• Tuesday, June 18, 2024
businessday logo

BusinessDay

Nigerian drugmakers see 58% revenue rise as prices soar

Nigerian drugmakers see 58% revenue rise as prices soar

The combined revenue of three listed pharmaceutical companies in Nigeria rose by 58 percent within a year amid the surging prices of drugs.

The latest financial statements of Fidson Healthcare Plc, May & Baker Nigeria Plc, and MeCure Industries Plc show that their total revenue grew to N33.4 billion in the first quarter of 2024 from N21.13 billion in the same period of last year.

Further analysis shows that Fidson, May & Baker, and MeCure recorded 65.6 percent, 51.4 percent, and 47.2 percent revenue growth respectively.

Read also: Pharmaconex: Gateway to collaboration, growth in West African pharmaceutical manufacturing

In terms of value, Fidson recorded the largest revenue which stood at N18.88 billion in Q1 followed by MeCure (N8.08 billion) and May & Baker (N6.42 billion).

 

Analysis of individual firms

Fidson Healthcare

Fidson Healthcare’s revenue surged to N18.88 billion in the first quarter of 2024 from N11.4 billion in the first quarter of 2023.

Revenue was obtained from the sale of ethical products which stood at N12.2 billion, the sale of Over-the-counter products which amounted to N6.3 billion, and Consumer Healthcare Products which amounted to N364.9 million in the first quarter of 2024.

The firm’s input cost increased to N11.2 billion from N6.5 billion. After-tax profit dropped to N1.04 billion from N1.36 billion.

Fidson Healthcare Limited manufactures and sells pharmaceutical and nutraceutical products in Nigeria including over-the-counter, ethical, and consumer products.

The company produces various drug classes for antacid and ulcer care, anti-diabetic,anti-malaria,anti-diarrhea,anti-psychotic as well as osteo-care, pain relief, colds and flu, thrombo-prophylactics, and cardio-vascular products.

Read also: “We offer trading opportunities, technologies to enhance West Africa’s pharmaceutical manufacturing”

MeCure Industries

MeCure Industries’ revenue increased to N8.08 billion in the first quarter of 2024 from N5.49 billion in the first quarter of 2023

All revenue was generated from sales of finished products within Nigeria.

The firm’s profit grew to N641.5 million from N398.8 million. Input cost increased to N5.41 billion from N3.6 billion.

MeCure Industries incorporated in Nigeria in 2005 and re-registered as a public limited company in 2022, is at the forefront of pharmaceutical manufacturing and distribution in the region. Operating from its base in Lagos, the company’s facility at the Debo Industrial Compound signifies its commitment to healthcare innovation.

May & Baker Nigeria

May & Baker’s revenue increased to N6.42 billion in the first quarter of 2024 from N4.24 billion in the first quarter of 2023.

Revenue was obtained from sales of pharmaceuticals which stood at N6.39 billion and beverage sales stood at N34.8 million.

The firm’s input cost increased to N4.09 billion from N3.1 billion. After-tax profit jumped to N655.4 million from N284.4 million.

May & Baker Nigeria manufactures and markets a range of pharmaceuticals, vaccines, medical diagnostics, foods, and consumer healthcare products in Nigeria. Pharmaceutical products include anti-diabetics, anti-infectives, anti-malaria, analgesics, cough & cold treatments, multivitamins, and anxiolytics.