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 witnessed earnings growth of 78% YoY to Rs42.2bn in 2025, leading it to an all-time high profitability.</li><li>The net sales increased by 14% YoY to Rs365.7bn in 2025 as compared to Rs319.6bn in 2024, largely owing to the price-led growth amid deregulation on nonessential drugs.</li><li>Gross margins of the sector reached to 41% in 2025 vs 35% in 2024 primarily led by price increase and lower API cost.</li></ul>

Pakistan listed pharmaceutical sector witnessed earnings growth of 78% YoY to Rs42.2bn in 2025, leading it to an all-time high profitability.The net sales increased by 14% YoY to Rs365.7bn in 2025 as compared to Rs319.6bn in 2024, largely owing to the price-led growth amid deregulation on nonessential drugs.Gross margins of the sector reached to 41% in 2025 vs 35% in 2024 primarily led by price increase and lower API cost.

Pakistan Pharmaceuticals: Pakistan Listed Pharma Profits Surged 78% In 2025; Highest Ever Profitability In 2025