RNS Number : 8989Z
Beximco Pharmaceuticals Ltd
28 January 2022
 

28 January 2022

 

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

 

Half Year Results 2021-22

 

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, announces its unaudited financial results for the six months ended 31 December 2021.

 

Financial highlights

 

Half year financial highlights*

·    Net sales increased 17.8% to Bangladesh Taka ("BDT") 16,968.9m / £146.7m (2020-21: BDT 14,400.2m / £125.8m)

Domestic sales increased 20.7% to BDT 15,692.9m / £135.6m (2020-21: BDT 13,005.6m / £113.6m)

COVID-19 headwinds caused decline of 8.5% in export sales to BDT 1,276.0m / £11.0m (2020-21: BDT 1,394.6m / £12.2m)

·    Profit after tax increased 40.7% to BDT 3,131.9m / £27.1m (2020-21: BDT 2,226.3m / £19.4 m)

 

Second quarter financial highlights

·    Net sales increased 13.7% to BDT 8,499.6m / £73.5m (2020-21: BDT 7,474.3m / £65.3m)

·    Profit after tax increased 45.0% to BDT 1,656.3m / £14.3m (2020-21: BDT 1,141.9m / £9.9m)

 

Operational highlights

 

·   Domestic market

Strengthened footprint, capabilities and breadth in therapeutic areas with acquisition of 54.6% stake in Sanofi Bangladesh Limited

Launched twenty new products (twenty-nine presentation forms and strengths), including the introduction of six products for the first time in Bangladesh, such as

World's first generic of molnupiravir following approval of the oral antiviral drug for COVID-19 treatment by the UK's Medicines and Healthcare products Regulatory Agency

World's first generic version of Pfizer's Paxlovid, the first US FDA approved oral therapy for COVID-19 treatment

As the exclusive supplier in Bangladesh, distributed eight million doses of the Oxford/AstraZeneca COVID-19 vaccine, facilitated through the Government of Bangladesh, following receipt of the vaccine from the Serum Institute of India

·    International market

Received US FDA approval for muscle relaxant drug, Baclofen

Completed 20 registrations for 16 products (20 presentation forms and strength) in 7 countries

Entered Morocco for the first time with the export of Olopatadine Hydrochloride, for the alleviation of symptoms caused by allergic conjunctivitis and allergic rhinitis

·   Won the Global Generics & Biosimilars Awards 2021 in the category of "Company of the year, Asia Pacific"

 

Post period

·        Granted a sub-license by the United Nations-backed Medicines Patent Pool (MPP) to produce MSD's molnupiravir for COVID-19 treatment

 

 

 

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

"We are pleased with the financial and operational progress we have made over the first half of the year. Our domestic operations include many highlights, especially the successful acquisition of Sanofi Bangladesh which expands our core capabilities and product offering. In addition, we believe our launch of world-first generic versions of molnupiravir and Paxlovid, as well as eighteen further new products in Bangladesh, is testament to our continued commitment to delivering essential treatments at an affordable price. While we have seen a slight decline in export revenues due to COVID-19 headwinds, we expect this to recover in the second half of the year and, thanks to the ongoing execution of our strategy to deliver high-quality products and breakthrough therapies, we are confident that we will maintain our strong growth trajectory for the year."

 

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

 

*Q2 2021 includes 3 month's (October- December 2021) post-acquisition contribution from Sanofi Bangladesh:

 

Net Sales

: BDT 369.7m / £ 3.2m

 

Net profit/(Loss) after Tax

: BDT (145.0m) / £ (1.3m)

 

(Exchange rates of £1 = Taka 115.7099 for 31 December 2021 numbers and £1 = Taka 114.48 for 31 December 2020 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

 

S M Rabbur Reza, Chief Operating Officer

Tel: +880 2 58611001, Ext.20111

 

Mohammad 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 (Unaudited)

As at December 31, 2021

 

 

 

 

Taka '000

 

December 31,2021

 

June 30, 2021

ASSETS

 

 

 

Non-Current Assets

47,688,160

 

38,475,238

Property, Plant and Equipment- Carrying Value

41,855,972

 

36,211,376

Right-of-use Assets

496,567

 

319,885

Intangible Assets

4,561,931

 

1,380,694

Deferred Tax Asset

72,640

 

-

Goodwill

674,571

 

546,691

Other Investments

26,479

 

16,592

Current Assets

17,391,901

 

13,770,846

Inventories

9,351,456

 

7,142,863

Spares & Supplies

748,479

 

661,723

Accounts Receivable

3,584,766

 

2,873,845

Loans, Advances and Deposits

2,357,189

 

