Pharmaniaga

Pharmaniaga Bhd announced its largest ever quarterly net loss of RM664.39 million, or 49.19 sen per share, in the fourth quarter ended Dec 31, ...

“Business continues to operate as usual while the Group is in the final stages of negotiations,” it said. The group is committed to service all financial obligations to lenders and other financial institutions, as well as formulating an optimal cash flow plan,” it added. “The group’s Indonesia operations continue to become the growth driver as it delivers an impressive performance by closing FY2022 with 10% growth in comparison to the previous year. The plan will focus on strengthening the group’s financial standing, as well as assuring that core business activities remain viable with growth prospects,” it explained. Its cash balance was at RM52.84 million, while its inventory dropped to RM767.26 million from RM1.26 billion a year ago after the impairment. “The group is optimistic of favourable outcomes from the negotiations. In addition, the group managed to turn around the Indonesia business from a loss of RM1.4 million in 2021 to a profit of RM6.2 million,” it said. Its long-term borrowings amounted to RM190.6 million versus RM285.17 million. “The group also guarantees that its operational activities for both concession business with the Ministry of Health and non-concession business with the private sector will not be disrupted and continue to be intact. “In adherence to the requirement of MFRS102 inventories, the group made a provision of slow moving inventories on Covid-19 vaccines of RM552.3 million,” said Pharmaniaga in a bourse filing. Quarterly revenue, however, grew 21.22% to RM862.72 million from RM711.72 million a year earlier due to “healthy growth” across the group’s concession, non-concession and Indonesian businesses as a result of strong demand from the customers subsequent to the resumption of normal business activities after the Covid-19 pandemic. In addition, it has written down the goodwill of the Indonesian manufacturing cash-generating units of RM50.3 million, according to its announcement to Bursa Malaysia.

PETALING JAYA: Pharmaniaga Bhd confirmed today it has fallen under the Practice Note 17 (PN17) classification for financially distressed companies after ...

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Pharmaniaga Bhd has posted a massive loss for the last three months of 2022 as the company made provisions for slow moving inventories for Covid-19 vaccines ...

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GOVERNMENT-linked pharmaceutical company Pharmaniaga Bhd has been issued the Practice Note 17 (PN17) after it was labelled financially distressed on Bursa ...

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KUALA LUMPUR: Shares in Pharmaniaga Bhd plunged 50% or 22 sen to 22 sen a share at the opening bell, following news the company had slipped into Practice ...

Addressing the matter in hands, Pharmaniaga is currently in focused talks with various parties, both local and overseas to purchase the vaccines. It will also need to submit a regularisation plan to Bursa Malaysia if the plan will not result in a significant change in the business direction or policy of the company. Pharmaniaga said it will need to submit a regularisation plan to the Securities Commission Malaysia within 12 months if the plan will result in a significant change in the business direction or policy of the company. “The company is in the midst of formulating a plan to regularise its financial condition and the announcement on the same will be made in due course in accordance with the listing requirements”. The company said in a filing with Bursa Malaysia it had triggered the criteria pursuant to its audited consolidated financial statements for the period ended Dec 31, 2022. A PN17 company is a listed company that does not have a core business or has failed to meet the minimum capital or equity and companies’ shareholders’ funds.

By Ying Xian Wong Pharmaniaga Bhd.'s shares slumped Tuesday after the Malaysian pharmaceutical company posted a fourth-quarter loss and was classified as...

The company also fell under Bursa Malaysia's Practice Note 17 classification for financially-distressed companies. Pharmaniaga is now required to submit a proposal to Bursa Malaysia to restructure and revive the company in order to maintain its listing status. Pharmaniaga shares plunged as much as 50% to 0.22 ringgit, on track for their biggest one-day percentage loss since the company was listed.

KUALA LUMPUR: Pharmaniaga Bhd's shares have fallen 43% after the company's RM552.3 million provision for “slow-moving inventories of Covid-19 vaccines” ...

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KUALA LUMPUR (Feb 28): Pharmaniaga Holdings Bhd opened at 22 sen in Tuesday (Feb 28) morning trade on Bursa Malaysia, down 50% from its closing price of 44 ...

These exercises, which may require shareholders’ approval at an extraordinary general meeting, may also take some time to conclude; in the meantime, Pharmaniaga could struggle to meet its short-term payment obligations, in our view.” “We note that there could potentially be a reversal in the impairment provision, should Pharmaniaga be able to sell more of its existing Covid-19 stockpile. peak of over 500,000 doses per day in 3Q2021); and Covid-19 cases, hospital/ICU admissions and deaths have been on a decline since early-2022.” The valuation discount is to account for the weak earnings outlook and balance sheet (ascribing ~50% probability of the worst-case scenario, i.e. We cut Pharmaniaga’s target price by 57% to 25 sen after earnings cuts and applying a 30% discount to its fair value (still based on 13 times calendar year 2024 P/E, i.e. Its cash balance was at RM52.84 million, while its inventory dropped to RM767.26 million from RM1.26 billion a year ago, after the impairment. “We slash FY2023F/2024F core earnings per share by 50%/43% to bake-in higher opex and interest cost. Its long-term borrowings amounted to RM190.6 million versus RM285.17 million. enlarged share base post-regularisation, losing government concession), as well as the lower investability of its stock (PN17 status),” he said. Hong Leong Investment Bank Research (HLIB Research) had downgraded the stock to a “sell” from a “buy” and slashed its target price to 31 sen from 63 sen prior, while CGS-CIMB had lowered its rating on the counter to a “reduce” from a “hold”, and correspondingly cut its target price to 25 sen from 58 sen. “Given the downside and the uncertain outlook after slipping into PN17, we are downgrading our rating on Pharmaniaga to sell,” said HLIB Research analyst Sophie Chua Siu Li in a note on Tuesday, adding that the target price reflected an unchanged price-earnings (P/E) multiple of 11.6 times on its estimated earnings per share of 2.7 sen for FY2023. “In adherence to the requirement of MFRS102 inventories, the group made a provision of slow-moving inventories on Covid-19 vaccines of RM552.3 million,” said Pharmaniaga in a bourse filing.

KUALA LUMPUR, Feb 28 — Pharmaniaga Bhd shares fell 43 per cent after the company's RM552.3 million provision for “slow-moving inventories of Covid-19 ...

‘‘All in all, we downgrade our recommendation from ‘buy’ to ‘neutral’. It opened at 22 sen, a drop of 50 per cent. In consideration of the below-than-expected FY2022 results, MIDF Research said it had revised its earnings estimates for the company for FY2023 and FY2024 downwards by 79 per cent and 87 per cent, respectively.

SHARES of Pharmaniaga Holdings Bhd saw a big sell off in the early morning trade after announcing a massive quarterly loss yesterday.

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