Nigeria’s listed pharmaceutical companies have quietly delivered some of the strongest equity returns on the Nigerian Exchange this year, defying a broader market shaped by tight liquidity, high interest rates, and cautious investor sentiment.
While banks and telecoms continue to dominate headlines, select healthcare stocks have posted triple-digit gains, reflecting renewed investor confidence in earnings visibility, pricing power, and backward integration strategies across the sector. From aggressive re-ratings to steady compounding gains, pharma stocks have become one of 2025’s most rewarding corners of the equity market.
MeCure Industries leads with triple-digit rally
MeCure Industries stands out as the sector’s top performer in 2025, delivering a year-to-date return of 296 percent, one of the strongest rallies on the NGX this year.
The stock opened the year at N13.90 and now trades at N55, lifting its market capitalisation to N220 billion and placing it among the 40 most valuable companies on the exchange.
The sharp re-rating has pushed MeCure to 11th place on the NGX’s year-to-date performance table, reflecting investor appetite for companies with expanding product lines and improving margins.
The scale of the rally suggests that investors are pricing in stronger earnings momentum and longer-term growth prospects within Nigeria’s pharmaceutical value chain.
Fidson Healthcare rewards investors with a 177 percent gain
Fidson Healthcare has also delivered outsized returns, gaining 177 percent year-to-date after starting the year at N15.50 and climbing to N43.
The rally has lifted its market capitalisation to N98.7 billion, accounting for about 0.10 percent of total NGX equity value and ranking it 58th by market size.
Fidson’s performance places it 22nd among all listed stocks in 2025, underscoring growing investor confidence in established pharma manufacturers with strong domestic footprints. The stock’s rise reflects expectations that healthcare demand remains resilient, even as consumers face broader economic pressures.
Read also: Fidson leads as pharma stock gains over 100% in 9 months
Neimeth Pharma stages strong comeback
Neimeth International Pharmaceuticals has recorded a 169 percent year-to-date gain, one of the strongest rebounds in the sector. The stock has risen from N2.29 at the start of the year to N6.15, pushing its market capitalisation to N26.3 billion. Beyond its headline performance, Neimeth has also attracted short-term momentum traders.
The stock has gained 14 percent over the past four weeks alone, ranking among the top 25 performers on the NGX over that period. The rally suggests improving sentiment around the company’s operations and earnings outlook after years of subdued performance.
May & Baker delivers steady upside
May & Baker Nigeria has posted a solid, if less explosive, gain of 89.4 percent in 2025. The stock has climbed from N9.40 to N17.80, lifting its market capitalisation to N30.7 billion and placing it 74th on the NGX by value. The company’s performance reflects a more measured re-rating by investors, driven by stability rather than speculation.
While it trails the sector’s top gainers, May & Baker’s steady appreciation highlights continued interest in established pharmaceutical names with consistent market presence.
Morison Industries lags peers
Morison Industries has underperformed relative to its peers, gaining 17 percent year-to-date after rising from N4.01 to N4.69. Its market capitalisation stands at N4.64 billion, making it one of the smaller healthcare stocks on the exchange.
While positive, the modest return places Morison well behind the sector’s leaders and reflects a more cautious investor view of its growth prospects compared with larger or more diversified rivals.
The performance of these drugmakers’ stocks in 2025 points to a sector regaining relevance in equity portfolios. With rising healthcare demand, local manufacturing incentives, and improving pricing dynamics, investors appear increasingly willing to back companies that can convert operational progress into earnings growth.