May & Baker Leads Pharma Sector in Profit Margins

In the first half of 2026, Nigeria’s major listed pharmaceutical companies demonstrated strong financial resilience, driven by rising revenue and improved cost efficiencies.

A comparative analysis of five key players, May & Baker Nigeria Plc, Fidson Healthcare Plc, Mecure Industries Plc, Neimeth International Pharmaceuticals Plc, and Morrison Industries Plc revealed a combined revenue growth of 16.5%, reaching N142.55 billion compared to N122.32 billion in H1 2025.

More significantly, the sector's aggregate net income surged by 31% to N14.60 billion, up from N11.14 billion the previous year. This performance lifted the industry's cumulative net profit margin from 9.11% to 10.24%, highlighting how effectively these firms converted top-line revenue into bottom-line earnings rather than relying solely on price hikes.

May & Baker emerged as the standout performer and most profitable company in the cohort. Despite its revenue remaining virtually flat at N19.28 billion, the firm recorded a impressive 46% jump in net profit, climbing from N2.19 billion in H1 2025 to N3.20 billion in H1 2026.

This sharp increase underscores May & Baker's superior operational efficiency and robust profit margins relative to its peers.