May & Baker
May & Baker Nigeria Plc is a Lagos-based, publicly listed pharmaceutical manufacturer producing medicines, vaccines, bottled water, and personal care products for the Nigerian healthcare market through pharmacies, hospitals, and clinics.
- Company typePublic
- Founded1944
- HeadquartersLagos, Nigeria
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What May & Baker does
May & Baker Nigeria Plc is a Nigerian pharmaceutical manufacturer founded in 1944 and headquartered in Lagos, listed on the Nigerian Exchange (NGX) under the ticker MAYBAKER. The company produces medicines, vaccines, bottled water, and personal care products, with pharmaceutical manufacturing representing 98.72% of FY2025 group turnover. It serves the Nigerian healthcare market through established distribution channels including pharmacies, hospitals, clinics, and medical practitioners, operating with 501–1,000 employees and a single-country domestic footprint that extends regionally across West Africa.
The company operates a sales-led, asset-heavy pharmaceutical manufacturing model, generating revenue through sale of manufactured drug products to healthcare providers and end consumers. FY2025 revenue reached N38.26 billion, up 32.38% year-on-year, with profit before tax rising to N6.55 billion from N2.57 billion in 2024. Nine-month results through September 2025 showed revenue of N29.53 billion (+36% YoY) and profit after tax of N3.34 billion (+77% YoY). The company is publicly listed with dispersed public ownership and no controlling parent identified in the available data.
May & Baker's recent performance has been materially supported by structural market shifts: the 2024 exits of multinational pharmaceutical companies GSK and Sanofi from Nigeria created share-gain opportunities for local manufacturers, and a Nigerian presidential executive order zero-rating tariffs on Active Pharmaceutical Ingredients lowered input costs. Investor sentiment has responded strongly, with the share price up 128.68% year-to-date as of February 2026 and delivering a 102% YTD return in 2025.
May & Baker firmographics
Firmographics- Name
- May & Baker
- Legal name
- May & Baker Nigeria Plc
- Website
- https://may-baker.com
- Company type
- Public
- Founded year
- 1944
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- May & Baker Nigeria Plc is a Lagos-based, publicly listed pharmaceutical manufacturer producing medicines, vaccines, bottled water, and personal care products for the Nigerian healthcare market through pharmacies, hospitals, and clinics.
- Ownership category
- akta.pro rank
Where May & Baker is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Markets served
May & Baker business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Pharmaceutical Product Sales: May & Baker generates revenue primarily through the manufacture and sale of pharmaceutical products. The pharmaceutical segment accounted for 98.72% of total group turnover in FY2025, demonstrating a highly focused revenue model centered on drug manufacturing and distribution within Nigeria.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
May & Baker product offering
Product offeringCore offering
May & Baker Nigeria Plc manufactures and distributes pharmaceutical products, including medicines, vaccines, bottled water, and personal care products, primarily serving the Nigerian healthcare market. The pharmaceutical segment accounted for 98.72% of total group turnover in FY2025, with the company distributing through hospitals, pharmacies, clinics, and medical practitioners across Nigeria. Founded in 1944 and listed on the Nigerian Exchange, the company serves as a local pharmaceutical manufacturer filling supply gaps left by departing multinationals.
Product overview
May & Baker Nigeria Plc is a pharmaceutical company operating in Nigeria. Based on financial reports, the company operates primarily in the pharmaceutical segment which accounts for 98.72% of total group turnover. The sources do not provide specific product names, product modules, or detailed product portfolio information.
Differentiator
Problem solved
Functional benefit
Products and services
- Pharmaceutical medicines Manufacture and supply of essential pharmaceutical medicines for the Nigerian healthcare market, distributed through hospitals, pharmacies, clinics, and medical practitioners. This segment accounts for 98.72% of group turnover in FY2025.
- Vaccines Manufacture and distribution of vaccines as part of the company's pharmaceutical product portfolio serving Nigerian healthcare needs.
- Bottled water Bottled water products produced as part of the company's broader consumer healthcare portfolio in Nigeria.
- Personal care products Personal care products manufactured by May & Baker as part of its diversified consumer healthcare offering in Nigeria.
Quantifiable outcome
- Profit before tax grew from N2.57 billion in 2024 to N6.55 billion in FY2025, representing significant improvement in profitability
- +3 more outcomes
Companies that use May & Baker
Customer profileSegments1 record
Ideal customer profiles1 record
May & Baker technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
May & Baker partnerships and signals
Strategic signalScale indicators7 records
Recent moves4 records
Expansion highlights4 records
May & Baker competitors and assessment
Company assessmentMarket position
Weaknesses5 records
Competitive moat3 records
Customer concentration
May & Baker social profiles
Digital presenceMay & Baker financial estimates
Financial estimateRevenue estimate
Valuation estimate
May & Baker leadership team
Management profileNumber of profiles
May & Baker funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
May & Baker M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about May & Baker
What does May & Baker do?
May & Baker Nigeria Plc manufactures and distributes pharmaceutical products, including medicines, vaccines, bottled water, and personal care products, primarily serving the Nigerian healthcare market. The pharmaceutical segment accounted for 98.72% of total group turnover in FY2025, with the company distributing through hospitals, pharmacies, clinics, and medical practitioners across Nigeria. Founded in 1944 and listed on the Nigerian Exchange, the company serves as a local pharmaceutical manufacturer filling supply gaps left by departing multinationals.
Is May & Baker a public or private company?
May & Baker is a public company. It is classified as public and is currently operating.
When was May & Baker founded?
May & Baker was founded in 1944. It employs 501 to 1,000 people.
Where is May & Baker based?
May & Baker is headquartered in Lagos, Nigeria, in the Africa region.
How does May & Baker make money?
One revenue line is on record: pharmaceutical Product Sales.
Does May & Baker have an API?
No public API is recorded for May & Baker.