Developer docs
API playgroundTry for free, no card

Search company profiles

May & Baker

Full company profile

uuid0038541

Namestring
May & Baker
Legal namestring
May & Baker Nigeria Plc
Websiteurl
may-baker.com
Company typeenum
Public
Founded yearint
1944
Descriptiontext

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.

Short descriptiontext

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.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
501–1,000
akta.pro rankint
HeadquartersLagos, Nigeria
HQ citystring
Lagos
HQ countrystring
Nigeria
HQ regionstring
Africa
Markets served

Serves global market

Keyword5 values
pharmaceutical manufacturing, medicine production, vaccines distribution, healthcare products, pharmaceutical supplies
NAICS code3 codes
  • Pharmaceutical Preparation Manufacturing325412
  • Pharmaceutical and Medicine Manufacturing32541
  • Drugs and Druggists' Sundries Merchant Wholesalers424210
SIC code2 codes
  • Pharmaceutical Preparations2834
  • Wholesale-Drugs, Proprietaries & Druggists' Sundries5122
Product category
Pharmaceutical Manufacturing
Social media profiles2 records
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Pharmaceutical Product Sales
TypeOne Time License
Description

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.

nairametrics.com
Marketing channels1 record

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Core offering1 text field

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.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 4 values shown
  • Profit before tax grew from N2.57 billion in 2024 to N6.55 billion in FY2025, representing significant improvement in profitability
+3 more records
Product overview1 text field

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.

Product and service4 records
1Pharmaceutical medicines
CategoryPharmaceutical manufacturing
Description

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.

2Vaccines
CategoryPharmaceutical manufacturing
Description

Manufacture and distribution of vaccines as part of the company's pharmaceutical product portfolio serving Nigerian healthcare needs.

3Bottled water
CategoryConsumer healthcare products
Description

Bottled water products produced as part of the company's broader consumer healthcare portfolio in Nigeria.

4Personal care products
CategoryConsumer healthcare products
Description

Personal care products manufactured by May & Baker as part of its diversified consumer healthcare offering in Nigeria.

Scale indicator7 records

Each record includes

Type, Value, Description, Source

Recent move4 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Market position
Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

May & Baker

Pharmaceutical Manufacturingmay-baker.com

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.

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

Location

Headquarters

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

  1. 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 offering

Core 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 profile

Segments1 record

Ideal customer profiles1 record

May & Baker technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

May & Baker partnerships and signals

Strategic signal

Scale indicators7 records

Recent moves4 records

Expansion highlights4 records

May & Baker competitors and assessment

Company assessment

Market position

Weaknesses5 records

Competitive moat3 records

Customer concentration

May & Baker social profiles

Digital presence

May & Baker financial estimates

Financial estimate

Revenue estimate

Valuation estimate

May & Baker leadership team

Management profile

Number of profiles

May & Baker funding detail

Funding detail

Funding 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 investment

M&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.

Unlock the full company data

50 free credits on sign-up, no credit card required.

