REG - Beximco Pharmaceut - Results for the 12-month period ended 30 June 2022
08/11/2022 07:00
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RNS Number : 6517F Beximco Pharmaceuticals Ltd 08 November 2022
8 November 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.
Results for the twelve-month period ended 30 June 2022
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 2022.
Highlights
Financial (consolidated) - Strong domestic performance underpins growth in
challenging macro environment
· Net sales increased 17.5% to Bangladesh Taka ("BDT") 34,669.2m /
£309.7m (2020-21: BDT 29,493.6m / £251.4m)
o Domestic sales increased 21.3% to BDT 31,984.1m/ £285.8m (2020-21: BDT
26,369.6m / £224.8m)
o Export sales decreased 14.0% to BDT 2,685.1m / £24.0m (2020-21: BDT
3,124.0m / £26.6m)
· Profit after tax decreased 3.2% to BDT 4,998.6m / £44.7m
(2020-21: BDT 5,165.7m / £44.0m)
· EPS for the year amounted to BDT 11.48
· Recommended 35% cash dividend (BDT 3.5 per share)
Operational - continued strengthening of domestic position while building
international presence
· Launched a total of 30 new products (fifty-one presentations) in
Bangladesh market, nine of them introduced for the first time in the country
· Launched world's first generic of MSD's Molnupiravir, an oral
antiviral drug for COVID-19 treatment as well the first generic copy of
Pfizer's Paxlovid, the first US FDA approved breakthrough drug for COVID-19
treatment
· Completed acquisition of 54.6% stake in Sanofi Bangladesh Limited
with effect from 1 October 2021; and subsequently changed the name of the
company to Synovia Pharma PLC; integration on-track
· Launched three new products (seven presentations) from
subsidiary, Synovia Pharma PLC, in the domestic market including the
antihistamine product Phenergan Plus first time in Bangladesh
· Distributed 8 million doses of Oxford/AstraZeneca COVID-19
vaccine over the period, with a cumulative 15 million doses delivered under
the tripartite agreement between the Serum Institute of India (SII),
Government of Bangladesh (GOB) and Beximco Pharma
o Looking forward, the broader availability of Covid-19 vaccines in
Bangladesh (due, in part, to donations made directly to Bangladesh), means
that it is unlikely that GOB will seek to procure any further vaccine doses
through this agreement for the foreseeable future
· Granted two sub-licences by the United Nations-backed Medicines
Patent Pool (MPP) to produce the generic versions of MSD's Molnupiravir and
Pfizer's Paxlovid (both COVID-19 drugs)
· Won the Global Generics & Biosimilars Awards 2021 in the
category of "Company of the year, Asia Pacific"
· Won Global Generics & Biosimilars Awards 2022 in the category
of Acquisition of the year, (post-period)
US
· Received US FDA approval for Baclofen tablets (muscle relaxant)
and Minocycline tablets (tetracycline antibiotic)
· Received US FDA approval for Eletriptan tablets and Oxybutynin
tablets (post-period)
UK
· Started manufacturing of Olopatadine Eye Drop, indicated for the
treatment of allergic conjunctivitis, under CMO arrangement with a UK Company
· Received Marketing Authorizations for Beta-Cardone (Sotalol)
tablets and Quinine Bisulphate tablets in the UK. Beta-Cardon is prescribed to
treat fast irregular heartbeats and Quinine Bisulphate is used in the
treatment of chloroquine-resistant malaria and for the nocturnal leg cramps in
adults and the elderly.
RoW
· Completed 32 registrations for 28 products in 11 countries
· Entered four new countries: Morocco, St.Lucia, Georgia,
Timor-Leste (East Timor)
· Received approval for Bromhexine tablets in Australia
(post-period)
Update on COVID-19 Vaccine Supply
As noted above, there was an increase in COVID-19 vaccine supply into
Bangladesh in the second half of the financial year, including substantial
donations of surplus vaccine from other countries. This, combined with a
widespread lack of desire for a third dose from the general population, means
that it is unlikely that any further orders will be made through the agreement
between SII, GOB and Beximco Pharma and that little to no revenues will be
associated with this deal for the foreseeable future. A further announcement
will be made in the event that this status changes.
