Acme Laboratories is about to set foot in the US market with its generic drug, Zolpidem, through contract manufacturing with a US company.
"This is the first time we are going to launch our product in the US market," said a senior official of the pharmaceuticals company.
In its disclosure to the Dhaka Stock Exchange (DSE) yesterday, Acme said exploring the US market is the company's most ambitious project, with which they intend to generate yearly earnings of around $50,000.
Zolpidem is a sleeping pill used to treat insomnia, for which more than 10 million prescriptions are filled in the US each year with treatments commonly involving similar medication.
However, Acme's share prices dropped by 1.13 per cent to hit Tk 69.9 yesterday.
The company declared 25 per cent cash dividend for the fiscal year ending in June 2020, down from 35 per cent for the previous four years.
Meanwhile, its earnings per share rose to Tk 6.85 in fiscal 2019-20 from Tk 6.81 the year prior, according to the company's posting.
Acme, listed with the DSE back in 2016, reported Tk 1,630 crore in revenue for fiscal 2018-19, when domestic sales accounted for 96 per cent of the total value.
During the same year, the company's exports grew 26.70 per cent to Tk 65.16 crore from Tk 51.4 crore in fiscal 2017-18, according to its annual report.
Acme's began its international business back in 1995 by exporting various medicine to Bhutan. Now, the company exports drugs to more than 20 countries in South Asia, South East Asia, Africa and Central America, according to its website.
Acme currently produces over 500 products in different dosage forms covering broader therapeutic categories, it added.