |
- |
- |
- |
12,840,831 |
- |
12,840,831 |
- |
12,840,831 | |
| Transactions with the Shareholders: | |||||||||||
| Cash Dividend | | | | | | | (608,334,668) | (608,334,668) | (6,078,400) | (614,413,068) | |
| Stock Dividend | 405,556,440 | | | | | | (405,556,440) | - | - | - | |
| Adjustment for Depreciation on Revalued Assets |
- |
- |
- |
- |
(7,180,526) |
- |
7,180,526 |
- |
- |
- | |
| Adjustment for Deferred Tax on Revalued Assets |
- |
- |
- |
- |
3,237,721 |
- |
- |
3,237,721 |
- |
3,237,721 | |
| Balance as on June 30, 2021 | 4,461,120,890 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,121,824,646 | 13,767,206 | 24,179,782,862 | 37,030,558,202 | 334,306,627 | 37,364,864,829 | |
| Net Asset Value (NAV) Per Share | | | | | | Tk. | 83.01 | | | ||
| As at June 30, 2020 | Amount in Taka | ||||||||||
| | Share Capital | Share Premium | Excess of Issue Price over Face Value of GDRs | Capital Reserve on Merger | Revaluation Surplus | Unrealized Gain/(Loss) | Retained Earnings | Equity attributable to Owners of the Company | Non-Controlling Interests | Total Equity | |
| Balance as on July 01, 2019 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,131,853,004 | 2,504,203 | 17,144,333,029 | 29,588,317,284 | 276,006,553 | 29,864,323,837 | |
| Total Comprehensive Income: | | | | | | | | | | | |
| Profit for the Year | - | - | - | - | - | - | 3,514,687,301 | 3,514,687,301 | 29,795,800 | 3,544,483,101 | |
| Other Comprehensive Income/(Loss) | - | - | - | - | - | (1,577,828) | - | (1,577,828) | - | (1,577,828) | |
| Transactions with the Shareholders: | |||||||||||
| Cash Dividend | | | | | | | (608,334,668) | (608,334,668) | (3,473,347) | (611,808,015) | |
| Adjustment for Depreciation on Revalued Assets | - | - | - | - | (8,114,071) | - | 8,114,071 | - | - | - | |
| Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 2,028,518 | - | - | 2,028,518 | - | 2,028,518 | |
| Balance as on June 30, 2020 | 4,055,564,450 | 5,269,474,690 | 1,689,636,958 | 294,950,950 | 1,125,767,451 | 926,375 | 20,058,799,733 | 32,495,120,607 | 302,329,006 | 32,797,449,613 | |
| Net Asset Value (NAV) Per Share | | | | | | Tk. | 80.12 | | | ||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows
For the Year ended June 30, 2021
| | | | Amount in Taka |
| | July 2020- June 2021 | | July 2019- June 2020 |
| Cash Flows from Operating Activities: | | | |
| Receipts from Customers and Others | 30,833,168,257 | | 25,934,454,695 |
| Payments to Suppliers and Employees | (22,500,770,314) | | (18,467,458,543) |
| Cash Generated from Operations | 8,332,397,943 | | 7,466,996,152 |
| Interest Paid | (861,452,888) | | (1,012,519,091) |
| Interest Received | 2,377,286 | | 20,409,291 |
| Income Tax Paid | (1,450,058,386) | | (932,399,131) |
| Net Cash Generated from Operating Activities | 6,023,263,955 | | 5,542,487,221 |
| Cash Flows from Investing Activities : | | | |
| Acquisition of Property, Plant and Equipment | (2,520,682,923) | | (2,243,555,782) |
| Intangible Assets | (37,734,793) | | (31,745,002) |
| Disposal of Property, Plant and Equipment | 32,831,171 | | 3,646,251 |
| Dividend Received | 940,700 | | 1,427,930 |
| Decrease in Short Term Investment | - | | 323,364,536 |
| Net Cash Used in Investing Activities | (2,524,645,845) | | (1,946,862,067) |
| Cash Flows from Financing Activities : | | | |
| Net Increase /(Decrease) in Long Term Borrowings | (504,636,764) | | (1,000,373,112) |
| Net Increase/(Decrease) in Short Term Borrowings | (2,375,180,232) | | (1,970,741,462) |
| Dividend Paid | (578,351,025) | | (601,957,017) |
| Net Cash (Used in) / from Financing Activities | (3,458,168,021) | | (3,573,071,591) |
| Increase/(Decrease) in Cash and Cash Equivalents | 40,450,089 | | 22,553,563 |
| Cash and Cash Equivalents at Beginning of Year | 635,016,519 | | 610,494,299 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | - | | 1,968,657 |
| Cash and Cash Equivalents at End of Year | 675,466,608 | | 635,016,519 |
| Net Operating Cash Flows Per Share | 13.50 | | 13.67 |
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