Healthcare companies listed on the Nigerian Exchange closed the last trading day of 2025 with a cumulative market capitalization of N466.73 billion.
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This is an impressive 220.9% increase from their combined N145.4 billion in 2024, showing strong growth in value on the exchange.
Collectively, these companies accounted for 0.47% of the total Nigerian Exchange market, which, as tracked by the All-Share Index, was valued at N99.38 trillion.
The surge in value was fueled by the exceptional performance of these companies, and in 2025, four pharmaceutical firms delivered returns exceeding 100%, closing the year firmly in the green.
One major reason for this strong performance seems to be higher sales of pharmaceutical products, which helped companies that reported nine-month or full-year results post healthier profits in 2025.
Below are the largest health companies on the NGX, covering pharmaceuticals and healthcare services, based on their market capitalization on the last trading day of 2025.
Pharma-Deko (N396.7 million)
Pharma-Deko Plc ranks ninth with a market capitalization of N396.7 million as of the last trading day of 2025.
Compared to 2024, when its market cap was also N396.7 million, this shows no growth, reflecting the stalled price movement throughout 2025.
- The company’s shares have not traded since July 2023, following a suspension due to its failure to file financial statements for the year ended 31 December 2022.
Since then, its shares have remained frozen at N1.83 per share, which, when multiplied by the 216.8 million shares outstanding, results in the current market capitalization of N396.7 million.
Juli (N1.61 billion)
Juli Plc ranks eighth with a market capitalization of N1.61 billion, down from N2.05 billion in 2024. The company remained above N1 billion value despite a share price decline that started in the second half of 2025, after a flat first half.
- In the second half, shares fell 21.75%, dropping from above N10 to N8.05, yielding a similar year-to-date performance.
This is in contrast with 2024, when shares surged 1,645.76% year-to-date, contributing to the higher market capitalization that year.
- Sales in 2025 rose slightly to N479.8 million from N478.4 million, with pharmaceutical products making up 93.4% of revenue, while high costs of N320.5 million kept gross profit at N159.3 million, roughly the same as the previous year.
In early 2026, market capitalization has declined, falling to N1.4 billion and reflecting a share price decline of over 9% so far this year
Ekocorp (N2.89 billion)
Ekocorp Plc ranks seventh on the list with a market capitalization of N2.89 billion as of the last trading day of 2025.
This is unchanged from 2024, reflecting a stalled share price and no trading activity throughout the year.
- The company’s shares have been suspended since July 2022 by the NGX due to its failure to file audited financial statements for the year ended 31 December 2021.
Since then, the share price has remained frozen at N5.80, leaving the market capitalization stagnant at N2.89 billion.
Morison Industries (N5.09 billion)
Morison Industries Plc ranks sixth with a market capitalization of N5.09 billion, based on a share price of N5.15 as of the last trading day of 2025. This is up from N3.9 billion in 2024, driven by share price appreciation on the NGX.
Much of the 2025 gain came in December, when the stock jumped 59.94% month-to-date. However, first-half declines limited the full-year return to 28.43%.
Bullish sentiment was likely supported by a rebound in earnings, as the company moved from a pre-tax loss of N76.9 million to a pre-tax profit of N54.4 million. Revenue grew to N513.7 million from N287.1 million, as pharmaceutical sales surged 111.32% to N21.8 million.
In early 2026, momentum has strengthened further, with market capitalization climbing over N15 billion following a 134.37% year-to-date gain.
Industrial & Medical Gases (N23.39 billion)
Industrial & Medical Gases ranks fifth with a market capitalization of N23.39 billion, based on a share price of N32.00 as of the last trading day of 2025.
The stock slipped 1.71% over the year, as a second-half drop of 4.19% was partly offset by gains in the first half.
In 2025, the company posted revenue of N8.3 billion, while pre-tax profit fell to N1.4 billion.
So far in 2026, the company’s market value has risen to N27.4 billion, reflecting a 17.2% year-to-date increase on the Nigerian Exchange.
Neimeth International Pharmaceuticals (N24.7 billion)
Neimeth International Pharmaceuticals Plc ranked fourth, closing 2025 with a market capitalization of N24.7 billion, up from N9.7 billion in 2024.
The increase followed a 153.28% share price gain in 2025, with the stock rising from around N2 to N5.35.
- Its strong full-year financials were likely responsible for the increase, as revenue grew to N7.3 billion from N4.4 billion, driven largely by pharmaceutical sales, which accounted for 97.45% of total revenue.
- The company reported a pre-tax profit of N1.4 billion, compared with a loss of N854.4 million in the previous year.
In early 2026, its market capitalization expanded further to N56.4 billion.
May & Baker Nigeria (N32.7 billion)
May & Baker Nigeria Plc holds the third spot with a market value of N32.7 billion at the end of 2025, up from N16.2 billion in 2024.
The increase in market cap was driven by share price appreciation, as its stock more than doubled from around N9 to N19, with most of the gain coming in the second quarter.
The share price surge was likely backed by positive market sentiment from the company’s strong financial performance.
- Sales hit N38.2 billion in 2025, mostly from pharmaceutical products, and profit before tax jumped to N6.55 billion from N2.57 billion the year before.
This momentum has continued into 2026, lifting the market value to N72.97 billion and the share price to N42.30, marking a strong start to the year.
Fidson Healthcare Plc (N114.9 billion)
Fidson Healthcare Plc ranks second on the list with a market capitalization of N114.9 billion at the end of 2025, up from N35.5 billion at the close of 2024. The increase in market value was driven by strong share price performance on the NGX.
In 2025, the company’s shares soared 231.5%, rising from around N15 to N50.10, with most of the gain occurring in the second quarter when the stock jumped 143.8%.
- The surge was likely supported by solid financial results, with FY2025 sales up 41.4% to N119 billion, led by ethical pharmaceutical products, which accounted for 65.4% of total sales.
- Profit before tax nearly doubled to N13.8 billion from N7.7 billion in 2024.
This momentum has continued into 2026, lifting the market cap to N179 billion and the share price to N73 — reflecting an early-year gain of over 45%.
Mecure Industries Plc (N260.8 billion)
Mecure Industries Plc holds the top spot with a market capitalization of N260.8 billion at the end of 2025, up from N55.6 billion at the close of 2024. The increase in market value was driven by strong share price gains on the NGX.
In 2025, the company’s shares surged 369%, rising from around N13 to N65.20, with much of the rally occurring in December, when the stock jumped 135.4%.
- The performance was likely supported by robust financials and news of a N10 billion commercial paper launch in December.
In its nine-month financials, revenue nearly doubled, growing 98.6% year-on-year to N60.01 billion, while pre-tax profit climbed 186% to N6.37 billion from N2.23 billion.
Momentum has continued into early 2026, pushing the market cap to N416 billion and the share price to N104 — a remarkable start to the year.
