Last checked at 4 May 2020 07:00
4 May 2020
BEXIMCO PHARMACEUTICALS LTD.
COVID-19 Update
Key points
· Implementing all measures to ensure the health and safety of employees
· Beximco Pharma's manufacturing operations are currently unaffected; the Company is experiencing some disruption to its international distribution network and supply chain, but does not foresee any major shortage of raw materials in the immediate term
· Strong sales performance in the first three quarters of the financial year to 31 March 2020; the Company anticipates some impact in the fourth quarter; however, Beximco Pharma still expects to report year-on-year sales growth for the full year to 30 June 2020
· Reporting of Q3 financial results is delayed, as sanctioned by the Bangladesh Securities and Exchange Commission
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 provides a business update following the outbreak of COVID-19.
Bangladesh remains under lockdown, which was implemented on 25 March 2020, as the government sought to curb the spread of COVID-19. The government ordered the closure of all businesses and imposed restrictions on the movement of people and transport, except in exceptional circumstances, such as the provision of food and medicines, so the Company has been able to continue its operations.
Ensuring employee safety
Beximco Pharma's priority is to ensure the health and safety of its employees.
At Beximco Pharma's manufacturing sites, the Company has implemented new work practices to ensure social distancing. At Beximco Pharma's office-based facilities, employees are encouraged to work remotely where possible, with the minimum number of people attending the office. At all facilities, employees are screened upon entry and disinfectants and masks have been made available.
The Company has also set up an emergency response team, available 24 hours a day, comprising of qualified doctors and healthcare professionals to respond to employee concerns and to provide medical support in the event they may be exhibiting COVID-19-related symptoms.
Manufacturing and supply chain update
The Company is fully committed to ensuring the supply of its medicines, whilst abiding by government actions imposed during the pandemic. Beximco Pharma's manufacturing operations are currently unaffected. However, the Company is experiencing some disruption to its international distribution network and supply chain, including some delays in transportation protocols. Although Beximco Pharma does not foresee any major shortage of raw materials in the immediate term, the Company continues to work closely with its supplier networks and is reviewing alternative sources as part of contingency planning to ensure supply and distribution of finished product.
Beximco Pharma has also been working hard to urgently introduce drugs with potential benefits for COVID-19 patients. Amid global shortages of active pharmaceutical ingredients (APIs), the Company has manufactured hydroxychloroquine, favipiravir and ivermectin, with remdesivir in the pipeline. These drugs have been suggested as potential promising treatment options for COVID-19 and are being used in some circumstances in a number of countries around the world.
Financial performance
Beximco Pharma continues to evaluate the impact of the pandemic on its financial and business operations. Following a strong sales performance in the first three quarters of the financial year (nine months to 31 March 2020), the fourth quarter (three months to 30 June 2020) may be impacted by Bangladesh's economic slowdown and disruption to the Company's international distribution network and supply chain, directly attributable to the impact of the COVID-19 pandemic. However, for the full year to 30 June 2020, Beximco Pharma still expects to report year-on-year sales growth, but at a lower level than originally anticipated. The Company will report its financial results for the third quarter as soon as possible.
Given the ongoing uncertainties around the impact of COVID-19 on Beximco Pharma beyond this quarter, the Company is unable to provide the market with a longer-term view until the situation becomes clearer.
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
Rabbur Reza, Chief Operating Officer
Tel; +880 2 58611001, ext.20111
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 4,200 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.