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Key Points
- Fidson Healthcare's profit rose by nearly 40%, reaching N5.05 billion ($3.41 million) in 2024, driven by higher demand for ethical products.
- Revenue surged 58.7% to N84.19 billion ($56.84 million), boosted by strong sales of ethical drugs and OTC products.
- Fidson plans a $100 million investment in a new production facility, aiming to enhance Nigeria’s healthcare self-sufficiency, especially in HIV treatment.
Fidson Healthcare Plc, the Lagos-based pharmaceutical manufacturer founded by Nigerian pharmaceutical mogul Fidelis Ayebae, closed its 2024 fiscal year with strong financial results, driven by higher demand for ethical products, including infusions, capsules, and tablets.
According to its latest unaudited report, Fidson’s profit jumped by nearly 40 percent, from N3.61 billion ($2.44 million) in 2023 to N5.05 billion ($3.41 million) in 2024, solidifying its role as a key player in Nigeria's pharmaceutical sector.
Revenue jumps 58.7% on drug sales
This was fueled by a 58.7 percent increase in revenue, which surged from N53.05 billion ($35.82 million) to N84.19 billion ($56.84 million), with a significant boost in sales of ethical drugs.
Revenue from ethical products rose sharply to N55 billion ($37.14 million) from N32.59 billion ($22 million), while over-the-counter (OTC) drug sales grew to N26.38 billion ($17.81 million) from N15.88 billion ($10.72 million).
Fidson's $100 million push for healthcare
Founded in 1995 by Fidelis Ayebae, Fidson has grown to become one of Nigeria’s top pharmaceutical companies, with Ayebae holding a 33.1 percent stake, equivalent to 757.99 million shares. This makes him one of the largest investors on the Nigerian Exchange (NGX).
Under Ayebae, Fidson made history in 2005 as the first in the region to produce antiretroviral (ARV) drugs. In 2024, the company revealed plans to invest nearly $100 million in a new, state-of-the-art production facility in the Lekki Free Trade Zone to help strengthen Nigeria’s self-sufficiency in healthcare, particularly in the fight against the country’s ongoing HIV crisis.
Fidson’s assets surge by 18 percent
At the close of its 2024 fiscal year, Fidson’s total assets climbed from N61.99 billion ($41.85 million) at the end of 2023 to N73.3 billion ($49.49 million) by Dec. 31, 2024.
Total equity also increased to N22.99 billion ($15.52 million), positioning Fidson for continued success in Nigeria’s competitive pharmaceutical market.
