May & Baker Nigeria Plc, a pharmaceutical company, has recorded a 32 per cent increase in revenue for the 2025 financial year, culminating to N33.9 billion, as its management expressed confidence in surpassing the figure in 2026 with a target of N42.3 billion.

The company attributed the growth to foreign exchange stability, the zero per cent tariff policy, increased market penetration, and strong internal resilience, together with targeted efforts aimed at increasing overall sales.

Similarly, M&B disbursed over N300 million as incentives to distributors during the period, while planning to scale up its incentive programme to over N600 million in 2026.

It also sets aside N1.16 billion for promotions, advertising, and marketing, an increase from the more than N800 million spent on similar activities in the previous year.

In his welcome address at the customers’ forum, themed, ‘Working Closely To Thrive’ in Ikeja, the company’s Managing Director, Patrick Ajah, lauded the commitment of its distributors and customers for helping to sustain the company’s growth.

While acknowledging that this year poses significant challenges as a result of the economic challenges of the country as well as the Middle East crisis, he said that with the crisis, the price of paracetamol raw material has almost doubled in just two weeks.

He said: “Before now, per kg, we were paying $2.90. As I speak, we are quarreling with them because they said it’s $6.50. It’s after a lot of fights that it came down to $5.90.

“As a country, we need to plan and politics should not affect the health of people or the distribution of pharmaceutical products that are important.”

He lamented the country’s continued dependence on imported Active Pharmaceutical Ingredients (APIs), urging the Federal Government to take decisive steps to support local production.

He stated that while companies such as Emzor have made investments towards producing APIs, progress has been hindered by high borrowing costs.

According to him, loans with interest rates as high as 33 per cent make it nearly impossible for manufacturers to break even, especially in a capital-intensive industry like API production.

“Government needs to really prioritise the healthcare sector and if anybody is going to do API in this country, they must support the person with zero duty with maximum 2.5 per cent or less than five per cent,” he said.

He stressed that API production requires long-term investment, often taking up to three years before any returns are realised, with additional years needed to achieve profitability.

In his remarks, the Head of Sales, Chiagozie Maduneme, while speaking on the realism of the N42.3 billion projection for 2026, expressed confidence that it is achievable despite the current economic challenges in the country.