generic drug industry of bangladesh · source: bangladesh association of pharmaceuticals industry...

GENERIC DRUG INDUSTRY OF BANGLADESH

2

Market share of generic drug manufacturers of Bangladesh

Generic drugs industry size of Bangladesh Nominal GDP vs. generic drug industry growth rate

Source: Bangladesh Association of Pharmaceuticals Industry (BAPI) Source: Bangladesh Bureau of Statistics (BBS), Annual Report

Top ten generic drugs of Bangladesh

Rank Name Company Category

1 SECLO Square Pharma GERD*

2 SERGEL Healthcare Pharma GERD

3 MAXPRO Renata GERD

4 PANTONIX Incepta Pharma GERD

5 CEF-3 Square Pharma Antibiotics

6 MIXTARD Novo Nordsik Insulin

7 NAPA EXTRA Beximco Pharma Antipyretic

8 LOSECTIL Eskayef GERD

9 NAPA Beximco Pharma Antipyretic

10 EXIUM Radiant Pharma GERD

*GERD - Gastroesophageal reflux disease

Source: IMS

INDUSTRY OVERVIEW - GENERIC DRUG INDUSTRY

Generic drugs industry

grew at an annual average

rate of 15.4%

1,1

78

1,2

73

1,4

20

1,6

35

1,9

54

2,2

28

0

750

1,500

2,250

2012

2013

2014

2015

2016

2017

US

D m

n

Generic drug industry size

15.213.6

12.1

12.814.3 14.0

11.9

8.1

11.5

15.1

19.5

14.0

0

5

10

15

20

25

2012

2013

2014

2015

2016

2017

%

Nominal GDP growth rate

Generic drug industry growth rate

Generic drugs manufacturers of Bangladesh produce 3,622 generic drugs with

different forms of dosages. Generic drugs produced in Bangladesh has the same

quality and composition but cheaper due to low labour cost and TRIPS exemp-

tion. The industry registered an annual average growth rate of 16.2% during

2007-2017.

Generic drugs manufacturers of Bangladesh produce 3,622 generic drugs with different forms of dosages

Source: IMS

Square 16.9%

Incepta Pharma 10.6%

Beximco 8.3%

Opsonin Pharma 5.3%

Renata 5.1%

Healthcare Pharma 4.9%

ACI 4.5%

Eskayef 4.4%

Aristopharma 4.2%

Acme 3.7%

Others 32.1%

Global Pharmaceutical market was valued at USD 1,140bn in 2017 whereas global

generic drugs market was valued at USD 350bn. Global generic drugs market is

growing at a faster rate than Global pharmaceutical market mainly due to two

factors a) increasing government pressure around the world to reduce healthcare

cost, b) increasing number of blockbuster drugs are going off patent every year.

Generic drugs industry of Bangladesh was valued at USD 2,228mn in 2017. Ge-

neric drugs manufacturers of Bangladesh satisfy 97.0% of the local demand.

Bangladesh imports vaccines, anti-cancer products, hormone and some special-

ized drugs etc. which cannot be manufactured locally. The country registered ‘7%

plus’ real GDP growth rate in each of the last three financial year. Pharmaceutical

sector’s growth exceeded GDP growth rate in the same period.

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STA-TUS OF NON-US ANALYSTS.

3

Source: World Bank database

59

0

64

0

71

0

78

0

87

0

94

0

1,0

10

1,0

70

1,1

90

1,3

30

14

70

0

200

400

600

800

1,000

1,200

1,400

1,600

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Curr

ent U

S$

GNI per capita

52

54

58 64 71

76

78 83

88 95

10

2

0

20

40

60

80

100

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Curr

ent in

tern

ational $

Health expenditure per capita

GNI per capita (Atlas Method) Health expenditure per capita


Urban population of Bangladesh is growing at faster rate than overall population

of Bangladesh. Population of Bangladesh grew at an annual average rate of 1.1%

during 2011-17 whereas urban population grew at a rate of 3.5% during the

same period. Urban population comprised 35.9% of the total population in 2017.

People living in the city have higher purchase power and also more health con-

scious than the rest.

