As part of efforts to sustain growth and deepen its market presence, the foremost Nigerian pharmaceutical company, May & Baker PLC has set a revenue target of N42.3 billion for 2026.
The company disclosed at the 2026 Customer Forum held on Friday, 27 March, 2026, in Lagos, where the managing director, Pharm. Patrick Ajah also reaffirmed the firm’s commitment to the well-being of Nigerians through the provision of quality medicines.
Addressing distributors at the event, Pharm. Ajah acknowledged the difficult economic climate in Nigeria but commended partners for their continued support, which he said contributed to the company’s strong performance in the past year.
“We know how challenging the economic environment has been, but because of your partnership, May & Baker did well last year. Our success is from your success. If you succeed, we succeed” Pharm. Ajah told the distributors.
He noted that despite prevailing headwinds, the company remains focused on growth, stressing that rising targets reflect its ambition to expand operations and improve performance. He said, “The target is always going up because we believe we should keep progressing. I also believe that your business is going to be moving forward”.
Speaking with journalists on the importance of the forum, Pharm. Ajah explained that the annual customer forum serves as a platform to reward top-performing distributors and obtain market feedback to guide business strategy.
“We invite our top-performing distributors to appreciate them and also get feedback. They are in the market; they have the ears of the people. That information helps us to restructure our strategy to reach Nigerians better”, Pharm. Ajah told journalists.
The company’s managing director specifically noted that May and Baker recorded a 32 per cent growth in the last financial year, attributing the performance to strong distributor networks and increased demand for its products. He said, “We grew by 32 per cent last year. We are one of the few companies growing in this kind of economy. It means our products are doing well and our distributors are also growing their businesses”, he said.
Reiterating the company’s values, he stressed that May & Baker prioritises not only its distributors but also the end-users of its products. He said, “We care about our distributors, our customers, and the people who use our products. We care a lot about Nigerians. Quality is what we focus on”.
He added that strengthening distributor networks across the country also helps combat the proliferation of counterfeit medicines, noting that the company relies on its partners to identify and report fake products.
On challenges, Ajah cited rising production costs driven by foreign exchange volatility, logistics constraints, and insecurity. He also raised concerns over the impact of global developments on raw material prices.
He specifically decried the impact of the ongoing Iran-Israel/US war, saying the price of paracetamol raw material has almost doubled within weeks from about $2.90 per kg to as high as $5.90 due to global disruptions.
Despite the challenges, he said the company is investing in logistics, including the acquisition of new trucks, and expanding its footprint, particularly in northern Nigeria, through targeted advertising campaigns.
Pharm. Ajah also stated the need for company owners, especially the distributors, to have succession plan initiatives to ensure business continuity and sustainability. “We want their businesses to succeed. Succession planning is very important. At some point, people will retire, and we want to ensure their businesses outlive them”, Pharm. Ajah enthused.
Earlier, the Head of Sales, Pharma Sales & Marketing, Pharm. Chigozie Maduneme said the company recorded N33.9 billion in revenue in 2025, representing a 32.48 per cent growth and 88.61 per cent achievement of its target.
Pharm. Maduneme also noted that the company plans to invest over N1.16 billion in marketing and promotional activities in 2026, to boost product visibility and sales nationwide.
In his remarks, the Brand Manager, Mr David Onipe, reiterated the company’s commitment to ensuring access to quality medicines, stating that efforts are ongoing to meet the healthcare needs of Nigerians.
While addressing the distributors at the forum, a resource person, Dr Sophia Abiri-Franklin, charged them to have a succession plan for their business. He stated that all company owners need to put proper structure and system in place to ensure that their business outlives them.
According to her, over 70 per cent of small and medium enterprises don’t have succession plans, and the majority of family businesses don’t survive the transition of the children.
The high point of the event was the presentation of awards to outstanding distributors for their performance in 2025, with Chuphil Pharmacy emerging as the overall best distributor.
