Beacon Pharmaceuticals profit jumps five times in July-September quarter

Covid-19 and cancer treatment medicines helped Beacon Pharmaceuticals Limited report a fivefold increase in profit in the July-September quarter of fiscal 2021-22.

In the three months to September, the company posted a net profit of Tk35 crore and earnings per share of Tk1.52, which was Tk5.77 crore and Tk0.25, respectively, during the corresponding period a year ago.

The medication item (Remdesivir) has been at the top of the demand since the Covid-19 pandemic hit the globe. 

"Beacon Pharma's business has jumped as the company started producing the medicine in the local market. Apart from this, sales of its other items including cancer treatment medicines have increased at the same time," said a senior officer at the company.

He hopes the company will be able to maintain steady growth in the coming days.

Beacon Pharmaceuticals has launched the "Pandovir 100" under the generic of Remdesivir in August last year. The company also launched the Favipira tablet last year to treat Covid-19 patients.

Favipiravir is the generic name of Favipira, which is 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 lesser developed country, can make and market the medicine till 2033.

Besides, it has the country's largest anti-cancer drugs producing factory.

Meanwhile, in the last fiscal year that ended on 30 June, its revenue was Tk712 crore, which was 27% higher than the previous year. Its net profit stood at Tk86.39 crore in that fiscal year, which was Tk38.07 crore the previous year.

At a board meeting, the company recommended a 15% cash dividend for its shareholders for FY21.

The company has scheduled an annual general meeting for 29 December 2021 and the record date will be 20 November.

Beacon Pharma, incorporated in 2001 as a private limited company, was listed on local stock exchanges in 2010.

Till 30 November 2021, sponsors and directors jointly held 30%, institutions 34.01% and general public 35.99% shares in the company.

The last trading share price of the company at the Dhaka Stock Exchange was Tk238.10 on Tuesday.