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Expected Drop In COVID-19 Vaccine Sales Hits Beximco’s Bottom Line

Subsidiary Entities Collectively Profitable For First Time Following Synovia Acquisition

 
• By Chloe Kent

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.

Vector of a COVID-19 vaccine vial on top of a graph displaying a downward trajectory
Beximco's income stream from COVID-19 vaccines has now dried up • Source: Shutterstock

A substantial decline in vaccine income, a drop in gross margin and a slight increase in effective tax rate all contributed to a 28% consolidated earnings decline at Beximco Pharmaceuticals Ltd. during Q2 FY2023.

The Bangladeshi firm noted that toward the end of last year that, following the distribution of 8 million doses of the AstraZeneca COVID-19 vaccine through its agreement with the Serum Institute of India and the government of Bangladesh, the broader availability of COVID-19 vaccines within the country meant it was unlikely the government would seek to procure any further doses through the agreement in the future

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