Beximco Pharmaceuticals

http://www.beximco-pharma.com/ TICKER: BXP     EXCHANGE: AIM

Beximco Pharmaceuticals Ltd (Beximco) is a leading Bangladeshi
manufacturer, marketer and exporter of branded generic finished
pharmaceutical formulations. These come in a wide range of dosage
forms, addressing diverse and growing therapeutic areas. It also
manufactures a number of pharmaceutical active ingredients and
undertakes contract manufacturing. The Company is solely focused
on human health.

LATEST REPORTS

 
Not swayed from growth
Published: Jun 12 2013

Beximco Pharmaceuticals is a leading Bangladeshi manufacturer, marketer and exporter of branded generic finished pharmaceutical formulations. 
2012 results were mostly in line with expectations and the Company has continued to make progress with their commercialisation and distribution strategy. They posted growth in revenues of 17.7% to BDT 9,289.1m and PBT was 13.8% higher at BDT 1,909.8m
A significant number of milestones were achieved in the past 15 months that enhance future growth prospects.
We still think Beximco shares are undervalued as the Company is well positioned to continue delivering good revenue growth in the coming years and increased international profile. Our fair value price for the GDRs is set at 44.1p well above current levels.
 
Growth trajectory continues
Published: Nov 12 2012

Beximco Pharmaceuticals Ltd. (Beximco Pharma) is a leading Bangladeshi manufacturer, marketer and exporter of branded generic finished pharmaceutical formulations
The recent third quarter figures show further progress with a 13.1% increase in net revenues and net profits up by 6.2%
Gross and PBT margins have remained flat at 49.8% and 23.9% respectively; operating and net profit margins fell to 26.7% and 17.4% on the back of higher operating expenditure and tax charges. Cash balances at the end of the quarter were BDT531.2m (c. GBP 4m)
Beximco Pharma remains well positioned to continue posting high revenue growth in the coming years and is known for its technical and manufacturing skills and  brand recognition, and for its direct involvement in many  social, environmental and health projects in Bangladesh
 
Our forecasts remain unaltered, as does our fair value target for the GDRs of 44.7p, which is over twice the current share price
 
Doing it their way
Published: Jul 31 2012

Beximco Pharma is a leading Bangladeshi manufacturer, marketer and exporter of branded generic finished pharmaceutical formulations. These come in a wide range of dosage forms, addressing diverse and growing therapeutic areas.
First half year results (to June 30th) saw both the Company's top and bottom lines demonstrated continued growth. Revenue was up by a healthy 19.3% and net income by 7.4%
The period ended with cash resources equivalent to just over ÂŁ4m. Should the marketing authorisations recently filed in the EU, one of which is in the UK with MHRA, be successful, then this should signal acceleration in export sales, which will improve both revenues and margins
Our forecasts remain unchanged, as does our fair value target for the GDRs of 44.7p, which is more than double the current price of 19.75p
 
Generic treatments with a difference
Published: Jun 12 2012

Beximco Pharmaceuticals Ltd. (Beximco Pharma) is a leading Bangladeshi manufacturer, marketer and exporter of branded generic finished pharmaceutical formulations
Despite the highly competitive environment Beximco Pharma has posted strong results for FY2011. Encouragingly, 2012 also seems likely to be a good year by the looks of published Q1 results
During the past 15 months a significant number of milestones were achieved: launched 50 generics, 3 of which are 'first-to-market' in Bangladesh; and registered 57 new products in 8 countries
It is well positioned to continue posting high revenue growth: the Company's competitive advantage lies in its technological and manufacturing skills, along with brand recognition for quality and management execution capabilities
Our longer term forecasts remain broadly unaltered, as does our fair value target for the GDRs of 44.7p, twice the current price of 22.3p. 
 
A generic drug company with a difference
Published: Mar 05 2012

Beximco is a leading Bangladeshi manufacturer, marketer and exporter of branded generic drug formulations; it also manufactures a number of pharmaceutical active ingredients and undertakes contract manufacturing
Beximco has launched a number of products in the last year, including recently:  the launch of 3 DPI asthma formulations;  addressing pain management with first-to-market products in the country and product line extensions; a Prefilled Syringe product was introduced with Cleven™ (Enoxaparin Sodium) - that prevents the formation of blood clots. 
Our local currency forecasts remain unaltered ahead of results expected by the end of April : in recent months the London-listed GDRs have narrowed their previously substantial discount to the ordinary shares quoted on the Dhaka exchange and we retain a price target of 46.9p
 
Fulfilling long-term ambitions
Published: Oct 17 2011

Beximco Pharmaceuticals Ltd is a leading Bangladeshi manufacturer, marketer and exporter of branded generic finished pharmaceutical formulations.

Bexinco's prospects look good, with (at least) 15% revenue growth forecast for each of the next 3 financial years.

We think Beximco is currently undervalued based on a ratings' comparison with other quoted pharmaceutical companies. In addition the London-listed GDR's trade at a large discount to the Beximco ordinary shares on the Dhaka exchange.

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