Beximco pulls guidance as Bangladesh orders Covid lockdown

Generics manufacturer Beximco Pharmaceuticals pulled future guidance as the Bangladesh government ordered a lockdown in response to the Covid-19 pandemic, but said it had been able to continue operations.

Beximco said manufacturing operations had not yet been affected by the outbreak but cautioned that it had experienced some disruption to its international distribution network and supply chain. However, the firm noted that it did not foresee "any major shortage of raw materials" in the immediate term.

As far as sales were concerned, the AIM-listed group still expects to record a "strong" performance for the first three quarters of the year but warned that "some impact" would likely be felt in the fourth quarter.

"For the full year to 30 June 2020, Beximco Pharma still expects to report year-on-year sales growth, but at a lower level than originally anticipated," it said.

Given the ongoing uncertainties around the impact of Covid-19, Beximco also said it was unable to provide the market with a longer-term view on trading until the situation became clearer.

As of 0935 BST, Beximco shares had slumped 8.33% to 33p.