Beximco Pharmaceuticals, a leading drug manufacturer based in Bangladesh, has seen a substantial rise in profits during the January-March period of fiscal year (FY) 2023-24.
The company’s profit surged by 51 percent compared to the same period in the previous fiscal year, attributed primarily to increased sales and effective cost management strategies.
According to the company’s financial statements, Beximco Pharmaceuticals recorded a profit of Tk 1.36 billion in the three-month period, marking a significant increase from Tk 0.9 billion in the preceding year’s corresponding period.
Consequently, the earnings per share (EPS) for the quarter ended March stood at Tk 3.06, compared to Tk 2.13 in the same period last year.
The pharmaceutical giant also witnessed a notable uptick in sales, with revenue climbing by 15 percent year-on-year to Tk 10.98 billion in the third quarter of FY24. However, operating costs experienced a moderate increase of 5 percent, reaching Tk 2.82 billion during the same period.
Beximco Pharmaceuticals attributes its success to its manufacturing prowess. Its sprawling production facility, which spans 23 acres in Tongi, Gazipur, near the capital, hosts various manufacturing capabilities, including tablets, capsules, creams, ointments, suppositories, inhalers, ophthalmic drops, and syringes. A separate penicillin unit, catering to active pharmaceutical ingredients and formulation, is also situated in Kaliakoir.
With a workforce exceeding 4,700 individuals, Beximco Pharmaceuticals emphasizes the pivotal role played by its team in driving the company’s progress, as highlighted on its official website.
The positive financial performance extends beyond the third quarter, as Beximco Pharmaceuticals continued to witness growth in sales and profits during the July-March period of FY24. Over the nine months, sales surged to Tk 33.05 billion, compared to Tk 29.23 billion in the corresponding period of FY23. Profits also registered a notable uptick, increasing by approximately 23 percent to Tk 4.37 billion.
Investor sentiment remains buoyant, as evidenced by a 2 percent increase in the company’s shares, which closed at Tk 119 on the Dhaka Stock Exchange on the preceding trading day.
