Beximco profits rise as it begins US exports

(ShareCast News) - Bangladeshi generic pharmaceutical products and active pharmaceutical ingredients manufacturer Beximco Pharmaceuticals announced its unaudited financial results for the six months to 31 December on Friday.The AIM-traded company said net sales increased by 13.6% to BDT 7,630.6m or £79.7m, while profit after tax increased by 17.8% to BDT 1,112.9m or £11.6m in the first half.For the second quarter, net sales increased 16.0% to BDT 3,865.0m or £40.4m, while profit after tax increased 14.0% to BDT 598.0m or £6.2m.During the period, the company launched a total of eight new products in the domestic market - three of which were launched for the first time in Bangladesh; Voglibose, Cholecalciferol and Dienogest.It also commenced US export of Carvedilol, a prescription drug for treating hypertension, in August, making it the first Bangladeshi pharmaceutical company to export pharmaceutical products to the USBeximco confirmed it also received approval for two more products, Sotalol and Metformin Hydrochloride, from the US FDA in November and December respectively, and the Medicine Patent Pool of the UN granted a sub-license to Beximco Pharma to manufacture Bristol-Myers Squibb's new hepatitis C drug, Daclatasvir.It also received product approval from Health Canada for the Olopatadine eye drop, which was another first time achievement for a Bangladeshi pharmaceutical company.Two ophthalmic products were also registered in Australia during the period, and commenced export to Panama, Zimbabwe, Mali and Guinea."With the formal launch of Carvedilol in August, Beximco Pharma became the first Bangladeshi pharmaceutical company to export a prescription drug to US," explained Beximco managing director Nazmul Hassan."In addition, we received approval for two more products from US FDA during the period."Hassan said the company continued to perform well in the domestic market, posting a sales growth of 14.4% over the corresponding period in 2015."We are confident that we will be able to maintain our growth momentum by achieving our operational and financial targets for the full year."