Prime Business Africa
The pharmaceutical industry generated over N142.54 billion in revenue between the first quarter (Q1) and the second quarter (Q2) of 2026, surpassing the N122.32 billion turnover recorded in the first half (H1) of 2025.
According to Prime Business Africa’s (PBA) analysis of the industry’s revenue, which is based on the turnover of the companies listed on the Nigerian Exchange (NGX), the turnover increased by 0.23 percent year-on-year, and it was driven by Neimeth, Morison and MeCure.
Join our WhatsApp ChannelThe industry, according to the financial statements of the five drugmakers on the NGX, incurred N0.23 billion to manufacture its products between January and June of this year, compared to the N0.23 billion expended on cost of sales during the corresponding period in 2025, representing a 0.23 percent.
Prime Business Africa’s analysis excludes Juli Plc, as the analysis focuses on only the manufacturers in the industry.
Best Performing Pharmaceutical Companies On NGX
Neimeth International
Neimeth was the best performing pharmaceutical company in the first six months of 2026, after the company’s revenue grew by 25.94 billion, soaring from N2.90 billion in H1 of this year to N3.66 billion in the same period in 2025.
- However, the drugmaker was unable to curb cost of sales, as it grew faster than turnover, rising by 38.71 percent to N1.84 billion during the period under review, exceeding the N1.32 billion incurred in the first half of last year.
- This impacted Neimeth’s profit before tax (PBT), which grew slowly by 3.11 percent — despite a double-digit growth in the topline — to N226.45 million in the first half of 2026, compared to the N219.63 million achieved in H1 2025.
Morison Industries
With a 21.42 percent growth in its topline, Morison Industries was ranked as the second best-performing pharmaceutical company, as it’s turnover reached N274.08 million in the first six months of this year, up from N225.73 million in H1 of the previous year.
- The company’s cost of sales increase also outstripped revenue, following a 25.45 percent jump in the former, which gulped N177.78 million between January and June 2026, above the N141.71 million expended in the same period in 2025.
- As a result, Morison suffered a N10.27 million loss before tax during the period under review, surpassing the N4.32 million loss recorded between the first quarter and the second quarter of the year before by 137.43 percent.
MeCure Industries
MeCure Industries saw a 20.35 percent year-on-year growth in its revenue in the first half of 2026, making the company the third best-performing drugmaker in the industry, with revenue rising from N37.26 billion to N44.84 billion.
- The manufacturer managed to keep its cost of sales below revenue, as the former surged to N29.47 billion in H1 2026, above the N24.64 billion incurred by MeCure in H1 2025, representing a 19.62 percent.
- This bolstered MeCure’s pretax profit by 27.40 percent to N4.97 billion in the first half of this year, exceeding the N3.90 billion reached during the corresponding period of the previous year.
Fidson Healthcare
The fourth best-performing manufacturer in the pharmaceutical industry in H1 2026 was Fidson Healthcare with 18.90 percent growth in revenue, which increased to N74.48 billion, overshadowing the N62.64 billion in H1 2025.
- Fidson generated the turnover after expending N42.45 billion on cost of sales of its products between January and June 2026, compared to the N36.93 billion expended by the manufacturer in the same period the year before.
- Despite the company’s cost of sales rising by 14.93 percent, Fidson managed to squeeze out a 30.11 percent growth in its pretax profit, achieving N11.69 billion in the first half of this year, compared to the N8.99 billion PBT earned in 2025.
May & Baker
May & Baker was the only company to record a decline in its revenue, which dropped by 0.02 percent year-on-year — from N19.283 billion to N19.280 billion — making the drugmaker the worse performing firm among its peers.
- However, the company offset the turnover decline with a 7.98 percent cut in cost of sales, after expending N11.60 billion in H1 2026, compared to the N12.61 billion incurred in the same period in 2025.
- This contributed to May & Baker’s profit before tax rising by 50.84 percent to N4.84 billion in the first half of 2026, exceeding the N3.21 billion recorded between the first quarter and the second quarter of the year before.
Market Share Of Pharmaceutical Companies In H1 2026 — By Revenue
According to analysis of the industry by Prime Business Africa, four companies: Fidson Healthcare, MeCure, Neimeth and Morison, increased their market share, while only May & Baker recorded a decline.
Fidson closed the first half of 2026 as the market leader, accounting for the highest market share of 52.25 percent, expanding its grip over the industry from the 51.21 percent held in the corresponding period in 2025 — due to the 18.90 percent year-on-year growth in its revenue.
MeCure Industries held the second highest market share in the sector, accounting for 31.46 percent at the end of June, thanks to the 20.35 percent year-on-year growth in turnover, which raised the market share from the 30.46 percent held in H1 2025.
May & Baker retained its third position on the list despite recording a 0.02 percent decline in its revenue, which pushed down the company’s market share from 15.76 percent in H1 2025 to 13.53 percent in H1 2026.
Neimeth International, with a 25.94 percent year-on-year increase in its topline, was able to grow its footprint in the pharmaceutical industry, as the drugmaker’s market share soared to 2.57 percent in the first half of this year, compared to the 2.38 percent in the same period in 2025.
Morison Industries was able to increase its market share from 0.18 percent held in H1 2025 to 0.19 percent in the same period this year, after the company’s revenue grew by 21.42 percent year-on-year.
Meanwhile, Mecure, Fidson led the list of the five largest pharmaceutical companies In Nigeria between January 2, 2025, and February 20, 2026.
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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.
