Beximco Pharmaceuticals (BXP) H2 23/24 earnings summary

Executive summary

• Beximco Pharmaceuticals Limited and its subsidiaries reported strong consolidated financial results for the year ended June 30, 2024, with significant growth in revenue and profitability across the group, including Nuvista Pharma and Synovia Pharma PLC.

• The group maintained robust operational performance, with increased production capacity utilization and continued investments in property, plant, and equipment.

• All group entities received unmodified audit opinions, confirming compliance with IFRS and local regulations.

Financial highlights

• Consolidated net revenue rose to Tk. 44.39 billion, up 13% year-over-year; net profit after tax reached Tk. 5.87 billion, a 30% increase from the prior year.

• Standalone Beximco Pharma revenue was Tk. 36.90 billion, with net profit of Tk. 5.61 billion, and EPS of Tk. 12.58, up from Tk. 10.28 last year.

• Nuvista Pharma posted revenue of Tk. 3.48 billion and net profit of Tk. 349 million, while Synovia Pharma reported revenue of Tk. 4.34 billion and net profit of Tk. 57 million.

• Consolidated gross margin improved to 44.3% from 44.1% year-over-year; operating profit margin increased to 19.5% from 18.4%.

• Net operating cash flow per share was Tk. 18.75 (consolidated) and Tk. 17.46 (standalone), both higher than the previous year.

Outlook and guidance

• The Board recommended a 40% cash dividend for Beximco Pharma shareholders, 50% for Nuvista Pharma, and 10% for Synovia Pharma, subject to AGM approval.

• Management expects continued growth in domestic and export markets, supported by ongoing investments and product portfolio expansion.