2,416,948

Advance Income Tax

169,310

 

-

Cash and Cash Equivalents

1,180,701

 

675,467

 

 

 

 

TOTAL ASSETS

65,080,061

 

52,246,084

 

 

 

 

SHAREHOLDERS' EQUITY AND LIABILITIES

 

 

 

Equity Attributable to the Owners of the Company

38,657,785

 

37,030,559

Issued Share Capital

4,461,121

 

4,461,121

Share Premium

5,269,475

 

5,269,475

Excess of Issue Price over Face Value of GDRs

1,689,637

 

1,689,637

Capital Reserve on Merger

294,951

 

294,951

Revaluation Surplus

1,119,361

 

1,121,825

Unrealized Gain/(Loss)

23,654

 

13,767

Retained Earnings

25,799,586

 

24,179,783

 

 

 

 

 

 

Non-Controlling Interest

4,138,350

 

334,307

TOTAL EQUITY

42,796,135

 

37,364,866

Non-Current Liabilities

9,062,106

 

5,531,540

Long Term Borrowings-Net of Current Maturity

4,229,806

 

1,206,717

Liability for Gratuity and WPPF & Welfare Funds

2,848,816

 

2,335,257

Deferred Tax Liability

1,983,484

 

1,989,566

 

 

 

 

Current Liabilities and Provisions

13,221,820

 

9,349,678

Short Term Borrowings

4,745,994

 

5,023,181

Long Term Borrowings-Current Maturity

2,060,666

 

1,401,406

Creditors and Other Payables

3,382,666

 

1,965,048

Accrued Expenses

850,137

 

619,399

Dividend Payable / Unclaimed Dividend

1,615,164

 

118,138

Income Tax Payable

567,193

 

222,506

 

 

 

 

TOTAL EQUITY AND LIABILITIES

65,080,061

 

52,246,084

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

For the Half Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Taka '000

 

 

July -December 2021

 

July -December

2020

 

October - December 2021

 

October - December

2020

Net Revenue

 

16,968,904

 

14,400,189

 

8,499,583

 

7,474,259

Cost of Goods Sold

 

(8,799,257)

 

(7,568,599)

 

(4,406,281)

 

(3,932,210)

Gross Profit

 

8,169,647

 

6,831,590

 

4,093,302

 

3,542,049

Operating Expenses

 

(4,235,426)

 

(3,364,722)

 

(2,259,523)

 

(1,744,949)

Administrative Expenses

 

(573,839)

 

(403,632)

 

(328,843)

 

(206,306)

Selling, Marketing and Distribution Expenses

 

(3,661,587)

 

(2,961,090)

 

(1,930,680)

 

(1,538,643)

Profit from Operations

 

3,934,221

 

3,466,868

 

1,833,779

 

1,797,100

Other Income

 

801,972

 

169,913

 

731,451

 

75,817

Finance Cost

 

(432,357)

 

(502,855)

 

(268,731)

 

(269,459)

Profit Before Contribution to WPPF & Welfare Funds

4,303,836

 

3,133,926

 

2,296,499

 

1,603,458

Contribution to WPPF & Welfare Funds

 

(215,810)

 

(151,915)

 

(119,718)

 

(78,529)

Profit Before Tax

 

4,088,026

 

2,982,011

 

2,176,781

 

1,524,929

Income Tax Expenses

 

(956,155)

 

(755,712)

 

(520,456)

 

(382,971)

Current Tax

 

(997,087)

 

(727,652)

 

(566,289)

 

(368,973)

Deferred Tax

 

40,932

 

(28,060)

 

45,833

 

(13,998)

Profit After Tax

 

3,131,871

 

2,226,299

 

1,656,325

 

1,141,958

Profit/(Loss) Attributable to:

 

 

 

 

 

 

 

 

Owners of the Company

 

3,178,016

 

2,208,684

 

1,712,708

 

1,134,206

Non-controlling Interest

 

(46,145)

 

17,615

 

(56,383)

 

7,752

 

 

3,131,871

 

2,226,299

 

1,656,325

 

1,141,958

Other Comprehensive Income-Unrealized Gain/(Loss)

9,887

 

7,503

 

1,880

 

5,606

Total Comprehensive Income

 

3,141,758

 

2,233,802

 

1,658,205

 

1,147,564

 

 

 

 

 

 

 

 

 

Total Comprehensive Income Attributable to:

 

 

 

 

 

 

 

 

Owners of the Company

 

3,187,903

 

2,216,187

 

1,714,588

 

1,139,812

Non-controlling Interest

 

(46,145)

 

17,615

 

(56,383)

 

7,752

 

 

3,141,758

 

2,233,802

 

1,658,205

 

1,147,564

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)

 

 

7.12

 

 

4.95

 

 

3.84

 

 

2.54

Number of Shares

Nos.

