BF Biosciences Limited recorded earnings per share of PKR 5.52 in FY25, as compared to PKR 6.09 in FY24. The company recorded net sales of PKR 5.8 Bn, up 60% from PKR 3.7 Bn in FY24. During FY25, the company’s gross margin dropped from 42% in FY24 to 39%.
Along with this, it saw its gross profit increase from PKR 1.5 Bn in FY24 to PKR 2.3 Bn in FY25. BFBIO posted profit after tax of PKR 447 Mn in FY25, compared to PKR 385 Mn in FY24. During 1QFY26, the company saw its gross margin clock in at 43% compared to 41% SPLY.
Management was of the view that margins should remain near 40% moving forward. With regards to the revenue growth witnessed in FY25, the management apprised that 60% topline growth was 5% due to price and 55% due to volumetric growth. They also expressed hope for a continued growth in volumes as their products are still gaining adoption.
The company is currently working on multiple initiatives to enhance future prospects including the commissioning of line 2, achieving certification for their facilities and establishing a prefilled pens lines by May 2026. The management is also aiming to complete their work to prepare their facility for SRA inspection by July 2026. So far, the company has been able to sell over 400,000 units of semaglutide in 9 months. Similarly, tirzepatide was launched a month ago and has sold 6,000 units with a net revenue of over PKR 20 Mn.
The management believes that growth in this category will continue as customers adapt and also shift to higher dosages from the current 2.5 mg. Going forward, the company expects topline growth of 30-40% for FY26. Selling and distribution expenses are expected to remain elevated as line 2 comes online and the company makes efforts to increase capacity utilization.
Important Disclosures
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