Lagos, Nigeria – 31 December 2025- MeCure Industries Plc (“MeCure “or the “Company “), a leading human therapeutic and pharmaceutical manufacturing company announced its FY 2025 Unaudited financial results for the period ended 31 December 2025.
| FY 2025 | FY 2024 | Change (y-o-y) | |
|---|---|---|---|
| ₦’Million | ₦’Million | % | |
Revenue |
77,693 |
46,027 |
69% |
Gross Profit |
26,508 |
14,784 |
79% |
Gross Profit Margin |
34% |
32% |
+200bps |
Operating Profit |
16,425 |
8,281 |
98% |
Operating Profit Margin |
21% |
18% |
+300bps |
Operating Expenses |
10,082 |
6,502 |
55% |
Profit Before Tax |
7,933 |
3,303 |
140% |
Profit Before Tax margin |
10% |
7% |
+300 bps |
Profit After Tax |
6,462 |
2,328 |
178% |
Earnings per Share (Naira) |
1.62 |
0.58 |
179% |
Return on Average Assets (ROAA) |
9.45% |
8.49% |
+96bps |
Return on Average Equity (ROAE) |
38.26% |
33.35% |
+501 bps |
| FY 2025 | FY 2024 | Change (y-o-y) | |
| Capital Expenditure | 10,053 | 14,292 | -30% |
| Total Assets | 81,958 | 54,837 | 49% |
| Total Liabilities | 62,136 | 40,878 | 52% |
| Total Equity | 19,821 | 13,959 | 42% |
Lagos, Nigeria – Despite a complex macroeconomic environment throughout 2025, marked by elevated but moderating inflation, ongoing foreign exchange reforms, and cautious monetary policy, MeCure Industries PLC delivered a robust performance in Nigeria’s pharmaceutical sector. The Company recorded ₦77.69 billion in revenue, representing a 69% year-on-year growth—a testament to strategic resilience and operational excellence.
Nigeria’s economy in 2025 showed signs of stabilization following structural policy reforms. Headline inflation, while still elevated compared with historical averages, moderated from prior highs to lower double-digit and low-20s territory over the year as monetary policy and exchange rate reforms took hold. This trend helped moderate price pressures on inputs and supported the broader business environment.
In this context, MeCure’s performance underscores the effectiveness of its strategic focus on local manufacturing capacity, supply chain diversification, and customer-centric growth. While input costs remained affected by inflationary pressures and foreign exchange adjustment, the Company leveraged periods of relative naira stability and improved supply conditions to optimize production capacity and reinforce its nationwide distribution network—enhancing access to quality healthcare products for Nigerian communities.
The operating period also experienced sustained cost pressures, including a 55% increase in marketing and administrative expenses and higher finance costs amounting to ₦8.49 billion, largely attributable to the extended tight monetary policy environment and elevated borrowing costs. Total borrowings increased to ₦55.31 billion, reflecting strategic investments in working capital, capacity expansion, and operational scaling to capture market opportunities and sustain growth.
Notably, the Company benefited from the Presidential Executive Order granting duty waivers on pharmaceutical inputs, which provided some relief against rising import costs and supported production cost management.
Despite these challenges, MeCure delivered a net operating profit of ₦16.42 billion, a 98% year-on-year increase, driven by improved operational efficiencies, disciplined cost control, and continued focus on high-margin product categories. Core therapeutic segments continued to demonstrate strong performance, supported by enhancements in supply chain efficiency and a steadfast commitment to local value creation.
MeCure Industries PLC unveiled 19 New pharmaceutical products in 2025
In 2025, MeCure Industries PLC achieved a major milestone with the approval and launch of 19 new pharmaceutical products, marking one of the most significant portfolio expansions in its history. The new additions span key therapeutic areas including cardiovascular care, hypertension management, diabetes treatment, anti-infectives, dermatology, allergy, and pain management. This expansion strengthens MeCure’s presence in chronic disease management—particularly in cardiovascular and metabolic care—while reinforcing its long-standing leadership in antibiotics. By manufacturing these essential medicines under cGMP and ISO 9001:2015 standards, the Company continues to enhance affordability, accessibility, and national pharmaceutical self-reliance.
The 19-product milestone underscores MeCure’s strategic focus on deepening therapeutic coverage, expanding prescription offerings, and supporting Nigeria’s healthcare system with high-quality, locally produced medicines—making 2025 a defining year in its growth and innovation journey.