High out-of-pocket expenditure in purchasing drugs is the most distinctive feature

in Bangladesh. Out-of-pocket health expenditure was 71.8% of total healthcare

expenditure in 2015. So more than two third of the healthcare cost is paid by the

people personally whereas the global standard is less than 32.0%. Nearly, 62.0%

of the healthcare expenditure is attributable to purchasing drugs and medical

consultations.

Increasing spending on healthcare by government and public would spur the de-

mand of generic drugs: Generic drug market, contributing 2.0% to GDP, has been

one of the success stories of Bangladesh in last three decades. Increasing income

level and demographic change are the two main factors behind the rising

healthcare expenditure.

In FY18, government of Bangladesh spent BDT 210bn in health and family wel-

fare sector and the amount is increasing every year. GNI per capita of Bangla-

desh grew at an annual average rate 9.2% over 2007-2017 while healthcare ex-

penditure per capita grew at an annual average rate of 7.4% during the same

period under review. Despite government support, per capita spending on

healthcare in Bangladesh is very low compared to other Asian and lower middle

income countries. We view that healthcare expenditure per capita would continue

to rise, mainly attributable to rising income level, improving educational level and

increasing health awareness.

Population of Bangladesh & Urban population % of total population


15

2

15

4

15

6

15

8

15

9

16

1

16

3

16

5

24.0

28.0

32.0

36.0

40.0

143

148

153

158

163

168

2010

2011

2012

2013

2014

2015

2016

2017

%mn

Population of Bangladesh Urban population (% of total population)


4

Out-of-pocket healthcare expenditure (% of current healthcare expenditure)

64.9 65.165.8

67.2 67.2 67.2 67.4 67.568.5

69.9

71.8

60

63

66

69

72

75

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

%

Out-of-pocket healthcare expenditure (% of current healthcare expenditure)


Generic drugs manufacturers has yet to tap full potential of exporting drugs: Cur-

rently, Bangladesh exports pharmaceutical products to 199 countries. Over the

last two decades ~1,200 pharmaceutical products received registration for ex-

port. Export grew at a CAGR of 11.6% during FY13-18. Export growth of Bangla-

deshi pharmaceutical products can be explained by growing demand of generic

drugs in international market, competitive pricing and high product quality.

Pharmaceutical product export and growth - Bangladesh

Source: Export Promotion Bureau of Bangladesh (EPB)

During the first six month of FY19, Bangladesh exported USD 50mn worth of

pharmaceutical products. Southeast Asia and Africa are the major export destina-

tion of pharmaceutical products. The major export markets for generic drugs

manufacturers of Bangladesh are Myanmar, Sri Lanka, Philippines, Afghanistan,

Kenya etc. Total export sales of pharmaceutical products is still very low. Export

volume is less than 5.0% of total sales and only the large pharmaceutical compa-

nies get bulk orders.

Export should have been contributed more in sales considering the competitive

edge local manufacturers have in producing generic drugs. Extensive focus on

grabbing domestic market and stringent policy imposed by the developed coun-

tries in importing drugs are the primary two reasons behind the low export of

pharmaceutical products. On the brighter side, leading generic drugs manufactur-

ers of Bangladesh have increased their focus on regulated market i.e. USA and

Europe. Top pharmaceutical companies of Bangladesh i.e. SQUARE, Incepta,

Beximco Pharma have already received approval from USFDA to export drugs to

USA.

4860

69 7382 89

103

50

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0

20

40

60

80

100

120

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19*

%

US

D m

n

Export of pharmaceutical product of Bangladesh (LHS)

Growth (RHS)

Source: Export Promotion Bureau of Bangladesh (EPB)

Export destination of pharmaceutical products - 6MFY19

*Export of FY19 represent total pharma export of first six month

7.3 7.2

3.4 3.32.7 2.7

1.7 1.5 1.5 1.2

0.0

2.0

4.0

6.0

8.0

Myanm

ar

Sri

Lanka

Philip

pin

es

Afg

hanis

tan

Kenya

Vie

t N

am

Cam

bodia

Nepal

Costa

Ric

a

Yem

en

US

D m

n

Export Destination


5

Revenue grew 9.4% YoY and 2.2% QoQ in 2QFY19. This growth was

mainly driven by moderate growth in domestic sales (up 8.3%) during

the period. Revenue from export decreased by 3.5% during 6MFY19.

