Beximco Pharma’s profit drops by 4.7% in Q1

Drug maker Beximco Pharmaceuticals Limited posted a 4.7 per cent year-on-year drop in its net profit in the first quarter (July-September) of the fiscal year 2022-23.

The publicly traded pharma company’s profit fell due to the sluggish business performance displayed by its subsidiaries in recent months, company insiders said.

The Listed firm’s net profit stood at Tk 141 crore in July-September this year versus Tk 148 crore in the same period last year.

Its consolidated earnings per share (EPS) dropped to Tk 3.24 in Q1, FY23 from Tk 3.28 in Q1, FY22, according to a filing posted on the website of the Dhaka Stock Exchange (DSE) on Sunday.

Officials at Beximco Pharma said its first quarterly earnings plunged due to slim earnings from the subsidiary – Nuvista Pharma – and a loss incurred by the newly acquired subsidiary– Synovia Pharma.

Its net operating cash flow per share (NOCFPS) declined year-on-year in Q1 of FY23 due to an increased working capital investment, accompanied by a record devaluation of the taka against the dollar, the company stated.

Beximco Pharma’s consolidated net operating cash flow per share stood at Tk 1.53 for July-September this year versus Tk 4.46 for the July-September of 2021.

Its net asset value (NAV) per share stood at Tk 94.25 till September 30 this year which was Tk 86.31 till September 2021.

Beximco Pharma’s profit had risen 40 per cent in the first six months of the fiscal year 2021-22.

Its net profit climbed to Tk 313 crore in the July-December of FY22, from Tk 222.63 crore in the same period of the previous year.

Beximco Pharma acquired a 54.6 per cent stake in Sanofi Bangladesh Limited (SBL) in September last year for Tk 469.62 crore.

Incorporated in 1976, Beximco Pharmaceuticals is a leading manufacturer of pharmaceutical formulations and active pharmaceutical ingredients (APIs).

The company currently has three subsidiaries— Nuvista Pharma Limited (NPL), Beximco Pharma API Limited (BPAL), and Sanofi Bangladesh Limited (SBL). Beximco shares fell by 3.04 per cent to Tk 149.9 per share on the trading floor of the DSE on Sunday.