Looking Ahead
As MeCure advances its transformation journey, key strategic priorities for the coming quarters include:
In thousands of naira |
FY 2025 |
FY 2024 |
|---|---|---|
Revenue |
77,693,465 |
46,026,565 |
Cost of sales |
(51,185,601) |
(31,242,430) |
Gross profit |
26,507,864 |
14,784,135 |
Marketing expenses |
(4,541,474) |
(2,405,978) |
Administrative expenses |
(5,708,177) |
(4,322,519) |
Other income |
167,070 |
225,727 |
Operating Profit |
16,425,283 |
8,281,366 |
Profit before Interest and tax |
16,425,283 |
8,281,366 |
Finance cost |
(8,492,773) |
(4,978,564) |
Profit before tax |
7,932,510 |
3,302,801 |
Income tax |
(1,469,918) |
(974,126) |
Profit after tax |
6,462,593 |
2,328,675 |
Dividend |
- |
600,000 |
Profit retained for the period |
6,462,593 |
1,728,675 |
Other comprehensive income for the period |
- |
- |
Profit for the period |
6,462,593 |
2,328,675 |
|
|
|
Basic and diluted earnings/(loss) per share (Naira) |
1.62 |
0.58 |
In thousands of naira |
FY 2025 |
FY 2024 |
|---|---|---|
Non-current assets |
|
|
Property, plant, and equipment |
40,644,875 |
36,279,345 |
Intangible assets |
- |
- |
R&D |
- |
|
Total non-current assets |
40,644,875 |
36,279,345 |
|
|
|
Current assets |
|
|
Inventories |
15,771,851 |
9,891,188 |
Trade and other receivables |
19,061,660 |
8,268,983 |
Cash and cash equivalents |
6,479,687 |
398,371 |
Total current assets |
41,313,198 |
18,558,542 |
Total assets |
81,958,073 |
54,837,886 |
|
|
|
Non-current liabilities |
|
|
Secured working Capital Loan |
12,874,154 |
5,101,612 |
Secured Long Term Loan |
14,686,766 |
21,105,539 |
Deferred tax liabilities |
1,855,253 |
1,598,590 |
Total non-current liabilities |
29,416,173 |
27,805,741 |
|
|
|
Current liabilities |
|
|
Trade and other payables |
2,294,558 |
1,087,686 |
Commercial Paper |
26,034,191 |
9,951,618 |
Bank Overdraft |
1,737,845 |
9,425 |
Current tax liabilities |
2,653,705 |
2,024,409 |
Total current liabilities |
32,720,299 |
13,073,137 |
Total liabilities |
62,136,473 |
40,878,879 |
|
|
|
Equity |
|
|
Share capital |
2,000,000 |
2,000,000 |
Retained profit |
17,821,600 |
11,959,007 |
Total equity |
19,821,600 |
13,959,007 |
Total equity and liabilities |
81,958,073 |
54,837,886 |
In thousands of naira |
FY 2025 |
FY 2024 |
|---|---|---|
Cash flows from operating activities |
|
|
Cash used in operations |
(1,846,145) |
4,395,966 |
Tax paid |
(583,958) |
(269,886) |
Prior Year Adjustment |
|
|
Net cash used in operating activities |
(2,430,102) |
4,126,080 |
|
|
|
Cash flows from investing activities |
|
|
Purchase of property, plant, and equipment |
(10,053,346) |
(14,291,627) |
Purchase of intangible assets |
- |
- |
Net cash used in investing activities |
(10,053,346) |
(14,291,627) |
|
|
|
Cash flows from financing activities |
|
|
Loan |
17,436,342 |
10,490,958 |
Bank overdraft |
1,728,419 |
(34,098) |
Dividend paid |
(600,000) |
(600,000) |
Net cash generated from financing activities |
18,564,761 |
9,856,860 |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
6,081,317 |
(308,688) |
Cash and cash equivalents at the beginning of the year |
398,371 |
707,060 |
Cash and cash equivalents at the end of the period 31 December 2025 |
6,479,687 |
398,371 |
About MeCure Industries PLC
MeCure Industries Plc (NGX: MECURE) MeCure Industries is a company principally in the business of manufacturing drugs in Nigeria under two categories namely pharmaceuticals and nutraceuticals. In the pursuit of its primary objective, it adopts the use of modern-day technology and expertise care in services to restore health and save lives through its diverse solutions. For over a decade, MeCure has developed a reputation for quality and is trusted by its stakeholders. Growth has been demonstrated through historical revenue and market share growth, backed by an experienced management team with over 150 years’ experience across multiple disciplines with a deep understanding of the pharmaceutical industry.
For more information visit https://www.mecure.com/
Certain statements in this document may constitute forward-looking information or forward-looking statements under applicable Canadian securities law (collectively “forward-looking statements”). Forward-looking statements are statements that relate to future events, including the Company’s future performance, opportunities, or business prospects. Any statements that express or involve discussions with respect to expectations, forecasts, assumptions, objectives, beliefs, projections, plans, guidance, predictions, future events or performance (often, but not always, identified by words such as “believes”, “seeks”, “anticipates”, “expects”, “continues”, “may”, “projects”, “estimates”, “forecasts”, “pending”, “intends”, “plans”, “could”, “might”, “should”, “will”, “would have” or similar words suggesting future outcomes) are not statements of historical fact and may be forward-looking statements.
By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements. Undue reliance should not be placed on these forward-looking statements because the Company cannot assure that the forward-looking statements will prove to be correct. As forward-looking information address future conditions and events, they could involve risks and uncertainties including, but are not limited to, risk with respect to general economic conditions, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating expenses, pricing and availability of financing and currency exchange rate fluctuations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.