Prime Business Africa
Only one of five pharmaceutical firms listed on the Nigerian Exchange saw shareholders’ investment shrink in Q1 2026. The other four delivered gains totaling N234.23 billion between January and March, Prime Business Africa analysis shows.
While Morison Industries, May and Baker, Fidson Healthcare and Neimeth International posted growth, MeCure Industries closed the quarter with a decline.
Q1 2026: Best Performing Pharma Stocks On NGX
1. Morison Industries: Top Gainer With 129.12% Jump
Morison Industries led the sector after shareholders’ investments surged 129.12% in Q1, handing them a combined gain of N8.35 billion.
Join our WhatsApp ChannelThe rally was driven by a N6.65 increase in share price. Morison opened January 2 at N5.15 and closed March 31 at N11.80.
That pushed the company’s market capitalisation from N6.46 billion to N14.82 billion within three months.
2. May and Baker: Share Price Doubles, Adds N32.77bn
May and Baker ranked second after investments held by shareholders rose 100% in Q1, creating a combined gain of N32.77 billion.
Its share price doubled from N19 on January 2 to N38 on March 31, lifting market valuation from N32.77 billion to N65.55 billion.
3. Fidson Healthcare: Biggest Cash Gain At N135bn
Fidson Healthcare posted the largest absolute gain for investors, with shareholders recording N135 billion in Q1 as investments rose 81.81%.
The stock added N45, closing March 31 at N100 compared to N65 on January 2. Fidson’s market cap jumped from N165 billion to N300 billion.
4. Neimeth International: 71.18% Growth Lifts Valuation To N43.15bn
Neimeth International took fourth place after shareholders’ investments grew 71.18% in Q1, translating to a N17.94 billion gain.
Share price rose N4.2 from N5.90 on January 2 to N10.10 on March 31. Market capitalisation climbed from N25.21 billion to N43.15 billion.
Lone Loser: MeCure Industries Sheds N14.8bn As Confidence Drops
MeCure Industries was the only pharma stock in the red, with shareholders’ investments down 5.67% in Q1. The decline wiped N14.8 billion off investors’ holdings.
Its share fell N3.70, from N65.20 on January 2 to N61.50 on March 31. Market valuation dropped from N260.8 billion to N246 billion, signaling weaker trader confidence.
Q1 2026 was bullish for NGX-listed pharma stocks, but MeCure’s slide shows sector gains are not uniform. Investor sentiment still hinges on company-specific fundamentals, not just industry trends.
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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.
