• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Pharmadeko Plc has been hit hard by the codeine ban

Onome Ohwovoriole by Onome Ohwovoriole
May 7, 2019
in Business News, Company News, Markets, Stock Market
Pharma Deko Plc, Pharma Deko Plc records 1.16% increase in 2020 9M revenues

Pharma Deko Plc

Share on FacebookShare on TwitterShare on Linkedin

The abrupt ban on the sale of codeine-containing cough syrups by the Federal Government last year has hit some pharmaceutical firms hard.

Pharmadeko Plc, in its financial statements for the first quarter ended March 2019, recorded a N110 million loss, compared to N15.7 million profit in Q1 2018.

In the statement, the company indirectly attributed the poor results to the codeine ban.

RelatedStories

Corporate Actions

CORPORATE ACTIONS: Another Yhello Headache

May 26, 2019
investors on NSE, Stock to watch this week, Airtel Africa

MTN Nigeria gets a wildcard entry in this week’s watchlist

May 20, 2019

“The company posted a loss of N110 million due to working capital deficiency as company funds are tied down as a result of the temporary suspension placed on cough syrup containing codeine by the Federal government.”

As a result of the ban:

  • Finished goods valued at N120 million are tied down in the company’s warehouse.
  • Receivable of N72.3 million yet to be collected as the product can not be sold, in addition to finished goods on hold at the distributorship warehouse.
  • Materials worth over N60.4 million are tied down in the company’s warehouse.

The company, however, expressed some optimism that compensation from the Federal Government would be paid soon.

“We are however cautiously optimistic that the Federal Government would FULFIL the proposed compensation soonest.”

Why was codeine banned? The Federal Government took the step following a documentary by the British Broadcasting Service (BBC), which showed massive abuse of the drugs, and seemingly lax sale policies by some pharmaceutical companies in the country.

Prior to the ban, Pharmadeko Plc had been producing Parklin Cough Syrup, a product which in its FY 2018 results, it stated was its flagship.

The sad tales may continue: Second quarter results by the firm may also take the same pattern, seeing as no concrete plan was stated on how working capital would be raised. Waiting on the Federal Government for compensation is an unrealistic strategy, especially considering the the President yet to assent to the 2019 budget.

About the firm: The company was incorporated in 1967 as Parke-Davis and Co Limited. In 1980, its name was changed to Pharmadeko Limited, and then subsequently Pharmadeko Plc.

The company’s principal activities include the manufacturing, packaging and marketing of high quality pharmaceutical and consumer products. Popular brands produced include Sans Cream Soda and Brett Mouthwash.

Pharmadeko Plc closed at N1.50 in yesterday’s trading session on the Nigerian Stock Exchange (NSE).


Follow us for Breaking News and Market Intelligence.
Tags: Codeine syrup crisisPharmadekoQ1 2019 results
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Corporate Actions
Markets

CORPORATE ACTIONS: Another Yhello Headache

May 26, 2019
investors on NSE, Stock to watch this week, Airtel Africa
Markets

MTN Nigeria gets a wildcard entry in this week’s watchlist

May 20, 2019
Corporate Actions
Markets

CORPORATE ACTIONS: An Exit and a Yhello landing

May 19, 2019
Top 10 Nigerian stockbroking firms in October 2022
Business News

NSE falls sharply in the last trading session for April

April 30, 2019
FG drags Seplat to court over Breach of Immigration Act
Business News

Seplat reports 66.6% increase in PAT in Q1 2019

April 30, 2019
UBA Dividend 2018
Business News

UBA Plc’s profit after tax up by 20.6% in Q1 2019

April 23, 2019
Next Post
FGN Bonds, FG lists N296 billion savings bonds on NSE, Investment Alert: The FGN Savings Bond is now open for subscription

This is what you get if you buy the May 2019 FGN Savings Bond

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Climate change threatens global data centres, may cause billions in damages—Report  
  • Air Peace aircraft skids off runway after landing at Port Harcourt airport 
  • Weekly Market Wrap: Banks drive the Nigerian stock market to a 7-week winning streak as ASI jumps 4.26% 

Follow us on social media:

Recent News

Climate change threatens global data centres, may cause billions in damages—Report  

Climate change threatens global data centres, may cause billions in damages—Report  

July 13, 2025
Air Peace aircraft skids off runway after landing at Port Harcourt airport 

Air Peace aircraft skids off runway after landing at Port Harcourt airport 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics