TIDMBXP
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 / GBP309.7m (2020-21: BDT 29,493.6m / GBP251.4m)
o Domestic sales increased 21.3% to BDT 31,984.1m/ GBP285.8m
(2020-21: BDT 26,369.6m / GBP224.8m)
o Export sales decreased 14.0% to BDT 2,685.1m / GBP24.0m
(2020-21: BDT 3,124.0m / GBP26.6m)
-- Profit after tax decreased 3.2% to BDT 4,998.6m / GBP44.7m
(2020-21: BDT 5,165.7m / GBP44.0m)
-- 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 GBP1 = Taka 117.32 for 2020-21 numbers and
GBP1 = 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, June 30,
2022 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- July 2020 -
June 2022 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 Share Excess Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity
Price on Merger (Loss) to Owners Interests
over of the
Face Company
Value
of GDRs
================ ============= ============= ============= =========== ============= ========== =============== =============== ============= ===============
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 Share Excess Capital Revaluation Unrealized Retained Equity Non- Total
Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity
Price on Merger (Loss) to Owners Interests
over of the
Face Company
Value
of GDRs
============= ============= ============= =========== ============= ========== ============== ============== =========== ==============
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- July 2020-
June 2022 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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