(BXP) Beximco Pharmaceuticals

BEXIMCO PHARMACEUTICALS LTD.

29^th July, 2011

Half Year Results - 2011

Beximco Pharmaceuticals Limited ("BPL" or "Company"; AIM Symbol: BXP) today announces its results for the half year to 30 June 2011.

Highlights

Half year financial highlights

·    Net sales increased by 22.7% to Bangladesh Taka ("BDT") 3,642.3m / £30.5m (2010: BDT 2,968.7 m / £27.3m)

o    Domestic sales increased   22.8% to BDT   3,468.8m / £29.1m (H1 2010: BDT 2,825.9m / £26.0m)

o    Export sales increased 21.6% to BDT 173.5m / £1.5m (H1 2010: BDT 142.7m / £1.3m)

·    Profit before tax increased by 9.6% to BDT 764.5m / £6.4m (H1 2010: BDT 697.3m / £6.4m)

·    EPS increased by 7.9% to BDT 2.72 / 2.3 pence (2010: BDT 2.52 / 2.3 pence)

Second quarter highlights

·    Net sales increased by 20% to BDT 1,970.6m / £16.5m   (2010: BDT1,642.0m / £15.1m)

·    Profit before tax increased by 21.6% to BDT 461.4m / £3.9m (2010: BDT 379.3m / £3.5m)

Operational highlights

·    10 new products registered in overseas markets

·    Launched 21 new products across different therapeutic classes

·    Plant and Machinery for the New MDI (Metered Dose Inhaler) facility installed and commissioned, trial production scheduled August 2011

Post-period events

·    Received GMP (Good Manufacturing Practices) accreditation from Austrian regulatory authority for Oral Solid and Sterile Eye Drop Facilities

o    Approval recognized throughout European Union (EU)

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

"I am delighted to report another strong performance from Beximco Pharmaceuticals, achieved against a backdrop of currency pressures, a challenging global environment and strong competition in the domestic market. Our recent EU GMP approval is an important step towards becoming a global player in the lucrative generic pharmaceutical market. Approval also highlights the high standards achieved by Beximco and demonstrates the importance of continued investment in facilities, products and people, to deliver long-term sustainable growth for the Company and our shareholders."

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com

(Exchange rates of £1 = Taka 108.55 for 2010 numbers and £1 = Taka 119.25 for 2011 numbers have been used in this announcement.)

For further enquiries please contact:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: +880 2 861 9151, Ext.2080

Md. Asad Ullah, FCS, Executive Director & Company Secretary

Tel; +880 2 8618220-1, Ext. 1140

Libertas Capital Corporate Finance

Jakob Kinde / Thilo Hoffmann

Tel: +44 (0)20 7569 9650

Financial Dynamics

Jonathan Birt / Susan Quigley

Tel: +44 (0)20 7269 7169

Notes to Editors

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies.  The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.

The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.

BEXIMCO PHARMACEUTICALS LIMITED

Statement of the Managing Director

Dear Valued Shareholders,

We are pleased to announce the un-audited results for the six-month period ended 30 June 2011.

The Company reported strong results with revenues of Tk. 3,642.29 million, up 22.7% from the corresponding period of 2010. Pre-tax profit and EPS stood at Tk. 764.55 million and Tk. 2.72 compared to Tk. 697.35 million and Tk. 2.52 respectively, in the previous year. During the said period there was significant devaluation of Bangladeshi taka against the US dollar. Since December 2010, taka has been depreciated by around 7% causing a rise in the cost of imported materials. However, we are working on strategies to effectively minimize the negative impact of the currency devaluation on our profitability.

The company saw introduction of 21 new products of different forms and strength across different therapeutic classes. We continued expanding our export product portfolio and in the first half we successfully registered 10 products in the overseas markets. Subsequent to the reporting period, this month in July, we have received GMP (Good Manufacturing Practices) accreditation from the regulatory authority of Austria for our Oral Solid and Sterile Eye Drop facilities. The approval received from the Austrian Drug Authority will be recognized throughout the European Union (EU) by Mutual Recognition between the member countries. This is a significant milestone for the company which should facilitate export to generic drug markets of Europe.

We are pleased with the achievement of the company during the first half of 2011. We are confident that your company will continue to perform well during the remaining period to achieve its operational and financial targets for the year 2011.

We look forward to your continued support.

Thanking you

Nazmul Hassan

Managing Director

BEXIMCO PHARMACEUTICALS LIMITED

Statement of Financial Position (Un-audited)

As at June 30, 2011

BEXIMCO PHARMACEUTICALS LIMITED

Statement of Comprehensive Income (Un-audited)

For the Half Year Ended June 30, 2011

BEXIMCO PHARMACEUTICALS LIMITED

Statement of Changes in Equity (Un-audited)

For the period ended June 30, 2011

BEXIMCO PHARMACEUTICALS LIMITED

Statement of Cash Flows (Un-audited)

For the Half-Year ended June 30, 2011

BEXIMCO PHARMACEUTICALS LIMITED

Selected Notes to the Financial Statements (Un-audited)

For the Period ended June 30, 2011

1.  Reporting Entity

Beximco Pharmaceuticals Limited (BPL/the Company) is a public company incorporated in Bangladesh in 1976. It commenced its manufacturing operation in 1980. The company is listed on Dhaka and Chittagong Stock Exchanges of Bangladesh and AIM of London Stock Exchange. The    company is engaged   in manufacturing   and   marketing   of   Pharmaceuticals   Finished Formulation Products, Active Pharmaceutical Ingredients (APIs) and life saving Intravenous Fluids which it sells in the local as well as international markets.

2.   Basis of Preparation of Financial Statements

These interim financial statements should be read in conjunction with the Financial Statements for the year ended December 31, 2010 (hereafter referred to as the "Annual Financial Statements"), as they provide an update to previously reported information.

The accounting policies used are consistent with those used in the Annual Financial Statements. The  financial  statements   have   been   prepared   in   accordance   with   the   International   Financial Reporting  Standards (IFRSs). The presentation of the Interim Financial   Statements   is   consistent   with the Annual Financial   Statements.   Where   necessary,   the comparatives have been reclassified or extended to take into account any presentational changes made in the Annual Financial Statements. The preparation of the Interim Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities at the date of the Interim Financial Statements. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the Interim Financial Statements, deviate from the actual, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.

5.  Loans, Advances and Deposits

6.  Cash and Cash Equivalents

7.  Long Term Borrowings:

9.  Administrative Expenses

10. Selling, Marketing and Distribution Expenses

11. Dividend for 2010

The Shareholders of the company has approved 20% stock dividend for the year 2010 in the annual general meeting held on July 02, 2011. The company consistently follows the policy of recognising proposed dividend after its approval by the shareholders in the annual general meeting.  Hence, the proposed dividend for 2010 has not been accounted for in the interim financial statements.  Additional shares to be issued consequent to the approval of the Stock Dividend has also not been considered in calculating the EPS.