Selling and administrative expenses increased by 15.5% YoY as Square

has been heavily spending on its salesforce to strengthen its position in

generic drug market. We expect that investment in salesforce would

positively affect the top-line in the upcoming quarters.

Net profit grew 9.5% YoY. However, ROA and ROE decreased by 230

and 280 bps.

Square Pharmaceuticals Limited

Revenue (BDT mn) Operating Profit (BDT mn) Net Profit (BDT mn)

P/E (x)

Source: DSE

Revenue growth % (QoQ) Operating Profit growth % (QoQ) Net Profit growth % (QoQ)

Revenue growth % (YoY) Operating Profit growth % (YoY) Net Profit growth % (YoY)

17.8

16.7

16.4

Pharma sector

SQURPHARMA

Market

8,7

00

9,5

09

9,9

01

9,8

68

9,8

53

9,8

52

10

,081

10

,542

10

,776

0

2,000

4,000

6,000

8,000

10,000

12,000

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

2,9

36

3,4

46

3,1

08

3,4

17

3,0

73

3,3

30

2,9

61

3,6

43

3,4

12

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

2,4

58

2,9

34

2,8

31

3,0

12

2,8

60

2,9

79

2,7

56

3,1

72

3,1

30

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

(0.2

)

(0.0

)

2.3

4.6

2.2

(1.0)

0.0

1.0

2.0

3.0

4.0

5.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(10

.1)

8.3

(11

.1)

23

.0

(6.3

)

(15.0)

(7.5)

0.0

7.5

15.0

22.5

30.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(5.0

)

4.1

(7.5

)

15

.1

(1.3

)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

13

.3

3.6

1.8

6.8

9.4

0.0

2.5

5.0

7.5

10.0

12.5

15.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

4.7

(3.4

)

(4.7

)

6.6

11

.0

(8.0)

(4.0)

0.0

4.0

8.0

12.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

16

.3

1.5

(2.6

)

5.3

9.5

(5.0)

0.0

5.0

10.0

15.0

20.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

QUARTERLY PERFORMANCE OF LISTED PHARMACEUTICALS COMPANIES

6

Gross profit margin % Operating Profit margin % Net Profit margin %

EPS (BDT)

Source: Quarterly & Annual Report

ROA % ROE % Book value per share (BDT)

Square Pharmaceuticals Limited 5

1.1

49

.6

47

.4

50

.5

49

.1

49

.3

45

.9

51

.5

50

.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

33

.7

36

.2

31

.4

34

.6

31

.2

33

.8

29

.4

34

.6

31

.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

28

.3

30

.9

28

.6

30

.5

29

.0

30

.2

27

.3

30

.1

29

.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

21

.1

21

.3

20

.6

19

.7

19

.3

19

.0

0.0

5.0

10.0

15.0

20.0

25.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

22

.9

23

.2

22

.4

21

.3

20

.8

20

.4

0.0

5.0

10.0

15.0

20.0

25.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

3.1

2

3.7

2

3.5

9

3.8

2

3.6

2

3.7

8

3.4

9

4.0

2

3.9

7

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

66

.26

66

.65

69

.86

73

.28

77

.40

77

.90

0.00

15.00

30.00

45.00

60.00

75.00

90.00

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19


7

BXPHARMA posted a solid performance in 2QFY19 with a revenue of

BDT 5,725mn, an increase of 31.3% compared to the same period of

the previous year.

Gross profit, operating profit and net profit after tax grew by 31.1%,

21.4% and 9.0% respectively. Net profit margin has decreased by 260

basis point to 12.8%. Net profit margin has declined as interest expens-

es increased during this period (BDT 253mn vs BDT 100mn).

BXPHARMA currently has some ongoing projects at hand. Unit III (oral

solids, semi-solids and liquids) is expected to be fully operational by the

end of 2019.

Beximco Pharmaceuticals Limited


P/E (x)

Source: DSE



17.8

16.4

12.1

Pharma sector

Market

BXPHARMA

3,8

65

3,8

14

4,0

64

4,2

79

4,3

60

4,2

21

4,8

57

5,3

85

5,7

25

0

1,000

2,000

3,000

4,000

5,000

6,000

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

90

2

81

9

86

4

95

8

1,0

33

92

8

1,1

06

1,2

30

1,2

55

0

200

400

600

800

1,000

1,200

1,400

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY195

98

52

2

59

2

64

4

67

3

60

3

61

2

75

4

73

4

0

100

200

300

400

500

600

700

800

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

1.9

(3.2

)

15

.1

10

.9

6.3

(5.0)

0.0

5.0

10.0

15.0

20.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

7.8

(10

.2)

19

.2

11

.2

2.0

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

4.4

(10

.4)

1.5

23

.1

(2.7

)

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

12

.8

10

.7

19

.5 2

5.9

31

.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

14

.6

13

.3

28

.1

28

.4

21

.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

12

.5 1

5.6

3.4

16

.9

9.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19


8


EPS (BDT)


ROA % ROE % Debt-to-equity ratio %

Beximco Pharmaceuticals Limited 4

7.1

46

.9

45

.4

46

.1

46

.2

47

.4

47

.3

47

.0

46

.1

0.0

10.0

20.0

30.0

40.0

50.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

23

.3

21

.5

21

.2

22

.4

23

.7

22

.0

22

.8

22

.8

21

.9

0.0

5.0

10.0

15.0

20.0

25.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

15

.5

13

.7

14

.6

15

.1

15

.4

14

.3

12

.6

14

.0

12

.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

7.0

7.0

7.0

6.6

6.4

6.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

9.5

9.6

9.7

9.6

9.9

9.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

16

.7

19

.5 27

.5

41

.3

39

.5

40

.5

0.0

10.0

20.0

30.0

40.0

50.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

1.4

7

1.2

9

1.4

6

1.5

9

1.6

6

1.4

9

1.5

1 1.8

6

1.8

1

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19


9

4,2

27

3,9

14

4,9

85

4,6

57

4,6

81

4,6

01

5,1

11

5,1

73

5,3

98

0

1,000

2,000

3,000

4,000

5,000

6,000

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

1,1

05

93

9

1,1

84

1,1

86

1,2

56

86

2

1,3

69

1,2

61

1,6

79

0

300

600

900

1,200

1,500

1,800

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

65

0

62

1

83

9

70

7

69

9

77

4

92

5

84

2

85

5

0

150

300

450

600

750

900

1,050

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

0.5

(1.7

)

11

.1

1.2

4.4

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

Q2 Q3 Q4 Q1 Q2

FY18 FY19

5.9

(31

.3)

58

.7

(7.9

)

33

.1

(40.0)

(20.0)

0.0

20.0

40.0

60.0

80.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(1.2

)

10

.7 1

9.5

(9.0

)

1.6

(15.0)

(7.5)

0.0

7.5

15.0

22.5

Q2 Q3 Q4 Q1 Q2

FY18 FY19

10

.8

17

.5

2.5

11

.1

15

.3

0.0

4.0

8.0

12.0

16.0

20.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

13

.6

(8.2

)

15

.6

6.3

33

.7

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

7.6

24

.7

10

.3

19

.0

22

.3

0.0

5.5

11.0

16.5

22.0

27.5

Q2 Q3 Q4 Q1 Q2

FY18 FY19

Revenue grew 15.3% YoY during 2QFY19, mainly attributable to 17.0%

YoY growth in pharmaceutical segment. Pharmaceutical segment con-

tributed 87.3%% in total revenue in 2QFY19. The other two revenue

generating segments, animal health and contract manufacturing & ex-

ports, experienced subdued performance during the period under re-

view.

Operating profit margin increased by 430 basis point to 31.1%. Interest

expenses decreased by more than half YoY to BDT 54mn in 1HFY19. Net

profit after tax grew 22.3% YoY during 2QFY19 – EPS stood at BDT

10.62 during 2QFY19 against BDT 8.68 during 2QFY18.

Renata Limited


P/E (x)

Source: DSE



27.0

17.5

16.4

RENATA

Pharma sector

Market


10

53

.8

50

.1

45

.2

51

.9

53

.9

50

.2

42

.7 52

.2

56

.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

26

.2

24

.0

23

.7

25

.5

26

.8

18

.7 26

.8

24

.4 31

.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

15

.4

15

.9

16

.8

15

.2

14

.9

16

.8

18

.1

16

.3

15

.8

0.0

3.0

6.0

9.0

12.0

15.0

18.0

21.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19


EPS (BDT)

8.0

7

7.7

1

10

.42

8.7

8

8.6

8

9.6

1

11

.49

10

.46

10

.62

0.00

4.00

8.00

12.00

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19


15

.3

14

.9 15

.1

15

.0 15

.2 15

.4

14.5

14.8

15.0

15.3

15.5

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

22

.4

21

.8

22

.0

21

.6

21

.5

21

.6

21.0

21.3

21.5

21.8

22.0

22.3

22.5

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

13

.0

14

.3 17

.5

16

.2

11

.8

7.8

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

ROA % ROE % Debt-to-equity %

RENATA LIMITED (RENATA)


11

Revenue stood at BDT 3,913mn during 2QFY19, a 10.5% YoY increase

compared to the prior-year result. Despite improvement in gross profit

margin and net profit margin, net income grew by only 1.7% YoY as

interest expenses increased by 44.3%.

The company is currently financing three projects with the IPO proceeds

– steroid & hormone projects, Penicillin projects and API projects. Ster-

oid & hormone and Penicillin project are expected to come into commer-

cial operation by June 2019. We expect a spike in top-line once these

projects start operation.

The ACME Laboratories Limited


P/E (x)

Source: DSE



17.8

16.4

12.3

Pharma sector

Market

ACMELAB

3,2

78

3,2

86

3,8

06

3,5

73

3,6

70

3,6

59

3,9

12

3,9

13

4,0

57

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

78

8

79

8

86

7

84

8

78

2

80

6

72

0

89

9

96

7

0

150

300

450

600

750

900

1,050

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY193

82

38

5

25

2

42

1

38

5

39

1

22

9

38

8

39

2

0

50

100

150

200

250

300

350

400

450

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

2.7

(0.3

)

6.9

0.0

3.7

(2.0)

0.0

2.0

4.0

6.0

8.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(7.9

)

3.1

(10

.7)

25

.0

7.6

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(8.5

)

1.6

(41

.5)

69

.7

0.9

(50.0)

(25.0)

0.0

25.0

50.0

75.0

100.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

12

.0

11

.4

2.8

9.5

10

.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

(0.8

)

1.0

(17

.0)

6.0

23

.8

(19.5)

(13.0)

(6.5)

0.0

6.5

13.0

19.5

26.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19

0.8

1.7

(9.1

)

(7.8

)

1.7

(12.5)

(10.0)

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

Q2 Q3 Q4 Q1 Q2

FY18 FY19


12


EPS (BDT)


ROA % ROE % Debt-to-equity ratio %

The ACME Laboratories Limited 3

8.9

39

.9

44

.5

39

.1

38

.8

39

.3

41

.2

39

.1

39

.8

0.0

10.0

20.0

30.0

40.0

50.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

24

.0

24

.3

22

.8

23

.7

21

.3

22

.0

18

.4 23

.0

23

.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

11

.7

11

.7

6.6

11

.8

10

.5

10

.7

5.8

9.9

9.7

0.0

2.5

5.0

7.5

10.0

12.5

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19

4.9

4.8

4.7

4.5

4.3

4.2

0.0

1.0

2.0

3.0

4.0

5.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

8.5

8.5

8.4

8.2

8.0

7.9

0.0

1.5

3.0

4.5

6.0

7.5

9.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

56

.7

58

.6

65

.0

66

.4

72

.3

71

.3

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Q1

Q2

Q3

Q4

Q1

Q2

FY18 FY19

1.8

1

1.8

2

1.1

9

1.9

9

1.8

2

1.8

5

1.0

8

1.8

4

1.8

5

0.00

0.50

1.00

1.50

2.00

2.50

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY17 FY18 FY19


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