For years, investing in Nigerian pharma stocks was a massive risk, and even the most optimistic and daring investors only tucked their money into firms like Fidson or May & Baker for modest dividends and relative safety during economic downturns. 2025 flipped the script.
It was a year defined by radical shifts in Nigeria’s industry policy and the exits of global giants. In 2024, multinationals such as GSK (GlaxoSmithKline) and Sanofi left the country, resulting in a multi-billion-naira supply gap for essential drugs, including antibiotics, painkillers, and asthma inhalers. A presidential executive order that zero-rated tariffs on Active Pharmaceutical Ingredients (APIs) also helped reduce production costs, handing local players the keys to high-margin growth.
Data reviewed by BusinessDay revealed that at least four of these drugmakers’ stocks returned an average of 180 percent to investors, outperforming the NGX All-Share Index (ASI) and tripling the wealth of those who placed their bets early.
Mecure Industries emerged as the biggest winner. The drugmaker saw its share price for the year surge by 369 percent YTD. Starting the year with N13.90, the stock executed a rally that closed at N65.20 on 30 December 2025. By scaling its production of beta-lactams and specialised drugs, MeCure’s revenue doubled from N30.2 billion in 2024 to N60 billion for the nine months ended September 2025, turning it from a niche player into a market heavyweight.
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This 369 percent appreciation means that an investor who staked N2.5 million in MeCure at the start of the year now holds a portfolio valued at roughly NGN 11.7 million, comfortably crossing the millionaire threshold through capital appreciation alone.
Fidson Healthcare, long considered the “blue-chip” of the sector, proved its mettle by delivering a 210 percent YTD return. Closing the final trading day of the year at N48, up from a January opening of N15.50, Fidson rewarded shareholders who ignored the noise of inflation to bet on domestic manufacturing capacity.
For many, the true windfall came from the synergy between share price growth and strategic capital raises, such as Fidson’s NGN 21 billion Rights Issue, which allowed existing shareholders to deepen their positions at a discount while the market price soared. With H1 profits soaring by nearly 300 percent, Fidson’s growth story was a masterclass in aggressive balance sheet management.
Neimeth International was the “sleeping giant” of the pharmaceutical sector. In 2025, that giant woke up. The stock ended the year at N6.40, a 179 percent rise from its starting point of N2.29. The rally was anchored by the operationalisation of the firm’s new Amawbia plant in Anambra State.
This plant increased production capacity and also allowed Neimeth to capture a significant portion of the antimalarial vacuum left by departing multinationals. If an investor bought 500,000 shares of Neimeth in January for roughly N1.1 million, the year ended with a portfolio worth over NGN 3.2 million.
May & Baker provided the sector’s most reliable “wealth compounder” story. Closing the year at N19, the stock yielded a 102 percent return. While it ranked 50th on the NGX, its contribution to millionaire-making was unique because of its consistency.
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The Lagos-based drugmaker utilised 2025 to launch seven new products, penetrating new therapeutic areas such as cardiometabolic care. For investors, the combination of a doubling share price and steady dividend yields made May & Baker the “safety net” that actually outperformed the broader market.
Even Morison Industries, which ranked 95th with a 28.4 percent gain, contributed to the sector’s overall narrative of recovery. Closing at N5.15, Morison proved that even the laggards of the pharmaceutical basket could provide better returns than traditional fixed-income accounts in a high-inflation year.
As the market enters 2026, the narrative is shifting. It is no longer a question of who can fill the gap, but who can sustain the output. The millionaires of 2025 were minted by identifying companies that converted the Presidential Executive Order on zero-tariffs into immediate factory-floor expansion. As these firms move toward backward integration—producing their own raw materials locally—the labs of Lagos are poised to remain the most profitable corner of the Nigerian investment landscape.