• Wednesday, Jan 26, 2022
  • Last Update : 03:32 am

Beximco Pharma’s purple patch

  • Published at 01:08 am November 16th, 2020
Beximco Pharma profit 2020

Logs in highest profit growth among listed drug makers in Jul-Sep

There is no doubt that Beximco Pharmaceuticals is its moment in the sun.

After grabbing headlines globally in May for being the first company to market remdesivir, the antiviral drug that has shown promise in treating COVID-19 patients, the local pharmaceutical company in August announced a tie-up with Indian Serum Institute to be the “exclusive distributor” of Oxford’s Covid-19 vaccine in Bangladesh.

So it was expected that the good press would translate into its financial performance. And turns out it did.

The company posted a 24.7 per cent higher profit of Tk 108 crore between July and September. 

During the period, its sales increased 9.8 per cent year-on-year to Tk 692 crore, the company said in its interim first-quarter financial statement for its 2020-21 financial year. Beximco Pharma’s reporting year runs from July to June.

This comes after the local pharma giant reported a 16.6 per cent higher profit of Tk 354.4 crore for the financial year that ended on June 30.

Md Asad Ullah, executive director and company secretary of Beximco Pharmaceuticals, simply credited the improved performance on higher demand amid the pandemic.

“Our country's pharmaceutical products are now being exported to about 200 countries, including the US.”

The demand for Bangladeshi pharmaceutical products in the global market is increasing, mainly due to product diversification and their superb quality, he said. 

Between July and September, pharmaceutical exports raked in $42.2 million, up 20.9 per cent year-on-year, according to data from the Export Promotion Bureau.

“We have been doing well in the domestic market too,” Ullah said, adding that many drug companies are also expanding their production units to meet the growing local demand.

Bangladesh’s domestic medicine market is worth about Tk 20,000 crore, according to industry insiders.

Beximco’s competitor, the domestic market leader Square Pharmaceuticals, is doing well for itself, too.

Square Pharmaceuticals saw its profit soar 17.2 per cent to Tk 393.2 crore between July and September. 

It posted profit growth of 5.6 per cent for the financial year that ended on June 30. Square Pharmaceuticals logged in profit of Tk 1,335.6 crore.

Another household pharmaceutical name Renata also saw a pick up in fortune during the period: its net profit increased 20.3 per cent to Tk 123.9 crore.

Similarly, Acme Lab posted a profit of Tk 41.5 crore in the first quarter of its 2020-21 financial year, up 3.7 per cent. 

Its profit in the 2019-20 financial year was higher at Tk 145.1 crore.

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail