BF Biosciences Limited Reports 102% Growth in Annual Revenue Amidst Strategic Expansions

Karachi: BF Biosciences Limited (BFBIO) announced a significant 102% growth in its FY24 revenue, reaching PkR3.7 billion compared to PkR1.8 billion in FY23. This growth was attributed to an 84% increase in volumes and an 18% rise in prices, with Antifungals, Erythropoietin, and Enoxaparin being the major contributors. Earnings for the year were recorded at PkR385 million, up from PkR149 million in the previous year.

According to AKD Securities Limited, BFBIO’s corporate briefing also highlighted a 14.3% year-on-year increase in earnings for the first quarter of FY25, amounting to PkR115 million. This growth was driven by a 39% increase in volumes and a 5% rise in prices. The company has commenced commercial production of pre-filled syringes as part of its brownfield expansion, with Lyophilization and Combi-filling lines in the validation phase. Additionally, 90% of raw materials for combi-line production have been secured.

Semaglutide, contributing 7% to the topline in the first quarter of FY25, is projected to contribute PkR500-700 million for the full year. BFBIO is evaluating the launch of Semaglutide in pen form, targeting lower-end markets such as Central America, Central Asia, and Afghanistan. The company aims to expand its presence in the Diabetes and metabolic market, with plans to enter the Cardiovascular and Fatty liver segments.

Furthermore, essential drugs constitute 70% of BFBIO’s sales mix. The company is in the licensing phase for Lenacapavir and aims to initiate product development soon. Management indicated that potential delays in price hikes approved by DRAP would not significantly impact margins due to pricing flexibility within the current product portfolio, provided currency stability. The company is expected to grow in the GLP-1 segment as consumer acceptance rises, with government initiatives potentially driving additional sales growth.

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