Best, Worst Performing Pharmaceutical Companies Operating In Nigeria

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The second quarter of 2022 was a bad period for pharmaceutical companies in Nigeria, as the industry suffered N153.9 million loss after tax, despite turnover rising by 27.7% during the same period

Prime Business Africa analysis of the pharmaceutical industry’s publicly traded companies gathered that the six listed healthcare firms generated N22.9 billion revenue in Q2 2022 from the drug market, in contrast to the N17.99 billion in Q2 2021.

The industry players recorded N2 billion profit after tax in the review period, surpassing the N1.30 billion posted in the corresponding period of Q2 2021, thanks to gains in Fidson, GlaxoSmithKline, and May & Baker.

However, Morison, Pharma-Deko, and Neimeth impeded Q2 profit growth in 2022, as they jointly contributed the N153.9 million loss, significantly raising the industry’s N18.44 million loss from last year second quarter.

Breakdown of each pharmaceutical company’s performance

Fidson Healthcare

  • Fidson Healthcare was the best performing company in the pharmaceutical market between April to June based on public books analysed by Prime Business Africa, as it recorded 54.1% revenue growth.
  • The company, led by Fidelis Ayebae, generated N10.13 billion from producing drugs for the Nigerian market in three months of Q2 2022, surpassing the N6.57 billion the firm earned from customers in Q2 this year.
  • It closed the period in review with N1.55 billion profit after tax, significantly above the N610.52 million PAT Fidson Healthcare recorded during the corresponding quarter last year.
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May & Baker Nigeria Plc

  • May & Baker Nigeria came in next after generating N2.82 billion revenue in Q2 2022 revenue, raising its year-on-year earnings by 21.6%, when compared to the N2.82 billion turnover of same period last year.
  • The drug manufacturer, however, couldn’t grow its PAT, as profit after tax recorded in the second quarter settled at N287.5 million, falling short of the N307.9 million that May & Baker managed a year before.


  • The revenue growth extended to GlaxoSmithKline, considering the company reported its turnover rose by N1.05 billion, to close the second quarter of 2022 at N7.45 billion, which is 16.4% higher than the N6.40 billion generated in Q2 last year.
  • However, GlaxoSmithKline’s management were unable to prevent a slow growth in profit after tax, posting N154.9 million in Q2 2022. This is below the N297.97 million that the company recorded between April and June 2021.
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Worst performing companies in Nigeria’s pharmaceutical market

Pharma-Deko Plc

  • Pharma-Deko was the worse performing firm, as its earnings plummeted in the second quarter, with revenue dwindling to N100.42 million, falling behind the N161.24 million generated the year before – representing -37.7% decline.
  • The company’s profit margins remain empty, with Pharma-Deko reporting its loss after tax rose from N1.78 million in Q2 last year to N4.91 million this year’s second quarter.

Morison Industries Plc

  • While its market rivals were bagging revenue growth, Morison Industries saw its turnover nosedive -27.7%, representing N12.07 million short fall of the N43.45 million generated in Q2 2021, as the firm grossed N31.36 million this year.
  • Morison Industries had a disappointing Q2 in the Nigerian drug market, suffering N33.77 million loss after tax, more than the N16.65 million the firm lost during the corresponding period of last year.
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Neimeth International

  • Neimeth International generated N1.82 billion from production of drugs within three months of Q2 this year, but it wasn’t enough for the company to surpass the N1.99 billion posted last year, which is -8.25% drop year-on-year.
  • In response, the drug manufacturer closed the quarter with N133.65 million loss, rising beyond the N84.82 million loss reported in the same period in 2021.
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