446,112,089

 

446,112,089

 

446,112,089

 

446,112,089

 

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Changes in Equity (Unaudited)

For the Half Year Ended December 31, 2021

 

As at December 31, 2021

Taka '000

 

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, 2021

4,461,121

5,269,475

1,689,637

294,951

1,121,825

13,767

24,179,783

37,030,559

334,307

37,364,866

NCI at the date of acquisition-SBL

-

-

-

-

-

-

-

-

3,857,135

3,857,135

Total Comprehensive Income:

Profit/(Loss) for the Period

-

-

-

-

-

-

3,178,016

3,178,016

(46,145)

3,131,871

Other Comprehensive Income/(Loss)

-

-

-

-

-

9,887

-

9,887

-

9,887

Transactions with the Shareholders:

Cash Dividend

-

-

-

-

-

-

(1,561,392)

(1,561,392)

(6,947)

(1,568,339)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(3,179)

-

3,179

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

715

-

-

715

-

715

Balance as on December 31, 2021

4,461,121

5,269,475

1,689,637

294,951

1,119,361

23,654

25,799,586

38,657,785

4,138,350

42,796,135

 

Number of Shares

 

 

 

 

 

 

 

 

446,112,089

 

 

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

86.65

 

 

 

As at December 31, 2020

Taka '000

 

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

5,269,475

1,689,637

294,951

1,125,768

926

20,058,800

32,495,121

302,329

32,797,450

Total Comprehensive Income:

Profit/(Loss) for the Period

-

-

-

-

-

-

2,208,684

2,208,684

17,615

2,226,299

Other Comprehensive Income/(Loss)

-

-

-

-

-

7,503

-

7,503

0

7,503

Transactions with the Shareholders:

 

 

Cash Dividend

 

-

-

-

-

-

(608,335)

(608,335)

(6,078)

(614,413)

Stock Dividend

405,556

-

-

-

-

-

(405,556)

-

-

-

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(3,590)

-

3,590

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

898

-

-

898

-

898

Balance as on December 31, 2020

4,461,120

5,269,475

1,689,637

294,951

1,123,076

8,429

21,257,183

34,103,871

313,866

34,417,737

Number of Shares

 

 

 

 

 

 

 

446,112,089

 

 

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

76.45

 

 

 

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Unaudited)

For the Half Year Ended December 31, 2021

 

 

 

 

Taka '000

 

 

July -December 2021

 

July -December 2020

Cash Flows from Operating Activities :

 

 

 

Receipts from Customers and Others

17,567,608

 

14,968,135

Payments to Suppliers and Employees

(12,809,303)

 

(11,819,166)

Cash Generated from Operations

4,758,305

 

3,148,969

 

 

 

 

Interest Paid

(433,470)

 

(502,855)

Interest Received

1,425

 

1,318

Income Tax Paid

(658,071)

 

(457,768)

Net Cash Generated from Operating Activities

3,668,189

 

2,189,664

Cash Flows from Investing Activities :

 

 

 

 

 

 

 

Acquisition of Property, Plant and Equipment

(1,661,113)

 

(864,972)

Intangible Assets

(3,355)

 

(8,819)

Investment in Subsidiary

(4,766,636)

 

-

Disposal of Property, Plant and Equipment

12,402

 

21,171

Net Cash Used in Investing Activities

(6,418,702)

 

(852,620)

Cash Flows from Financing Activities :

 

 

 

Net Increase /(Decrease) in Long Term Borrowings

3,622,081

 

(532,178)

Net Increase/(Decrease) in Short Term Borrowings

(596,880)

 

(1,038,577)

Dividend Paid

(71,505)

 

(6,701)

Net Cash (Used in ) / from Financing Activities

2,953,696

 

(1,577,456)

Increase/(Decrease) in Cash and Cash Equivalents

203,183

 

(240,412)

Cash and Cash Equivalents at Beginning of Period*

973,965

 

635,017

Effect of Exchange Rate Changes on Cash and Cash Equivalents

3,553

 

-

Cash and Cash Equivalents at End of Period

1,180,701

 

394,605

 

Number of Shares

 

446,112,089

 

 

446,112,089

Net Operating Cash Flows Per Share

8.22

 

4.91

 

* Includes cash of Sanofi Bangladesh at the date of acquisition.

 

 

 

 

 

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