Pharma Stocks: Hard Look at Fidson, May&Baker, Neimeth and Mecure in 2026
In Nigeria, healthcare, especially pharmaceuticals, remains one of the few non-negotiable sectors. Pharmaceuticals are not discretionary purchases that rise and fall with consumer sentiment; they are consumed across economic cycles.
Antimalarials, antibiotics, and chronic-care medications are bought in booms and recessions alike. This reality creates a structural demand advantage for listed pharmaceutical companies and positions the sector as a defensive yet growth-oriented play on the Nigerian Exchange (NGX) heading into 2026.
Against this backdrop, investors are increasingly paying attention to Fidson, May & Baker, Neimeth, and MeCure. These companies offer varying combinations of scale, growth momentum, profitability, and balance-sheet strength, allowing investors to align exposure with their risk appetite.
Together, these stocks reflect a sector anchored by inelastic demand, expanding local production, and improving financial performance.
For 2026, the pharmaceutical sector on the NGX is less about speculation and more about fundamentals: real products, real consumption, and real cash flows. In a market where every Nigerian eventually needs actual drugs, pharmaceutical equities remain a compelling place for long-term capital.
1 Fidson
Fidson remains the bellwether of the NGX pharmaceutical cohort. Over 2024–2025, the company posted robust growth: revenue climbed from about N53.1 billion to N84.2 billion, while net profit jumped -60%, underpinned by operational efficiency and strong manufacturing capacity.
Earnings per share expanded materially, and dividends were increased. Its WHO-compliant facility and extensive distribution network underpin competitive advantage.
In the market, Fidson’s stock has led returns, outpacing both its sector peers and the broader NGX All-Share Index, delivering YTD gains north of 150% in 2025.
Value proposition (2026):
Scale & Dominance: largest listed drug maker with diversified product mix.
Profitability: highest net profitability and consistent dividends.
Risk profile: moderate leverage and strong balance sheet relative to peers.
Recommendation: Core long-term holding for investors seeking growth backed by real earnings, the closest proxy on NGX to a Nigerian healthcare franchise. Leader in scale, profit, and returns.
2 May & Baker
May & Baker is a familiar brand with solid fundamentals. In 2025, the stock delivered strong equity returns (-80% YTD), buoyed by improved sales and expanded asset base.
Revenue for its nine months to September 2025 reached roughly N29.5 billion, while pre-tax profit nearly doubled year-on-year, reflecting resilient demand and improving margins.
Unlike Fidson’s sheer scale, May & Baker appeals through operational efficiency, stable profitability, and track record as an established local manufacturer offering a mix of prescription, vaccine, and consumer products.
Value proposition (2026):
Steady growth: consistent top-line and earnings progression.
Income feel: profitable business with growing retained earnings.
Risk factors: smaller scale than Fidson; stock performance can lag in broad rallies.
Recommendation: Reliable complement to a large-cap position, attractive for investors balancing growth with stability with established mid-tier performer.
3 Neimeth
Neimeth’s 2025 performance has been noteworthy in equity returns (-130% plus YTD), largely driven by investor re-rating, improved revenue, and strategic capital moves. Revenue grew substantially year-on-year, though profitability remains modest compared with its larger peers, reflecting elevated finance costs and smaller operational scale.
Value proposition (2026):
Growth recognition: Market pricing reflects expectations of profitability turnaround.
Diversification: OTC and niche product segments cushion revenue flows.
Risk factors: net profits remain thin relative to peers; leveraged balance sheet.
Recommendation: Speculative value play, which is good for investors willing to ride potential, re-rating alongside earnings stabilisation with value plus turnaround potential.
4 MeCure
MeCure stands apart as the fastest revenue grower in the group. In 2025, revenue nearly doubled year-on-year (-99%), and profit expanded sharply (-186%), reflecting strong demand in acute and OTC product lines. MeCure’s pre-tax profitability jumped to over N13 billion for nine months, though dividends remain modest and capital structure carries higher debt levels relative to equity.
Value proposition (2026):
Growth momentum: standout top-line acceleration, rare among NGX stocks.
Earnings leverage: operating margin expansion alongside sales scaling.
Risk factors: higher leverage means margins sensitive to costs and finance charges. Also, with rapid growth and higher volatility.
Recommendation: Growth-oriented pick with higher risk/reward, which is suitable for investors focused on outperformance rather than income.
Sector Outlook
Pharmaceutical demand in Nigeria isn’t a fad – it’s fundamental. Demographic dynamics, rising chronic disease prevalence, and ongoing public health needs ensure that pharmaceuticals remain core consumption goods. This secular demand supports both revenues and margins for producers with local manufacturing footprints.
Even in inflationary or currency-volatile environments, consumers still buy medicines; this defensive trait differentiates pharmaceutical stocks from cyclical plays in consumer discretionary or industrial.
In a market where every Nigerian eventually needs actual drugs, not motivations, careful allocators would do well to overweight quality pharmaceutical equities while balancing risk exposure.
Meanwhile, the year 2026 will reward earnings, execution, and demand certainty, not optimism without metrics. # Pharma Stocks: Hard Look at Fidson, May&Baker, Neimeth and Mecure in 2026#
21 Insurance Companies Account for 1% of NGX Capitalisation
