Prime Business Africa
In 2025, three of the six pharmaceutical companies listed on the Nigerian Exchange (NGX) recorded profit growth, one returned to profitability and another saw a decline in its bottom line, according to analysis of their audited financial statements by Prime Business Africa (PBA).
The six companies listed on the NGX, also known as the stock market, are Fidson Healthcare, Neimeth International Pharmaceutical Plc, May & Baker Nigeria, MeCure Industries, Morison and Juli Plc.
Join our WhatsApp ChannelMorison was omitted from this analysis as the pharmaceutical company is yet to release its audited financial statements for the period between January and December 2025.
Best Performing Pharmaceutical Companies In Nigeria
May & Baker Nigeria
May & Baker Nigeria was the best-performing pharmaceutical company in 2025, after the drug maker’s profit before tax increased by 154.18 percent year-on-year, according to Prime Business Africa’s analysis.
- The company’s pre-tax profit increased to N6.53 billion between January and December 2025, surpassing the N2.58 billion the drug manufacturer achieved during the corresponding period the year before.
- This was after May & Baker generated N38.26 billion as revenue from sales between the first quarter and fourth quarter of last year, exceeding the N28.90 billion turnover reported in 2024.
- While revenue increased by 32.37 percent year-on-year, Prime Business Africa gathered that cost of sales climbed by 23.16 percent, after May & Baker expended N25.11 billion on production cost in 2025, compared to the N20.39 billion in 2024.
MeCure Industries
MeCure Industries was ranked second on the list of the best-performing pharmaceutical companies in Nigeria after recording 98 percent growth in its profit before tax between Q1 and Q4 2025.
- According to the financial statements of MeCure, the company’s profit before tax increased to N16.42 billion in 12 months of 2025, exceeding the N8.28 billion achieved in the same period the previous year.
- Further analysis of MeCure’s financial statement showed that the company also recorded double-digit growth in its topline segment, as revenue skyrocketed to N77.69 billion in 2025, against the N46.02 billion generated in 2024.
- The 69 percent growth in topline was slightly above what was recorded in cost of sales, which surged to N51.18 billion during the period under review, rising above the N31.24 billion expended in 2024, representing an increase of 63.83 percent.
Fidson Healthcare
Between the first quarter and the fourth quarter of 2025, Fidson Healthcare saw its profit before tax skyrocket by 94 percent, making the company the third best-performing drug manufacturer in the pharmaceutical market.
- Fidson took the third spot after recording N14.96 billion in pretax profit between January and December 2025, surpassing the N7.7 trillion posted in the corresponding period the year before.
- The company achieved the double-digit feat after an impressive topline, as Fidson reported N119.06 billion as turnover for the period under review, compared to the N84.18 billion posted in 2024, indicating a 41 percent increase.
- To generate the revenue, Fidson spent N69.83 billion on production between the first quarter and the fourth quarter of 2025, upping its cost of sales by 42.27 percent from the N49.08 billion incurred in 2024.
Neimeth
Neimeth occupied the fourth spot on the list after recovering from the N854.43 million loss before tax recorded between January and December 2024, as the company achieved a N1.31 billion pretax profit in 2025.
- The recovery was supported by a 64.28 percent growth in topline segment, after Neimeth reported N7.36 billion revenue during the period under review, compared to the N4.48 billion generated between Q1 and Q4 2024.
- Although the revenue growth was overshadowed by the 70.07 percent increase recorded in cost of sales by Neimeth between January and December last year, when it incurred N4.29 billion, compared to the N2.52 billion sustained in 2024.
Juli Plc
Occupying the fifth position is Juli, following a 41.60 percent decline in the drug manufacturer’s profit before tax, which declined to N20.77 million during the period under review, below the N35.57 million recorded in 2024.
- The decline in pretax profit could be traced to a poor topline performance, as Juli generated N479.86 billion in revenue in 2025, compared to the N478.40 million turnover reported in 2024, representing a mere 0.30 percent growth.
- Prime Business Africa’s analysis showed that cost of sales also increased faster than revenue growth, with the former rising by 0.47 percent year-on-year, from N319.05 million to N320.55 million.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
