Beacon Pharmaceuticals Limited's turnover jumped by 50% in the third quarter of FY2020-21, compared to the previous year as its Covid-19 drugs are in high demand.
In the January-March period of FY2020-21, the company's net profit was Tk46.43 crore, which is 704% higher compared to the same period of the previous year.
Beacon's earnings per share (EPS) in the third quarter stood at Tk2.01, which was Tk0.25 in the same period of the previous year.
In the first nine months of FY2020-21, the company's EPS was Tk3.71, which is 494.54% higher than in the same period of the previous year.
Khalilur Rahman, company secretary of Beacon Pharmaceuticals, said sales of the antiviral drug Remdesivir have increased significantly. It has been in high demand since Covid-19 spread around the world.
"This item is being used extensively in India. It has boosted our turnover immensely, while company operating expenses have increased only 9.6%," said Khalilur Rahman.
The company has introduced two items for Covid-19 patients – Remdesivir and Favipiravir.
Beacon Pharmaceuticals launched the generic drug Remdesivir as "Pandovir 100" in August last year. The company also launched Favipira last year, used to treat Covid-19 patients.
Favipiravir is the generic name for Favipira, known as Avigan in Japan. Beacon Pharma brought it to Bangladesh in April last year.
Favipiravir is a patented drug in Japan, but Bangladesh as a least developed country can make and market the medicine till 2033.
As of 31 March 2021, Beacon Pharmaceuticals' share net asset value was Tk22.71 and the company recommended a 6% cash dividend for its shareholders for FY2019-20.
The company, incorporated on 12 September 2001, is engaged in manufacturing and marketing pharmaceutical finished formulation products and lifesaving intravenous (IV) fluids, active pharmaceuticals ingredients (APLs), bio-tech products, and genetic engineering products, which the company sells locally, as well as in international markets.
The company also provides contract manufacturing and tool manufacturing services.
The company listed on the stock exchanges in 2010 and its current paid-up capital is Tk231 crore.
The last trading share price at the Dhaka stock exchange was Tk125.20 on Wednesday.
As of 30 April this year, sponsors and directors jointly held 30% shares, institutions held 34.77%, and general investors, 35.23% shares of the company.