REG - Beximco Pharmaceut - Half Year Results 2021-22
28/01/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220128:nRSb8989Za&default-theme=true
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)
o Domestic sales increased 20.7% to BDT 15,692.9m / £135.6m (2020-21: BDT
13,005.6m / £113.6m)
o 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
o Strengthened footprint, capabilities and breadth in therapeutic areas with
acquisition of 54.6% stake in Sanofi Bangladesh Limited
o Launched twenty new products (twenty-nine presentation forms and
strengths), including the introduction of six products for the first time in
Bangladesh, such as
o 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
o World's first generic version of Pfizer's Paxlovid, the first US FDA
approved oral therapy for COVID-19 treatment
o 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
o Received US FDA approval for muscle relaxant drug, Baclofen
o Completed 20 registrations for 16 products (20 presentation forms and
strength) in 7 countries
o 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
(https://mail.bpl.net/owa/redir.aspx?C=0574e5bc92544b4ab1fb55c6099c3126&URL=http%3a%2f%2fwww.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
(http://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 October - December 2021 October - December
2020 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SEWFMWEESEFFRecent news on Beximco Pharmaceuticals
See all newsREG - Beximco Pharma. - Appointment of Managing Director
AnnouncementREG - Beximco Pharma. - Half Year Results 2023-24
AnnouncementREG - Beximco Pharma. - Payment of Cash Dividend
AnnouncementREG - Beximco Pharma. - Board Change
AnnouncementREG - Beximco Pharma. - AGM Statement
Announcement