1. Generics Bulletin
  2. >>Business
  3. >>Earnings

Inflation And Local Currency Depreciation Drag Down Beximco’s Bottom Line

Soaring Expenses Have Taken Their Toll On Leading Bangladeshi Pharmaceutical Firm

 
• By Chloe Kent

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.

Businessman walking up ascending green graph while descending green graph hovers in background
Macroeconomic factors continue to hinder Beximco's bottom-line performance • Source: Shutterstock

A significant increase in expenses left a dent in Beximco’s net profits as it closed its 2023 financial year, despite strong revenue growth, following a significant depreciation of domestic currency and high inflation impact on profits. Its results for the first quarter of 2024, posted six days later, told a similar story, as a gross margin squeeze and debt costs saw net profits increase year on year but fall short of street estimates.

For FY2023, net sales increased 13.3% to BDT39.2bn ($354.6m), but profit after tax decreased 9.5% to BDT4.52bn. As well as currency deflation and high inflation, the absence of non-recurring COVID-19 vaccine distribution fee income in the reporting period had an impact on annual figures

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Generics Bulletin for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Earnings

Amgen Biosimilars Continue Surge Ahead Of Imminent Denosumab Competition

 
• By Dean Rudge

Thanks to its efficient development pipeline, sales of Amgen’s biosimilars neared $750m for the first three months of the year, offering some comfort as the firm gears up for the loss of exclusivity for its denosumab franchise.

Tofidence And Tariffs - Organon Discusses Exposure Of Its Biosimilars Business

 
• By Dave Wallace

During Organon’s first-quarter results call, CEO Kevin Ali discussed the exposure of the biosimilars business to US tariffs, as well as pointing to the recent acquisition of Tofidence (tocilizumab-bavi) from Biogen as an opportunity for growth, as the segment saw a double-digit decline.

Amgen’s Aflibercept Starts Strong As Regeneron Counts Cost Of Eylea Competition

 
• By Dean Rudge

Amgen told investors during its 1 May first-quarter earnings call that its Pavblu biosimilar to Eylea 2mg had flown out of the gates, while Regeneron admitted “some difficult news related to our retinal franchise.”

What’s Next? Five Things To Look Out For In May

 
• By Dean Rudge

Generics Bulletin previews the most noteworthy and anticipated events for May 2025.

More from Business

Teva And Alvotech Celebrate Interchangeability For US Ustekinumab

 
• By Dave Wallace

The market for biosimilar rivals to Stelara continues to be hotly contested in the US, with partners Teva and Alvotech claiming a boost from an interchangeability designation at the same time as Biocon Biologics highlighted fresh market access agreements.

Amgen Biosimilars Continue Surge Ahead Of Imminent Denosumab Competition

 
• By Dean Rudge

Thanks to its efficient development pipeline, sales of Amgen’s biosimilars neared $750m for the first three months of the year, offering some comfort as the firm gears up for the loss of exclusivity for its denosumab franchise.

Adalvo And Gedeon Richter Join Forces On Semaglutide

 
• By Dave Wallace

Adalvo and Gedeon Richter have announced a global co-development deal for semaglutide for obesity. Adalvo CEO Anil Okay spoke to Generics Bulletin about the alliance as well as the broader competitive landscape for GLP-1s.