At a Glance
- Listed pharmacy and drug firms surpass $1 billion valuations amid rising healthcare demand.
- South African and Moroccan players dominate Africa’s most valuable pharmaceutical stocks.
- Diversified manufacturing, retail scale and exports underpin resilient earnings and investor appeal.
Africa’s pharmaceutical industry is producing a small but growing group of billion-dollar listed companies as healthcare demand rises across the continent.
Population growth, urbanisation and wider insurance coverage are pushing steady demand for medicines, pharmacy services and hospital supplies.
While Africa still imports a large share of its drugs, a handful of pharmacy-led retailers and drug manufacturers have built the scale, balance-sheet strength and market trust needed to cross the $1 billion valuation mark.
These firms sit at the intersection of healthcare delivery, drug manufacturing and retail distribution, making them defensive investments in volatile markets.
From South Africa’s vertically integrated pharmacy chains to Morocco’s fast-growing drugmakers, these companies are reshaping access to medicines while delivering consistent returns to investors.
Many have diversified across branded generics, chronic therapies and hospital supply chains, helping to smooth earnings through economic cycles.
Several have also expanded exports across Africa and into Europe, positioning themselves as regional manufacturing hubs.
Strong cash flows and disciplined expansion strategies continue to attract long-term capital.
These 5 listed pharmaceutical firms profiled by Shore Africa stand at the forefront of Africa’s healthcare transformation, with market valuation well above the $1 billion mark.
1. Clicks Group
Market Cap.: $5.03 billion
Country: South Africa Clicks is Africa’s largest retail pharmacy operator, with over 990 stores and about 780 pharmacies nationwide. Clicks dominates South Africa’s pharmacy retail market through its nationwide footprint and integrated wholesale operations. Its consumer-health focus, steady cash generation, and defensive earnings profile have made it one of the most valuable healthcare stocks on the JSE. Clicks Group Ltd is currently the 37th most valuable stock on the JSE with a market capitalization of R82.2 billion ($5.03 billion), which makes about 0.34 percent of the Johannesburg Stock Exchange equity market.
2. Aspen Pharmacare
Market Cap.: $3.17 billion
Country: South Africa
Aspen is Africa’s largest pharmaceutical manufacturer, with a strong presence in sterile injectables, vaccines, and chronic therapies. Its aggressive push into local manufacturing aligns with continental self-sufficiency goals and underpins its long-term export-led growth strategy. Aspen Pharmacare Holdings is currently the 49th most valuable stock on the JSE with a market capitalization of R51.7 billion ($3.17 billion), which makes about 0.216 percent of the Johannesburg Stock Exchange equity market.
3. Dis-Chem Pharmacies
Market Cap.: $1.87 billion
Country: South Africa
Dis-Chem operates more than 300 pharmacy stores, Dis-Chem blends pharmacy retail with private-label healthcare products and wholesale distribution. Its scale, loyalty-driven sales model, and expansion into primary healthcare services support resilient revenue growth. Dis-Chem Pharmacies Limited is currently the 65th most valuable stock on the JSE with a market capitalization of R30.5 billion ($1.87 billion), which makes about 0.127 percent of the Johannesburg Stock Exchange equity market.
4. Akdital
Market Cap.: $1.87 billion
Country: Morocco
Akdital is a public company, listed on Casablanca Stock Exchange in December 2022. It operates within companies that manufacture health care supplies or provide health care-related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organizations. Akdital is based in Casablanca, Morocco and was established in August 2016. Akdital is currently the 12th most valuable stock on the Casablanca bourse with a market capitalization of MAD17.22 billion ($1.87 billion).
5. Sothema
Market Cap.: $1.47 billion
Country: Morocco
Societe de Therapeutique Marocaine SA (Sothema), a public company, listed on Casablanca Stock Exchange since February 2005, operates within the pharmaceuticals, biotechnology & life sciences sector focusing on pharmaceuticals. Sothema is a leading Moroccan drugmaker with strength in oncology, antibiotics, and injectables. Its expanding production capacity and export reach across Francophone Africa position it as a key North African pharmaceutical hub. Sothema is currently the 14th most valuable stock on the Casablanca bourse with a market capitalization of MAD13.46 billion ($1.47 billion).
