Fidson Healthcare Plc reported substantial earnings growth for the financial year ending 2025, building on the company’s improving results. Fidson’s full-year performance reflects stronger demand for locally manufactured medicines and operational discipline in an increasingly competitive pharmaceutical sector.
The company recorded a pre-tax profit of N13.8 billion, nearly doubling the N7.7 billion it posted in the previous year. This sharp increase in profitability underscores the firm’s ability to expand its core operations while managing costs, even as external economic headwinds persist.
Fidson’s revenue surged to N119.06 billion in 2025, up 41.42 percent from 2024. This sales growth was driven largely by robust demand for ethical pharmaceuticals, which accounted for the majority of earnings, alongside steady contributions from over-the-counter and consumer health products.
Sales momentum was evident throughout the year, though quarterly results showed a degree of slowing. In the fourth quarter, revenue contribution was N25.9 billion, down from N2.5 billion in the same period the year before. This suggests a deceleration in late-year sales compared with the strong full-year trend.
“Revenue for 2025 reached N119.06 billion,” the company’s financial filing stated, highlighting the mix of products and channels that supported growth. Fidson’s product portfolio remains centered on ethical drugs, which comprised about 65 percent of total sales, while over-the-counter and consumer healthcare items contributed significant supplementary revenue.
Cost pressures were significant as the company expanded its presence. The cost of goods sold rose to N69.9 billion, reflecting increased production and distribution activity. This was accompanied by a rise in administrative expenses to N13.5 billion and increased selling and distribution costs, indicating greater investment in expanding market reach and operational support.
The gross profit margin held up despite the rising cost base, with gross profit reaching N49.1 billion, a 40 percent year-on-year improvement. Other income, which includes gains like government grant amortization, added nearly N916 million, giving additional support to overall earnings.
Operating profit also improved to N20.8 billion, significantly higher than the prior year’s N13.13 billion. This demonstrates Fidson’s capacity to convert higher revenues into operating earnings, even with larger operating expenses. Finance costs, while notable at N7.1 billion, were partly offset by finance income, leaving a strong earnings base that translated into the N13.8 billion pre-tax result.
After accounting for income tax of N4.5 billion, the company’s post-tax profit stood at N9.3 billion. This represents a strong bottom-line result in an environment where many manufacturers face high input costs and foreign exchange volatility.
Fidson’s balance sheet remained resilient. Total assets climbed to N80.4 billion, supported by property, plant and equipment, inventories, and receivables. The company’s shareholder equity also strengthened, rising to N30.7 billion, with retained earnings contributing the bulk of this increase. Liabilities remained largely stable, reinforcing a solid financial footing for future growth initiatives.
Shares of Fidson have reflected this positive performance, gaining more than 37 percent year-to-date in 2026 and trading above N68 on the Nigerian Exchange. This share price performance points to growing market confidence in the company’s earnings trajectory and strategic direction.
“Fidson’s 2025 revenue climbed to N119.06 billion,” the company’s statement highlighted, underscoring the core role revenue expansion played in lifting profitability. The stronger balance sheet and improved earnings profile create a foundation for future strategic initiatives, including potential scale expansion or investment in manufacturing capabilities.
Analysts view Fidson’s results as part of a broader shift in Nigeria’s pharmaceutical landscape, where local manufacturers are increasingly capturing market share previously dominated by imports and multinational companies. This structural trend, combined with Fidson’s financial discipline, suggests the company may sustain growth if it continues to align product and channel strategies with evolving market demands.
