Beximco Pharma Regulatory News (BXP)

BEXIMCO PHARMACEUTICALS LTD.

24 July, 2015

Half Year Results - 2015

Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its un-audited financial results for the six months ended 30 June, 2015.

Highlights

Half year financial highlights

· Net sales increased by 17.4% to Bangladesh Taka ("BDT") 6,249.2m / £51.1m (2014: BDT 5,322.2m / £40.2m)

· Domestic sales increased 15.4% to BDT 5,882.5m / £48.1m (H1 2014: BDT 5,099.2m / £38.5m)

· Export sales increased 64.4% to BDT 366.7m / £3.0m (H1 2014: BDT 223.0m / £1.7m)

· Profit after tax increased by 39.3% to BDT 1,009.2m / £8.3m (H1 2014: BDT 724.3 / £5.5m)

Second quarter highlights

· Net sales increased 18.4% to BDT 3,251.8m / £26.6m (2014: BDT 2,746.0m / £20.7m)

· Profit after tax increased 52.7% to BDT 602.5m / £4.9m (2014: BDT 394.5m / £3.0m)

Operational highlights

· Became the first Bangladeshi pharma company to be approved by the US FDA

· Launched 11 products in the domestic market

o Duvent Oral Solution and Onriva 75 Bexicap were launched for the first time in Bangladesh

· Entered five new countries (Australia, Indonesia, Costa Rica, Burundi and Iraq)

· Completed 21 registrations for 19 products in 10 countries

· Became the first Bangladeshi company to launch Salbutamol HFA inhaler in Indonesia

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"During the first half of the year Beximco Pharma achieved a major milestone by becoming the first Bangladeshi company to receive US FDA accreditation. In our export market, sales increased an impressive 64.4% and we entered five new countries. We also achieved 15.4% sales growth in our domestic market and successfully expanded our generics portfolio with several exciting products. Looking ahead, we have good visibility on our order book and remain confident of achieving our expected sales and financial and operational targets for the full year."

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com

(Exchange rates of £1 = Taka 122.25 for 30 June 2015 numbers and £1 = Taka 132.44 for 30 June 2014 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

Md. Asad Ullah, FCS, Executive Director & Company Secretary

Tel: +880 2 58611891, +880 2 58612040, Ext 10140

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Sean Wyndham-Quin

Tel: +44 (0)20 3368 3551 / 3555

Daniel Stewart & Company plc (Broker)

Martin Lampshire

Tel: +44 (0)20 7776 6550

FTI Consulting

Simon Conway / Victoria Foster Mitchell

Tel: +44 (0)20 3727 1000

Notes to Editors

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebulizer solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,000 employees of the Company.

Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of Australia, Europe, Latin America, Canada and the US, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia and Nigeria; Pacific Island; Latin and Central American countries; Middle East; Central Asia; South East Asia, including Singapore, Malaysia, Indonesia, Philippines and Hong Kong; Europe, including Austria, Germany and Romania and Australia.

BEXIMCO PHARMACEUTICALS LTD.

Statement from the Managing Director

Dear Shareholders,

We are pleased to present our un-audited financial results for the six months ended 30 June, 2015, in compliance with Rule 13 of the Bangladesh Securities and Exchange Commission Rules 1987.

During the first half of the year, Beximco Pharma delivered a solid performance across all financial and operational areas of the business. In our domestic market, we achieved 15.4% sales growth, successfully introduced 11 new products, two of which were launched for the first time in Bangladesh, and launched a generic version of the breakthrough Hepatitis C drug, Sofosbuvir, at a price of $6.6 per tablet. Our export business has also seen an impressive 64% sales growth over the corresponding period last year to BDT 366.7m. During the period, we entered five new countries and completed 21 registrations for 19 products across 10 markets. Our pre-tax profit increased 7.4% to BDT 1,093.6m. The post-tax profit has increased by 39.3%, mainly due to a reduction in the corporate tax rate applicable for the Company from 27.5% to 25%, as declared in the recent budget.

In addition, Beximco Pharma achieved a major milestone by becoming the first Bangladeshi pharma company to be approved by the U.S. Food and Drug Administration (US FDA) following a successful inspection of its oral solid dosage facility at Tongi, during 19-22 January, 2015. We received the Establishment Inspection Report (EIR) from the US FDA on 22 June, 2015 without any 483 observations. A 483 form is issued when the US FDA has observations of non-compliance or deviation from Good Manufacturing Practices (GMP). This is a major milestone for the Company, as well as for the entire pharmaceutical industry. The approval is based on a comprehensive audit encompassing all the systems of drug manufacturing, which include quality, facilities and equipment, materials, production, packaging and labeling, and laboratory controls. The Company has already submitted several Abbreviated New Drug Applications (ANDAs) to the US FDA, which are currently under review. 

We expect Beximco Pharma to continue to deliver strong results in the second half of the year to fulfil our targets for the full year.

Thank you for your continued support.

Nazmul Hassan

Managing Director

Beximco Pharmaceuticals Limited

Statement of Financial Position (Un-audited)

As at June 30, 2015

Beximco Pharmaceuticals Limited

Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

For the Half Year Ended June 30, 2015

Beximco Pharmaceuticals Limited

Statement of Changes in Equity (Un-audited)

For the Period Ended June 30, 2015

Beximco Pharmaceuticals Limited

Statement of Cash Flows (Un-audited)

For the Half Year Ended June 30, 2015