BusinessDay

Drug makers shine as revenue rises by 37% in q1

Nigeria’s largest publicly listed pharmaceutical companies have recorded a significant boost in profits and revenues as an increase in the demand for prescription drugs and other medical interventions led to a 37 percent jump in revenue, according to findings by BusinessDay.

These healthcare firms include Fidson, GlaxoSmithKline, May & Baker, Morison industries, Pharma-deko and Neimeth.

According to the financials filed at Nigerian Exchange Limited (NGX) for the period ended March 2022, the quoted healthcare companies collectively raked in N22.62billion, a 37 percent increase from N14.23 billion in March 2021.

Fidson

Fidson grew its revenue to N10.24 billion in March 2022, a 61 percent increase coming from N6.35 billion in March 2021.

The increase in revenue was obtained from sales of goods – ethical, over-the-counter, and consumer healthcare products which stood at N6.96 billion(68%), N3.07 billion(30%) and N213.3 million(2%) respectively.

Revenue from Ethical products stood at N6.96 billion in March 2022, a 76 percent increase coming from N3.95 billion in March 2021.

The company’s over-the-counter product stood at N3.07 billion in March 2022, a 30 percent increase from N2.36 billion in March 2021.

Fidson consumer healthcare products surged to N213.3 million from N33.2 million in the previous year.

GlaxoSmithKline

GlaxoSmithKline’s revenue raked in N7.36 billion in the three months ended March 2022, a 112 percent increase from N3.46 billion in the same period of 2021.

BusinessDay analysis reveals the revenue was obtained from consumer healthcare and pharmaceuticals which recorded N2.23 billion and N5.13 billion respectively in March 2022.

The company’s profit increased to N194.3 million in March 2022 from a loss of N238.06 million in March 2021.

May & baker

May & Baker’s revenue stood at N3.34 billion in March 2022, a 23.7 percent increase from N2.70 billion in March 2021.

Read also: Nigeria’s largest drug makers profit rises by 76% in 2021 on rising sales

BusinessDay analysis reveals the revenue was obtained from pharmaceuticals, and beverages which contributed N3.33 billion and N6.5 million in March 2022.

Profit dropped 21 percent to N194.8 million in March 2022 from N247.4 million in March 2021.

Morison industries

Morison industries grew its revenue by 91 percent to reach N55.5 million from N29.1 million.

Analysis by BusinessDay showed revenue was obtained from pharmaceuticals, LMP- consumers, and others/contracts which contributed N1.22 million, N39.2 million and N15.1 million in March 2022.

The company recorded a profit of N12.8 million from an N20 million year-on-year loss in the period under review.

Pharma-deko

Pharma-deko’s revenue climbed 1.2 percent to N152.4 million from N150.5 million in the three months ended March 2021.

BusinessDay analysis of Pharma-deko business segment showed pharma recorded 45.4 million while consumer recorded N107 million in March 2022.

The company recorded a year-on-year loss of N37 million from N6.5 million.

Pharma-deko’s cost of sales surged to N122.8 million from N111 million in the period under review.

Few Odds

Neimeth

Neimeth’s turnover stood at N985.2 million, a 23 percent decrease from N1.28 billion in March 2021.

The company has two reportable business segments which are pharmaceutical and animal health which contributed N954.5 million, and N30.7 million respectively.

The company’s loss for the year from continued operation stood at N209 million from a gain of N28.3 million.

Neimeth saw a 24 percent drop in its cost of sales to N559.5 million from N741.2 million in the period under review.

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