Nigeria’s pharmaceutical sector has emerged as a bright spot, outperforming the Nigerian Exchange amid volatile market conditions.
Notably, Fidson Healthcare led the rally, climbing 181 percent to ₦43.50 by mid-October, attracting strong investor interest.
Pharmaceutical Leads Market Rally
Meanwhile, Neimeth International gained 162%, Mecure Industries rose 104%, and May & Baker advanced 84% this year.
In comparison, the NGX All-Share Index grew about 43%, showing pharmaceutical stocks significantly outpaced the broader market.
Strong Earnings Drive Growth
Furthermore, Fidson increased its revenue by 68% to ₦62.6 billion, while its profit after tax nearly quadrupled to ₦6.02 billion.
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Similarly, Neimeth expanded its turnover to ₦2.91 billion, reflecting strong operational performance and growing investor confidence.
In addition, May & Baker grew first-half revenue to ₦19.3 billion, and net profit rose to ₦2.19 billion in 2025.
Meanwhile, Mecure Industries, listed in November 2023, recorded ₦37.3 billion in revenue and ₦2.7 billion in profit after tax.
Policy Support Strengthens Local Production
Moreover, government policies, including import duty waivers, encouraged local production and strengthened the industry’s competitive position.
Consequently, stricter regulation of imported medicines enabled domestic manufacturers to scale output, boosting investor confidence in pharmaceutical stocks.
However, analysts caution that rising costs and currency fluctuations could slow the sector’s rapid growth in the near term.
Despite these risks, Nigeria’s pharmaceutical industry continues to shine, combining growth potential with defensive characteristics.
