Fidson Healthcare Plc. turned a corner in 2020FY after a revenue contraction experienced in 2019FY on the back of an upward repricing of its products. The firm’s 2020FY performance was largely influenced by the surge in the demand for pharmaceutical products during the heat of the COVID-19 global pandemic. This performance also reflected consumers’ willingness to prioritize health over higher prices as the pandemic raged on. The third quarter of the year had the most impact on revenue, as a 75.32%YoY increase was recorded in Q3 standalone- the highest revenue growth in a single quarter since 2017. On a cumulative note, topline grew by 29.97% to NGN18.28bn (vs. NGN14.06bn in 2019FY). Both business segments contributed to the uptick in top-line: Ethical business (+35.70%) and Over-the-Counter (+22.75%). We expect the demand for pharmaceutical products to remain heightened on the back of the increase in health consciousness of the populace and the essential nature of the firm’s products. On this note, we have modelled a top-line growth of 20.74% to NGN22.07bn in 2021FY.
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