Beximco's sales up 6.8% year-on-year

Bangladeshi generics manufacturer Beximco Pharmaceuticals (AIM: BXP) has announced its full-year 2014 financial results, showing an increase in sales and profit.

Beximco’s sales increased to 11.21 billion Bangladeshi taka ($142 million), which represents a year-on-year growth rate of 6.8%, from last 2013’s 10.48 billion taka. Profits before tax increased slightly to 2.11 billion taka from the previous year’s 2.09 billion taka, a 0.76% increase. Earnings per share rose by 8.64% to 4.15 taka per share.

Nazmul Hassan, managing director of Beximco Pharmaceuticals, said: “Despite prolonged political unrest causing serious disruption to our business activities, especially during the first quarter of 2014, we registered a year-on-year growth of 6.8% with revenues of 11,206.9 million taka; we successfully introduced a number of products into the domestic market to further expand our portfolio; we entered two new markets, including Romania, and we obtained regulatory approvals from the TFDA and Health Canada. In addition, in January 2015, Beximco Pharma achieved a major milestone by being the first Bangladeshi company to be successfully audited by the US FDA. The audit was conducted without any 483 observation being issued by the globally regarded regulatory authority, which is known for its stringent regulatory standards.”