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Renata has launched Fludrocortisone 0.1mg tablets in the UK market, marking a significant milestone in its export portfolio.
Fludrocortisone is a synthetic corticosteroid (anti-inflammatory hormone) used as replacement therapy for Addison's disease and for treating salt-losing adrenogenital syndrome, conditions where the adrenal glands fail to produce sufficient hormones.
The drug is being supplied from Renata's UK MHRA (Medicines and Healthcare products Regulatory Agency)-approved potent product facility, according to a stock exchange filing on Wednesday.
"This reflects Renata's focus on innovation in product development to deliver practical benefits to consumers and gain a competitive edge," the company said.
Renata highlighted a market advantage of its Fludrocortisone tablets: they remain stable at storage temperatures below 25°C, while the innovator product requires refrigeration between 2°C and 8°C.
One of the country's leading listed drug manufacturers, Renata sees strong prospects for medicine exports to the UK and EU markets and has been expanding its product portfolio across Europe. Renata entered the US and Australian markets last year, which it described as major milestones in its global journey.
Exports grew 4 per cent year-on-year in FY24, while export revenue surged 22.5 per cent in the nine months through March this year.
The drug maker posted a net profit of Tk 3.62 billion in FY24, a 55 per cent jump from the previous year, driven by higher exports and cost-optimisation measures. Based on this performance, it declared a 92 per cent cash dividend, up from 62.5 per cent the year before.
However, profit declined 35 per cent year-on-year to Tk 1.68 billion in the nine months through March FY25, despite a 13 per cent revenue growth, due to costlier raw materials and rising finance costs.
In recent quarters, mounting borrowing costs and other expenses eroded bottom-line growth. To address this, Renata plans to issue convertible preference shares worth Tk 3.25 billion through private placement to repay a portion of its short-term bank loans.
The Bangladesh Securities and Exchange Commission (BSEC) has already approved the issuance of the shares, and the subscription period has been set for October 5 to October 9 this year.
On Wednesday, Renata's stock inched up 0.02 per cent to Tk 504 per share on the Dhaka Stock Exchange, trading between Tk 468 and Tk 825 each share over the past year.
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