May & Baker Nigeria Plc has emerged as the most profitable of the major listed pharmaceutical companies analysed in the first half of 2026, as stronger earnings growth and improved cost efficiency lifted its net profit margin.
An analysis of the H1 2026 financial results of five pharmaceutical companies, May & Baker, Fidson Healthcare Plc, Mecure Industries Plc, Neimeth International Pharmaceuticals Plc and Morrison Industries Plc, shows that cumulatively their profit margin rose to 10.2 percent in H1 from 9.11 percent reported in the same period of last year.
Net profit margin measures the proportion of revenue retained as profit after operating expenses, finance costs, taxes and other charges, making it a useful indicator of how efficiently companies convert sales into earnings.
The companies collectively generated N142.55 billion in revenue in the first half of 2026, compared with N122.32 billion in the corresponding period of 2025, representing a 16.5 percent increase.
More importantly, aggregate net income increased to N14.60 billion from N11.14 billion, a 31 percent rise. This pushed the combined net profit margin to 10.24 percent in H1 2026 from 9.11 percent a year earlier.
