9th May 2016 07:52
LONDON (Alliance News) - Beximco Pharmaceuticals Ltd on Monday reported growth in profit in 2015 as it continues the launch of new products and expands the company into new geographical territories around the world.
The generic pharmaceutical products manufacturer said its pretax profit in 2015 rose by 11% to GBP20.2 million from GBP17.4 million in 2014, as net sales revenue increased by 16% to GBP112 million from GBP92.3 million.
Beximco grew its market share by 30%, 20% and 35% in the cardiovascular, respiratory and gastrointestinal segments, respectively, which together accounted for almost 50% of revenue growth, the company said, adding that the export business also did well.
During the year, Beximco entered Australia, Iraq, Indonesia, Burundi and Costa Rica, registered 46 new products in 17 countries, and launched 23 products. It also became the first Bangladeshi pharmaceutical company to be approved by the US Food & Drug Administration.
Beximco declared a 5% stock dividend, representing five shares for every 100 held, and a 10% cash dividend, representing one Bangladeshi taka per share.
Beximco added that it launched eight new products in the first quarter of 2016, registered 42 new products in 11 countries, and expanded into three new markets of Peru, Guatemala and Gabon. It also received regulatory approval from the Ministry of Health in Cambodia in the quarter.
"We remain focused on our strategic goal to bring high-quality, differentiated products to emerging and developed markets to create value for all our customers and shareholders. Our ongoing expansion programme enables us to expand our production capacity and upgrade a number of our existing units with the intention of securing the company's current and future growth," Managing Director Nazmul Hassan said in a statement.
"We firmly believe our commitment to quality, product and process will propel us forward on our journey and we will continue to perform well in the coming months," Hassan added.
Shares in Beximco were trading up 4.9% at 28.44 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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