Inflation And Local Currency Depreciation Drag Down Beximco’s Bottom Line
Soaring Expenses Have Taken Their Toll On Leading Bangladeshi Pharmaceutical Firm
Rising inflation and the depreciation of the Bangladeshi taka have taken their toll on Beximco’s profits even as revenue has continued to rise at the firm.
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The absence of any income from distributing AstraZeneca’s COVID-19 vaccine led to Beximco’s pre-tax profit dropping by 13% in the first six months of its financial year ending in June 2023. However, profits after tax actually rose slightly when discounting last year’s COVID-19 vaccine impact.
Beximco has completed its acquisition of a majority stake in Sanofi Bangladesh to “expand its core capabilities and product offerings.” With its second major acquisition under its belt, Beximco said that it plans to continue its diversification and expansion.
Beximco Pharmaceuticals has acquired a majority 85.2% stake in fellow Bangladeshi firm Nuvista Pharma for £18.2 million (US$25.2 million). In early October last year, Beximco entered into a non-binding memorandum of understanding with the hormone and steroid drug specialist (Generics bulletin, 13 October 2017, page 3).