A pharmaceutical company, May & Baker Nigeria Plc, has set an ambitious revenue target of N41 billion by the end of 2025, building on its recent growth trajectory.
The Managing Director, Mr. Patrick Ajah, shared this projection at the company’s 2025 Customer Forum held on Thursday in Lagos.
The event, themed ‘Consolidate – Beyond Boundaries’, brought together stakeholders, including distributors and customers, to review the company’s progress and discuss future plans.
Ajah highlighted that May & Baker has seen a remarkable 47% increase in revenue over the past four years, surging from N9.3 billion in 2020 to N28.9 billion in 2024.
Reflecting on the economic hurdles faced by businesses in Nigeria, he acknowledged the difficulties in sourcing raw materials, which led some companies to either shut down or downsize.
However, he emphasized that May & Baker not only survived but thrived.
“Despite these economic challenges, our business has not only survived, but it grows. A classical example of that is, that in the last four years, we have tripled our revenue,” he said.
He credited the company’s growth and resilience to strong partnerships with distributors and customers.
“When I got into the office in 2021, the turnover stood at N9.3 billion, but we closed the business in December last year at N28.9 billion, representing a 47 per cent increase. So, at a time when the economy of the country is growing by three per cent, we grew our business by 47 per cent, and this is all because of the collaboration we have been getting from you – the customers.”
Looking ahead, Ajah expressed confidence in achieving the N41 billion revenue target with continued support from stakeholders.
“So, this year, we set for ourselves another auspicious target, and our belief is that because of the plans that we have, we are optimistic that by the end of this year, this business is going to cross N41 billion in revenue generation. I believe with your efforts and support as usual, we are going to make that happen.”
Expanding Product Portfolio
As part of its growth strategy, May & Baker introduced a new product, Multamin-Plus (Amino Acids & Multivitamins Syrup), designed to meet international standards and WHO recommendations.
Ajah described the product as a significant innovation, noting its unique formulation that includes Selenium and Taurine, ingredients absent in many competing multivitamin syrups.
Sales Performance and 2025 Outlook
Speaking on the company’s financial performance, Head of Marketing and Sales, Mr. Obinna Emeribe, disclosed that May & Baker recorded N25.5 billion in sales in 2024 and aims to push this figure to N38.5 billion in 2025.
“The distributors and customers are integral parts of May & Baker company; they contributed a greater per cent of the revenue generated in 2024 that made us remain in business,” he said
Emeribe also highlighted the successful launch of seven new products in 2024, all of which are performing well in the market. Looking ahead, the company plans to introduce additional products while expanding its customer base.
“The seven new products we introduced in 2024, are all making way in the market presently, as we plan to unveil more,” he noted.
One of the company’s initiatives for 2025 includes screening over 500 new diabetic patients, who will later use May & Baker’s products, further boosting sales.
“We are going to screen over 500 new diabetic patients, who will eventually patronize our products and equally add to the sales.”
Customer Recognition and Feedback
Distributors and customers expressed appreciation for the company’s commitment to growth, with Mr. Maxwell John, a distributor, commending May & Baker’s resilience despite economic difficulties.
However, he called for improvements in the delivery system to ensure faster and more efficient distribution of products.
The event concluded with the presentation of ‘Awards of Excellence’ to outstanding distributors and customers in recognition of their contributions to the company’s success.