Beximco Pharma managing director Nazmul Hassan MP commented,
"In the current challenging macro environment, we are delighted to be able to
report another period of revenue growth. While we have seen the economic
downturn have an adverse impact on some of our export markets, this has been
more than offset by our domestic performance. With organic growth coupled with
the acquisition of Sanofi Bangladesh (now Synovia Pharma), we have continued
to further consolidate our domestic market position. Simultaneously, we have
maintained our focus on growing our position in high-value markets, such as
the US and UK through more product approvals during the period.
"Over the first quarter of the new financial year, we are seeing the impact of
numerous headwinds such as the war in Ukraine, supply chain disruptions and
record depreciation of local currency. While we expect these issues to have an
impact on Q1 and beyond, we remain committed to expanding our businesses,
seeking operational efficiencies and delivering on our strategy to maximise
the potential of Beximco Pharma."
Exchange rates of £1 = Taka 117.32 for 2020-21 numbers and £1 = Taka 111.93
for 2021-22 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 2 586/11001, 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
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 5,500 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, 2022
Amount in Taka
June 30, 2022 June 30, 2021
ASSETS
Non-Current Assets 47,728,777,460 38,475,237,847
Property, Plant and Equipment- Carrying Value 41,760,330,727 36,211,375,594
Right-of-use Assets 618,891,376 319,884,849
Intangible Assets 4,562,988,045 1,380,693,809
Deferred Tax Asset 88,640,228 -
Goodwill 674,570,185 546,691,213
Other Investments 23,356,899 16,592,382
Current Assets
18,419,258,282 13,770,846,179
Inventories 10,405,295,079 7,142,863,477
Spares & Supplies 718,797,256 661,722,724
Accounts Receivable 3,142,817,194 2,873,844,874
Loans, Advances and Deposits 2,787,039,904 2,416,948,496
Advance Income Tax 196,635,028 -
Cash and Cash Equivalents 1,168,673,821 675,466,608
TOTAL ASSETS 66,148,035,742 52,246,084,026
EQUITY AND LIABILITIES
Equity Attributable to the Owners of the Company 40,600,497,817 37,030,558,202
Issued Share Capital 4,461,120,890 4,461,120,890
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 1,116,896,688 1,121,824,646
Unrealized Gain/(Loss) 20,531,723 13,767,206
Retained Earnings 27,747,885,918 24,179,782,862
Non-Controlling Interest
4,035,506,641 334,306,627
TOTAL EQUITY 44,636,004,458 37,364,864,829
Non-Current Liabilities 8,776,099,208 5,531,540,789
Long Term Borrowings-Net of Current Maturity 3,454,188,843 1,206,717,094
Liability for Gratuity, Pension and WPPF & Welfare Funds 2,785,072,661 2,335,257,766
Deferred Tax Liability 2,536,837,704 1,989,565,929
Current Liabilities and Provisions 12,735,932,076 9,349,678,408
Short Term Borrowings 6,850,550,319 5,023,181,128
Long Term Borrowings-Current Maturity 2,065,962,471 1,401,406,013
Creditors and Other Payables 2,465,039,217 1,965,048,180
Accrued Expenses 1,166,881,586 619,399,363
Dividend Payable / Unclaimed Dividend 88,049,428 118,137,390
Income Tax Payable 99,449,055 222,506,334
TOTAL EQUITY AND LIABILITIES 66,148,035,742 52,246,084,026
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income For
the Year ended June 30, 2022
Amount in Taka
July 2021- June 2022 July 2020 - June 2021
Net Revenue 34,669,172,052 29,493,573,869
Cost of Goods Sold (18,854,919,733) (15,570,071,581)
Gross Profit 15,814,252,319 13,923,502,288
Operating Expenses (8,912,966,372) (7,272,794,940)
Administrative Expenses (1,163,406,037) (896,648,965)
Selling, Marketing and Distribution Expenses (7,749,560,335) (6,376,145,975)
Profit from Operations 6,901,285,947 6,650,707,348
