They made Tk370.60, crore profit in the first nine months of the financial year
Beximco Pharma saw its net profit soar more than 41% in the first nine months of FY21 (July’20-March’21) to Tk370.60, crore as the local drugmaker continues to make the most of the challenges hurled by the Covid-19 pandemic.
Their profit in the third quarter of its 2020-21 financial year stood at Tk370.60 crore, a 41.28% increase from Tk262.31 crore for the same period of the last year.
The leading pharma company’s earnings per share (EPS) was Tk8.23 for Jul’20-Mar’21 against Tk5.84 for the same period last year.
In the last three months (Jan-Mar’21), the company's net profit stood at Tk147 crore as against Tk90.92 crore for the same period last year.
Its consolidated EPS stood at Tk3.28, against Tk2.02 for the same period last year.
The pharmaceutical giant is supplying the Bangladesh government with 30 million doses of the Oxford University-AstraZeneca coronavirus vaccine by Serum Institute of India (SII).
This takes its total sales in the first half (Jul’-Dec’20) of the financial year to Tk1,440 crore, up 15.2% from a year earlier.
The higher sales numbers are not at all unexpected.
Back in May last year, when the world was gripped by fear of the rogue virus that jumped out of Wuhan, China, the company grabbed headlines globally for being the first company to market remdesivir, the antiviral drug that showed promise then in treating COVID-19 patients.
The company exported the drug as well as other medications to treat Covid-19 to a host of countries. It has been supplying the medications at home, too.
Subsequently, its profit and sales are scaling new highs.
It is no surprise then that shares of Beximco Pharma have been on the rise since June after the Dhaka bourse resumed from the 66-day recess in line with the government’s countrywide general shutdown to slow the spread of coronavirus.
Beximco Pharma declined to comment on the report.
Beximco Pharma’s stock price soared more than two-and-a-half times. On Thursday, they closed at Tk192, in contrast to Tk70.3 on June 1, when trading resumed at the bourse.
A recent study by LankaBangla Investment Ltd revealed that local players dominate Bangladesh's pharmaceutical market. The Square Pharmaceuticals holds 17.73% of market share, while Incepta holds 10.21%, Beximco 8.39%, Opsonin 5.54%, Renata 4.97%, Healthcare Pharma 4.57%, ACI 4.43%, Aristo pharma 4.38%, Eskayef 4.36%, and The Acme holds 3.91%.