Fidson Healthcare Plc, the Lagos-based pharmaceutical manufacturer founded by Nigerian industrialist Fidelis Ayebae, posted a 47.2 percent increase in net profit for the nine months ended Sept. 30, 2026, driven by higher revenue across its ethical and over-the-counter medication lines alongside reduced foreign exchange losses. The strong operational performance reinforced the drugmaker’s earnings momentum and expanded its equity base.

Profit surges on sales expansion, lower FX losses

The leading pharmaceutical company, headquartered in Lagos with manufacturing facilities in Ogun State, reported a profit after tax of N11.74 billion ($8.72 million) for the nine-month period, up from N7.97 billion ($5.92 million) recorded in the corresponding period of 2025, according to its unaudited financial statements. Pre-tax profit climbed 49.5 percent to N17.79 billion ($13.22 million) from N11.9 billion ($8.84 million) a year earlier.

The earnings growth was underpinned by a 21 percent rise in revenue, which advanced to N112.61 billion ($83.66 million) from N93.08 billion ($69.15 million) in the prior period. Gross profit increased to N48.94 billion ($36.35 million) despite cost of sales rising to N63.68 billion ($47.31 million) from N54.87 billion ($40.76 million). Profitability was further supported by a sharp drop in net exchange losses to N104.28 million from N4.16 billion, helping buffer operating margins against rising administrative and distribution expenses.

Ethical, OTC segments anchor revenue; exports surge

Ethical prescription medicines remained Fidson’s largest revenue generator. Sales from the segment grew to N69.19 billion ($51.4 million) from N61.14 billion ($45.42 million). Over-the-counter (OTC) products followed, rising to N35.05 billion ($26.04 million) from N27.82 billion ($20.67 million), while consumer healthcare products generated N6.39 billion ($4.75 million) compared with N3.76 billion ($2.8 million) a year earlier.

Geographically, the domestic Nigerian market accounted for the vast majority of turnover, delivering N110.63 billion ($82.18 million) up from N92.72 billion ($68.88 million). Cross-border export sales recorded significant traction, surging more than fivefold to N1.98 billion ($1.47 million) from N364.64 million in the prior-year period.

Balance sheet expands as equity and assets climb

Fidson Healthcare Plc remains one of West Africa’s premier pharmaceutical manufacturers, producing and distributing intravenous infusions, tablets, capsules, and syrups under World Health Organization current Good Manufacturing Practice (cGMP) standards. Founder and Chairman Fidelis Ayebae holds an aggregate direct and indirect interest of 30.83 percent, representing 924,937,061 shares, making him the company’s largest individual shareholder.

Following the operational performance and an increase in share premium from corporate actions, the company’s balance sheet strengthened considerably. Total assets expanded to N125.41 billion ($93.17 million) as of Sept. 30, 2026, from N80.29 billion ($59.64 million) at the close of 2025. Total equity nearly doubled to N60 billion ($44.58 million) from N30.2 billion ($22.43 million), while retained earnings advanced to N32.12 billion ($23.86 million) from N23.98 billion ($17.81 million), reflecting robust balance sheet growth.