Contact sales
Live signals
Premium Times NigeriaMay & Baker disowns ‘fraudulent M&B Equity Stake’ investment schemeMay & Baker Nigeria Plc has publicly disavowed the 'M&B Equity Stake' investment scheme, declaring it fraudulent and unauthorized. The company urged investors to ignore promotional materials promising guaranteed returns and confirmed that no rights issue or capital-raising exercise is currently underway.NairametricsMay & Baker disowns fraudulent investment scheme, warns investorsMay & Baker Nigeria Plc issued a public notice on August 17, 2026, disavowing a fraudulent investment scheme called M&B Equity Stake promoted in its name. The company warned investors to disregard unauthorized solicitations and verify offers through official channels. The warning comes amid rising online investment scams and SEC enforcement actions.BusinessdayMay & Baker’s half-year pre-tax profit jumps 51% to N4.85bn on cost controlMay & Baker reported a pre-tax profit of N4.85 billion in H1 2026, up 51% year-on-year, driven by cost discipline. Distribution, sales, and marketing expenses fell 16% to N1.69 billion, and total liabilities dropped 22% to N2.91 billion. The company's cash position strengthened to N8.19 billion.Punch NewspapersMay & Baker's Debt Declines 48% Amid Five-Year PlanMay & Baker Nigeria Plc achieved a 47.7% year-on-year debt reduction, with total borrowings falling from N7.97bn to N4.17bn between March 2025 and March 2026, while simultaneously expanding cash reserves by 55.8% and equity by 35.2%. The company's Managing Director attributed the deleveraging to disciplined financial management and explained that future growth would be funded through internal resources and market instruments rather than conventional bank debt. May & Baker is currently developing a new five-year strategic plan to drive its next phase of business expansion.NairametricsMay & Baker grows FY2025 profit to N6.5 billion on strong pharmaceutical salesMay & Baker Nigeria Plc published its full-year 2025 unaudited results, reporting a profit before tax of N6.55 billion, a significant improvement from N2.57 billion in 2024. Revenue grew 32.38% year-on-year to N38.26 billion, driven primarily by the pharmaceutical segment which accounted for 98.72% of total group turnover. The company's shares have surged 128.68% year-to-date, reflecting strong positive sentiment among investors following the doubled operating profit and improved shareholder returns.Latest Nigeria NewsNGX: Investors begin week with N1.4tr profit as equities market boom continuesNigerian equities market investors gained N1.4 trillion on Monday as the benchmark All-Share Index rose to 173,946.22 points from 171,727.49 points the previous trading day. Equity capitalization increased to N111.5 trillion from N110.4 trillion, with 60 stocks advancing and 19 declining across 65,960 deals involving 775.18 million shares worth N27.9 billion. May & Baker, Cap, and Daar Communication led the gainers with 10% share price growth, while Access Holding Plc, Zenith Bank, and MTN Nigeria were the most actively traded stocks by volume and value.BusinessdayHow Nigerian pharma stocks minted new millionaires in 2025Nigerian pharmaceutical stocks delivered exceptional returns in 2025, with at least four drugmakers returning an average of 180% to investors, outperforming the NGX All-Share Index. The rally was driven by multinational exits (GSK and Sanofi leaving Nigeria in 2024) creating a multi-billion-naira supply gap for essential drugs, combined with a presidential executive order zero-rating tariffs on Active Pharmaceutical Ingredients. MeCure Industries led the sector with a 369% YTD gain, followed by Fidson Healthcare (210%), Neimeth International (179%), and May & Baker (102%), as local manufacturers captured market share and doubled revenues.AllafricaNigeria: Mutual Benefits, May & Baker, Sterling Financial Holdings Top Stock Pick This WeekNigerian investment guide Meristem Securities has compiled a list of top stock picks for the week based on companies' Q3 2025 and nine-month earnings results. The Nigerian benchmark index rose 1 percent last week, bringing year-to-date gains to 49.7 percent, driven largely by impressive corporate earnings reports ahead of the October 31 deadline. The selected stocks include Mutual Benefits Assurance (208.5% after-tax profit surge to N14.3bn), May & Baker Nigeria (77% net profit growth to N3.3bn), Sterling Financial Holdings, Seplat Energy, and Berger Paints, each highlighted for strong fundamentals and sound financial metrics.BusinessdayMay & Baker profit climbs 77% to N3.34bn as revenue outpaces costsMay & Baker Nigeria plc reported a 77% increase in profit after tax to N3.34 billion for the nine months ended September 30, 2025, up from N1.89 billion in the same period of 2024. Revenue rose 36% year-on-year to N29.53 billion, outpacing the 29% growth in cost of sales, which drove gross profit up 50% to N10.11 billion and operating profit up 76% to N5.08 billion. The company's balance sheet also expanded with total assets reaching N25.75 billion and shareholders' fund improving to N21.55 billion from N10.16 billion.