External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Healthcare equipment and services / Thematic (Sector/Industry)

<ul><li>Pakistan listed pharmaceutical sector recorded a profitability of Rs42.2bn up by 28% YoY in FY26.</li><li>During FY26, the profitability increased by 22% YoY (Ex-Searl), and despite this YoY growth during the year, the listed Pharma sector market cap (Ex-Searl and Liven Pharma) witnessed a meagre positive change of 0.4% YoY.</li><li>Annual gross margins of the sector reached an all time high to 42.8% in FY26 vs 38.9% in FY25.</li></ul>

Pakistan listed pharmaceutical sector recorded a profitability of Rs42.2bn up by 28% YoY in FY26.During FY26, the profitability increased by 22% YoY (Ex-Searl), and despite this YoY growth during the year, the listed Pharma sector market cap (Ex-Searl and Liven Pharma) witnessed a meagre positive change of 0.4% YoY.Annual gross margins of the sector reached an all time high to 42.8% in FY26 vs 38.9% in FY25.

Pakistan Pharmaceuticals – Listed Pharma Profits Up 28% YoY in FY26; All Time High Annual Gross Margins of 42.8%