Beximco Pharmaceuticals witnesses Double-Digit Earnings Growth; momentum can complement good economic growth in Bangladesh

Beximco Pharmaceuticals Ltd. recently expressed the confidence and the momentum it has gained following the double-digit earnings growth in its most recently ended financial year. As an emerging international generic drug player, Beximco Pharma has facilitated pharmaceuticals export growth in Bangladesh. Owing to qualitative and affordable generic medicines, the company has been able to expand the export market to over 50 countries. Led by Salman F Rahman and Sohail F Rahman, Beximco Pharma is also well accredited across multiple global regulatory authorities within the EU, Australia, China and the Middle East. This year, the net revenue of the company rose by 29% to BDT22.82 billion from BDT17.72 billion. "Our impressive organic revenue growth was supplemented by revenues from Nuvista Pharma,” said Managing Director Nazmul Hassan. Under the leadership of its co-founder Salman F Rahman, who is also a Member of Parliament from Dhaka 1 constituency, Beximco Pharmaceuticals acquired a majority shareholding (85.22%) in Nuvista Pharma in the year 2018. Once largely depended on imports, Bangladesh currently meets much of its domestic demand of pharmacy with continued production of generic and affordable medicines. This recent boom in the domestic market consumption can be attributed to the rising population, changing disease profile, and rapid urbanization. Besides this, new investment in the sector and adoption to modern technology have also increased the overall production capacity in the South Asian nation. As per Export Promotion Bureau (EPB) data, such level of manufacturing output has further led to a surge in Bangladesh's pharma exports, as it registered a 25.60% rise to $130 million in FY19. Currently, Beximco Pharma and Square Pharmaceuticals are exporting medicine to the US market. In the year 2019, Beximco launched a total of 20 new products, including recombinant human insulin and the insulin pen. Owing to the facilities such as automated material handling systems, state-of-the-art Oral Solid Dosage facility, multilevel designs to enable gravity feed between processing stages, the manufacturer of generic drugs has declared a BDT1.50 per share dividend, up 20% from BDT1.25, a share paid a year before.

Talking about the future prospects, Hassan said: "I am confident we can build on this momentum and continue to build value for our shareholders."