BF BioSciences Limited posted a net profit of PKR 385.41 million (EPS: PKR 6.09) in FY24, a significant increase compared to a net profit of PKR 149.05 million (EPS: PKR 2.35) in FY23. Revenue for FY24 stood at PKR 3.66 billion, reflecting a robust 102% YoY growth compared to PKR 1.81 billion in FY23.
Management attributed 18% of the revenue growth to price increases.
The company reported that Line II is currently in the validation phase, with 90% of the required materials having reached the facility. The capacity of Line II is outlined as follows:
• Liquid (2ML): 192,000 units daily
• Liquid (30ML): 50,000 units daily
• Lyophilizer (2ML): 200,000 units daily
• Lyophilizer (30ML): 50,000 units daily
• Pre-filled syringes (0.5ML): 50,000 units daily
Management highlighted that the global pharmaceutical industry is expected to reach USD 2.83 trillion by 2033, with a projected CAGR of 6.15%.
The company launched Sematide in the final month of 1QFY25, contributing 7% to the topline. Management plans to introduce the Sematide pen, projecting its contribution to topline to be around PKR 500-700 million. As a patentprotected product (expiring mid-2026), Sematide is targeted for exports to unregulated markets. Margins for Sematide are expected to range between 40-50%.
However, the product is not anticipated to fully replace insulin but rather complement oral medications. BF BioSciences also plans to launch Monjoro and Lilly products in this category. The market size of the GLP-1 segment is reported to be approximately PKR 3 billion.
Management stated that the government is allocating resources to eliminate Hepatitis C in Pakistan by either 2023 or 2035. The essential and non-essential products accouns for a 70:30 ratio.
Looking ahead, the company intends to focus on the cardiovascular, metabolic, and obesity segments. The gross profit margin outlook is projected at 37-39%.
Important Disclosures
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