May and Baker Seeks Govt’s Support to Build Indigenous Bio Vaccine Facility

Sunday Okobi

A prominent Nigerian pharmaceuticals company, May and Baker Nigeria Plc, has said that it is optimistic on getting the government’s support to enable it build a bio vaccine facility in Nigeria to complement indigenous public health efforts.

This was communicated by the company’s Chief Executive Officer, Mr. Patrick Ajah, while speaking at the 74th annual general meeting (AGM) of the firm in Lagos.

 Ajah, while fielding questions from shareholders on the company’s commitment to advancing public health in Nigeria, stated that fundamental to vaccine research, production and sustainability is government support.

He stated that as government remains the major buyer of vaccines, their support is critical to making indigenous product development a reality, noting that with sufficient funding, the firm is targeting 2026 to build its bio vaccine facility.

According to him, “Bio vaccine is a bit slow but we are seeing some traction with the new minister. 

We are starting the engineering design of our vaccine facility we plan to build. We are likely to begin hopefully by next year when we raise the funds required.”

“This is the best time for Nigeria first, and we are hoping that the government will support us to build this facility. The reason we cannot do it without the government is that the government is the major buyer of vaccines. We cannot go and take shareholders money to develop vaccines that nobody will buy. If the government does not support it, it will be money wasted.”

Meanwhile, the Chairperson of the Board of Directors at May and Baker, Senator Daisy Danjuma, stated that the company recorded a 47 per cent increase in revenue for the year ended December 31, 2024, adding that this “good performance” heralds a promising future for the company and its shareholders.”

“Despite the tough and challenging operating environment, I am pleased to inform you that our company still returned a good performance in the year under consideration. Our group revenue grew by 47 per cent from N19.7 billion to N28.9 billion in 2024. Gross profit grew by 29 per cent from N6.6 billion in 2023 to N8.5 billion in 2024,” Danjuma said.

She added that the company achieved a 69 per cent growth in Profit Before Tax in 2024 totalling N2.6 billion up from the N1.5 billion recorded in 2023 and a 50 per cent rise in net Profit After Tax totalling N1.6 billion as against the N1.5 billion recorded within the same period under review for the year 2023.

Also, Ajah said that the firm has added seven new products into its range while strengthening research and partnerships with academic institutions across the country to provide a robust array of products to serve market demands with an additional 21 products awaiting NAFDAC approval.

With a consistency of 47 per cent growth in the first four months of 2025, the company is optimistic that shareholders’ dividends may experience a positive review in the coming year.