Last checked at 28 Jan 2022 07:00
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
*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 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 2020 |
| October - December 2021 |
| October - December 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. |
|
|
|