Other Income 1,146,717,162 908,275,284
Finance Cost (1,001,835,523) (858,685,146)
Profit Before Contribution to WPPF & Welfare Funds 7,046,167,586 6,700,297,486
Contribution to WPPF & Welfare Funds (359,222,585) (322,749,293)
Profit Before Tax 6,686,945,001 6,377,548,193
Income Tax Expenses (1,688,316,804) (1,211,798,461)
Current Tax (1,191,180,488) (1,386,678,310)
Deferred Tax Income/ (Expense) (497,136,316) 174,879,849
Profit After Tax 4,998,628,197 5,165,749,732
Profit/(Loss) Attributable to:
Owners of the Company 5,123,136,712 5,127,693,711
Non-Controlling Interest (124,508,515) 38,056,021
4,998,628,197 5,165,749,732
Other Comprehensive Income/(Loss) 6,764,517 12,840,831
Total Comprehensive Income 5,005,392,714 5,178,590,563
Total Comprehensive Income Attributable to:
Owners of the Company 5,129,901,229 5,140,534,542
Non-Controlling Interest (124,508,515) 38,056,021
5,005,392,714 5,178,590,563
Earnings Per Share (EPS) 11.48 11.49
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the Year Ended June 30, 2022
As at June 30, 2022 Amount in Taka
Share Capital Share 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
Premium
Balance as on July 01, 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
NCI at the date of acquisition-SPP - - - - - - - - 3,857,134,718 3,857,134,718
Total Comprehensive Income:
Profit for the Year - - - - - - 5,123,136,712 5,123,136,712 (124,508,515) 4,998,628,197
Other Comprehensive Income/(Loss) - - - - - 6,764,517 - 6,764,517 - 6,764,517
Transactions with the Shareholders:
Cash Dividend - - - - - - (1,561,392,312) (1,561,392,312) (31,426,189) (1,592,818,501)
Adjustment for Depreciation on Revalued Assets - - - - (6,358,656) - 6,358,656 - - -
Adjustment for Deferred Tax on Revalued Assets - - - - 1,430,698 - - 1,430,698 - 1,430,698
Balance as on June 30, 2022 4,461,120,890 5,269,474,690 1,689,636,958 294,950,950 1,116,896,688 20,531,723 27,747,885,918 40,600,497,817 4,035,506,641 44,636,004,458
Net Asset Value (NAV) Per Share Tk. 91.01
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
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows
For the Year ended June 30, 2022
Amount in Taka
July 2021- June 2022 July 2020- June 2021
Cash Flows from Operating Activities:
Receipts from Customers and Others 36,125,979,245 30,833,168,257
Payments to Suppliers and Employees (28,565,273,290) (22,500,770,314)
Cash Generated from Operations 7,560,705,955 8,332,397,943
Interest Paid (1,002,350,838) (861,452,888)
Interest Received 3,055,358 2,377,286
Income Tax Paid (1,347,234,025) (1,450,058,386)
Net Cash Generated from Operating Activities 5,214,176,450 6,023,263,955
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (2,931,097,076) (2,520,682,923)
Intangible Assets (8,400,918) (37,734,793)
Investment in Subsidiary (4,766,635,704) -
Disposal of Property, Plant and Equipment 24,063,832 32,831,171
Dividend Received 2,015,444 940,700
Net Cash Used in Investing Activities (7,680,054,422) (2,524,645,845)
Cash Flows from Financing Activities :
Net Increase /(Decrease) in Long Term Borrowings 2,730,647,211 (504,636,764)
Net Increase/(Decrease) in Short Term Borrowings 1,507,676,748 (2,375,180,232)
Dividend Paid (1,623,098,759) (578,351,025)
Net Cash (Used in) / from Financing Activities 2,615,225,200 (3,458,168,021)
Increase/(Decrease) in Cash and Cash Equivalents 149,347,228 40,450,089
Cash and Cash Equivalents at Beginning of Year* 973,963,625 635,016,519
Effect of Exchange Rate Changes on Cash and Cash Equivalents 45,362,968 -
Cash and Cash Equivalents at End of Year 1,168,673,821 675,466,608
Net Operating Cash Flows Per Share 11.69 13.50
* Includes Cash and Cash Equivalents of Synovia Pharma PLC at the date of
acquisition.
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