One of Bangladesh's big, long-established medicine makers — very low debt, strong cash flow and a dependable, rising dividend, though its year-to-year profit has been bumpy and its returns on the money invested are only average.

Beximco Pharmaceuticals PLC is one of Bangladesh's big, well-known drug makers. It sits in the Pharmaceuticals & Chemicals sector and has been listed on the Dhaka Stock Exchange since 1986 — close to forty years, which makes it one of the older companies on the market. In November 2025 it changed its formal name from "Beximco Pharmaceuticals Limited" to "Beximco Pharmaceuticals PLC."; the business itself did not change.

It is a sizeable company. There are about 44.6 crore shares in issue, with paid-up capital of 446.1 crore taka and built-up reserves of 3,822 crore taka — the profits it has kept and reinvested over the years. In its 2024 financial year it made sales of 4,439 crore taka, placing it among the larger names in its sector.

Alongside its Dhaka listing, the company also has a second share listing in London — a reach that very few local companies have.

The company's business is easy to picture: it makes medicines and sells them. Its income comes from selling those products — to pharmacies, hospitals and distributors at home, and abroad as well.

For a business like this, what matters is whether sales keep growing, and here the record is good. Sales rose each year, from 2,949 crore taka in 2021 to 3,467 crore, then 3,927 crore, and 4,439 crore taka by the 2024 financial year. Steadily rising sales point to steady demand for its products.

From those sales it earns an operating profit — what is left after the day-to-day costs of running the business. That operating profit also grew every year, reaching 867 crore taka in 2024, which shows the growth in sales is turning into real earning power, not just bigger headline numbers.

The company is clearly profitable. Its net profit — the money left for shareholders after everything is paid — was 351.5 crore taka in 2020, jumped to 512.8 crore in 2021, then eased to 499.9 crore in 2022 and 461.4 crore in 2023, before climbing to a record 583 crore taka in 2024. Over the 2020–2024 span, profit grew about 66% in total.

Profit per share tells the same story: 8.67 taka in 2020, up to 11.49 in 2021, dipping to 11.2 and then 10.34 in 2022 and 2023, and reaching a high of 13.07 taka in 2024 — up roughly 51% over the five years. So the direction is up, but it has not been a straight line; there were two softer years in the middle.

The company also turns its sales into profit reasonably well — in 2024 it earned an operating profit of 867 crore taka on sales of 4,439 crore. On both sales and profit, 2024 was the strongest of the five years.

This is the company's strongest area. It carries very little debt. Against every 100 taka of its own money, it owed only about 3 taka at the end of the 2024 financial year — its debt-to-own-money figure was just 0.03. Total borrowings were 175.8 crore taka in 2024, small next to its own money of 5,190 crore taka and its reserves of 3,822 crore.

It also generates plenty of cash. The cash produced by its core operations was 836 crore taka in 2024 and stayed comfortably positive every year (602, 521, 608 and 836 crore across 2021–2024). Because it spent less on new plant and equipment — that spending fell from 252 crore in 2021 to 199 crore in 2024 — it produced more cash than it needed to reinvest.

An outside credit-rating agency (CRISL) gave the company its top long-term grade, "AAA", with a stable outlook. Put together — tiny debt, steady cash, deep reserves and a top rating — this is a company built to survive a bad year comfortably.

Beximco Pharmaceuticals has a long, dependable habit of sharing profit with shareholders. Its cash dividend was 15% of face value in 2020 (plus a 10% bonus share that year), then 35% for three years running (2021–2023), and 40% in 2024. On a face value of 10 taka, the 2024 dividend of 40% works out to 4.0 taka per share.

The dividend has since been raised again: for the year ended June 2025 the board recommended a 47.5% cash dividend, with a record date of 2 August 2026. A dividend that grows over time is a good sign of both confidence and steady cash.

Importantly, the payout looks safe. In 2024 it paid 4.0 taka per share out of profit of 13.07 taka per share — only about a third of its earnings — keeping the rest inside the business. A dividend that uses a modest share of profit is far easier to keep paying, even in a weaker year.

Beximco Pharmaceuticals' advantages are size, longevity and a rock-solid balance sheet. It has been listed since 1986, sells a large and growing volume of medicines (4,439 crore taka of sales in 2024), carries almost no debt, and even has a second share listing in London. Those are real strengths that a small newcomer cannot easily copy.

Where it is only average is in how much profit it squeezes from the money invested in it. Its 2024 profit of 583 crore taka sits on a base of 5,190 crore taka of the owners' own money — a modest return on that capital. Some rivals in the same sector, such as Marico Bangladesh and Reckitt Benckiser, earn far more profit for every taka of owners' money, and Square Pharmaceuticals is both large and highly efficient. Beximco is big and steady rather than the most profitable per taka.

So the honest picture is a company with a strong, defensible position built on scale and stability, but without the standout profitability of the very best names in its field.

• Sales keep growing. Revenue rose every year, from 2,949 crore taka in 2021 to 4,439 crore taka in 2024 — a sign of steady demand for its medicines.
• Record profit in 2024. Net profit reached a five-year high of 583 crore taka and profit per share a high of 13.07 taka, after a softer patch in 2022–2023.
• Very safe balance sheet. Debt is tiny — about 3 taka owed for every 100 taka of its own money — with deep reserves of 3,822 crore taka behind it.
• Strong cash generation. Core operations threw off 836 crore taka of cash in 2024, comfortably more than it spent on investment.
• Reliable, rising dividend and top rating. A long dividend record (40% cash in 2024, 47.5% just recommended for the 2025 year) and a top "AAA" credit rating.

• Profit isn't a straight line. Earnings dipped in both 2022 and 2023 (net profit fell to 499.9 then 461.4 crore taka) before recovering — growth has been uneven.
• Average returns on capital. It earns a modest profit relative to the large pool of money invested in it, and lags the most efficient peers like Marico and Reckitt on that measure.
• Detailed data is a couple of years old. Our year-by-year figures run through the 2024 financial year; the full audited numbers for the year ended June 2025 are not yet in this detailed view.
• Some disclosure scrutiny. In early 2026, a news-portal claim about its London listing prompted a stock-exchange query, which the company formally clarified — a reminder to watch its overseas reporting and governance.
• Tightly held shares. Sponsors, foreign and institutional investors hold the large majority (about 30%, 27% and 26%), leaving a smaller slice — roughly 17% — in ordinary public hands.

Beximco Pharmaceuticals is a large, long-established company on very firm financial ground: minimal debt, strong and steady cash flow, deep reserves and a top credit rating. Its sales have grown every year, and it has a long, reliable and recently rising cash dividend.

It best suits patient, long-term investors — especially those who like steady income and a company that can weather a rough year — rather than people chasing the highest possible return on their money. Its profit growth has been bumpy, and it earns only an average return on the capital invested compared with the best in its sector.

Keep in mind, too, that our detailed year-by-year figures run through the 2024 financial year, and that the share has had some disclosure scrutiny around its London listing. As always, this describes the company — it does not tell you when, or whether, to buy.