Prime Business Africa
The total revenue generated by pharmaceutical companies in Nigeria increased by 48.01 percent to N242.86 billion between the first quarter (Q1) and the fourth quarter (Q4) of 2025, rising above the N164.08 billion recorded in the same period in 2024.
According to Prime Business Africa’s (PBA) analysis of the pharmaceutical industry, the revenue comprises only those of companies listed on the Nigerian Exchange (NGX), such as May & Baker, Juli, Fidson Healthcare, MeCure, and Neimeth International Pharmaceuticals Plc.
Join our WhatsApp ChannelThe industry market share analysis excludes the revenue of Morison, as the company, even though publicly listed, is yet to release its audited financial statements for the year under review.
The companies also recorded a combined profit before tax (PBT) of N36.26 billion between January and December 2025, compared to the N16.01 billion pretax profit reported in 2024, reflecting a 145.11 percent growth.
Nigerian Pharmaceutical Companies By Market Share
Fidson Healthcare
Fidson Healthcare had the largest market share by revenue in 2025, however, the company’s grip on the pharmaceutical industry is shrinking as it market share dropped from 51.30 percent to 49.02 percent, according to Prime Business Africa’s analysis.
- The company’s market share declined despite a 41 percent growth its revenue, which increased to N119.06 billion during the period under review, exceeding the N84.18 billion turnover recorded in 2024.
- Fidson had incurred N69.83 billion within 12 months of last year to manufacture its product, compared to the N49.08 billion reported as cost of sales in 2024, representing an increase of 42.27 percent.
- Despite revenue rising slower than production cost, Fidson pulled a 94 percent growth in its profit before tax (PBT), after reporting N14.96 billion as pretax profit in 2025, compared to the N7.7 trillion posted in 2024.
MeCure Industries
MeCure Industries, the company with the second highest market share by revenue, is closing the gap between it and the May & Baker, the drug maker with the highest market share in the industry.
- According to Prime Business Africa’s analysis, MeCure accounted for 31.99 percent of the industry’s revenue during the period under review, rising from the 28.05 percent market share recorded in 2024.
- MeCure’s market share had increased after recording N77.69 billion in 2025, compared to the N46.02 billion in 2024, representing an increase of 69 percent, which is the highest growth among its peers last year.
- During the period under review, the company incurred N51.18 billion as cost of sales, which increased by 63.83 percent when compared to the N31.24 billion expended in 2024.
- The surge in production costs did not stop MeCure from recording 98 percent growth in profit before tax, as the latter increased to N16.42 billion in 2025, surpassing the N8.28 billion achieved in 2024.
May & Baker
The third highest market share holder, May & Baker, also saw a decline in its market share between the first quarter and the fourth quarter of 2025, as it dropped to 15.75 percent, from 17.61 percent in 2024.
- May & Baker was unable to prevent the decrease in its market share despite recording a 32.37 percent increase in turnover, which soared to N38.26 billion in 2025, compared to the N28.90 billion revenue generated the year before.
- The drug maker also reported that cost of production increased to N25.11 billion in 2025, exceeding the N20.39 billion incurred in 2024, representing an increase of 23.16 percent.
- Also, May & Baker saw a 154.18 percent growth in its profit before tax, which increased to N6.53 billion last year, surpassing the N2.57 billion recorded in the corresponding period in 2024.
Neimeth International
With a market share of 3.03 percent in 2025, Neimeth International was the fourth on the list of pharmaceutical companies with the highest market share during the period under review.
- Prime Business Africa gathered that Neimeth’s market share increased from 2.73 percent recorded in 2024 after the company’s revenue grew to N7.36 billion in 2025, from N4.48 billion recorded the previous year.
- While Neimeth’s revenue increased by 64.28 percent, the company’s production cost surged by 70.07 percent last year, from N2.52 billion cost of sales incurred in 2024 to N4.29 billion.
- The company’s cost of production rising higher than revenue growth paid off after recording N1.31 billion pretax profit in 2025, recovering from the N854.43 million loss before tax suffered in 2024.
Juli Plc
Juli Plc accounted for 0.19 percent market share of the pharmaceutical industry in 2025, falling below the 0.29 percent market share recorded in 2024, after revenue grew marginally by 0.30 percent year-on-year.
- According to Juli’s financial statement for last year, the company generated N479.86 million as revenue between January and December of 2025, compared to the N478.40 million turnover posted in 2024.
- The company’s earnings was further impacted after production cost outstripped turnover, as it increased by 0.47 percent to N320.55 million in 2025, compared to the previous year’s N319.05 million.
- The poor topline performance was extended to the bottom line, as profit before tax depreciated by 41.60 percent to N20.77 million last year, compared to the N35.57 million notched up in 2024.
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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.
