Beximco Pharma’s profits drop

Beximco Pharmaceuticals saw around 27 per cent lower profits despite registering higher sales in the third quarter of the current financial year thanks to a rise in marketing and selling costs, according to the company's financial report.

Its profits stood at Tk 106 crore in the January-March period of 2022 but it was Tk 146 crore in the same quarter of the previous financial year.

Although profits dropped, the company's sales rose as net revenue grew 21 per cent to Tk 895 crore, it said.

The profits were influenced by higher selling and marketing costs in the period. As such, its selling and marketing costs rose 31 per cent to Tk 194 crore in the third quarter.

In this period, Beximco Pharma's earnings per share stood at Tk 2.47 while it was Tk 3.28 previously. Although Beximco Pharma's profits fell in the third quarter, it rose for the overall nine-month period as profits grew significantly in the first two quarters.

In the July 2021 to March 2022 period, the company's profits rose 13 per cent to Tk 420 crore. In the same period, the drug maker's revenue rose 19 per cent to Tk 2,592 crore.

Beximco Pharmaceuticals showed income of Tk 61.92 crore as vaccine distribution fees in the nine-month period while its income was Tk 38.3 crore in the same period of the previous year.

Stocks of Beximco Pharmaceuticals fell 1 per cent to Tk 165 yesterday at the Dhaka Stock Exchange.