{"id":11406,"date":"2025-08-28T16:10:55","date_gmt":"2025-08-28T11:10:55","guid":{"rendered":"https:\/\/ksestocks.com\/blog\/?p=11406"},"modified":"2025-08-28T16:10:57","modified_gmt":"2025-08-28T11:10:57","slug":"pakistans-pharma-sector-mixed-results-in-april-june-2025","status":"publish","type":"post","link":"https:\/\/ksestocks.com\/blog\/pakistans-pharma-sector-mixed-results-in-april-june-2025\/","title":{"rendered":"Pakistan\u2019s Pharma Sector: Mixed Results in April\u2013June 2025"},"content":{"rendered":"\n<p>The April\u2013June 2025 (2QCY25) results are out for Pakistan\u2019s pharmaceutical sector, and the picture is mixed. Some companies delivered strong growth, while others struggled with falling sales.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why the mixed performance?<\/h2>\n\n\n\n<p>Last year, the government <strong>deregulated the prices of non-essential medicines<\/strong>. This meant companies could set their own prices instead of sticking to government-controlled ones. The move boosted revenues and profits in recent quarters.<\/p>\n\n\n\n<p>But in 2QCY25, the impact of deregulation started to <strong>level off<\/strong>, and performance varied depending on each company\u2019s product mix, supply situation, and costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Winners of the quarter<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Haleon Pakistan (<a href=\"https:\/\/ksestocks.com\/blog\/tag\/haleon\/\" data-type=\"post_tag\" data-id=\"95\" target=\"_blank\" rel=\"noreferrer noopener\">HALEON<\/a>):<\/strong> Sales up <strong>16% QoQ<\/strong>. Gross margin improved by <strong>660bps YoY<\/strong> and <strong>610bps QoQ<\/strong>.<\/li>\n\n\n\n<li><strong>Highnoon (<a href=\"https:\/\/ksestocks.com\/blog\/tag\/hpl\/\" data-type=\"post_tag\" data-id=\"307\" target=\"_blank\" rel=\"noreferrer noopener\">HPL<\/a>):<\/strong> Sales up <strong>15% QoQ<\/strong>. Margins rose <strong>300bps YoY<\/strong>, though slightly lower QoQ due to currency weakness.<\/li>\n\n\n\n<li><strong>Abbot (<a href=\"https:\/\/ksestocks.com\/blog\/tag\/abot\/\" data-type=\"post_tag\" data-id=\"380\" target=\"_blank\" rel=\"noreferrer noopener\">ABOT<\/a>):<\/strong> Sales up <strong>10% QoQ<\/strong>, margins also improved significantly (+1140bps YoY).<\/li>\n<\/ul>\n\n\n\n<p>These companies benefited from <strong>better product availability<\/strong> and new product launches.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Strugglers of the quarter<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/ksestocks.com\/blog\/tag\/agp\/\" data-type=\"post_tag\" data-id=\"200\" target=\"_blank\" rel=\"noreferrer noopener\">AGP<\/a>:<\/strong> Sales down <strong>22% QoQ<\/strong>.<\/li>\n\n\n\n<li><strong>Highnoon (<a href=\"https:\/\/ksestocks.com\/blog\/tag\/hinoon\/\" data-type=\"post_tag\" data-id=\"231\" target=\"_blank\" rel=\"noreferrer noopener\">HINOON<\/a>):<\/strong> Sales fell <strong>12% QoQ<\/strong>.<\/li>\n\n\n\n<li><strong>Glaxo (<a href=\"https:\/\/ksestocks.com\/blog\/tag\/glaxo\/\" data-type=\"post_tag\" data-id=\"198\" target=\"_blank\" rel=\"noreferrer noopener\">GLAXO<\/a>):<\/strong> Sales down <strong>6% QoQ<\/strong>, despite an <strong>11% YoY increase<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>The drop in revenues here was due to <strong>procurement challenges and logistical disruptions<\/strong> caused by the ongoing Indo-Pak war.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sector trends<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenues:<\/strong> Boosted in the past year by deregulation, but now the big driver will be <strong>sales volumes<\/strong> rather than price hikes.<\/li>\n\n\n\n<li><strong>Margins:<\/strong> Most companies saw margins improve, even where revenues dropped.<\/li>\n\n\n\n<li><strong>Future Outlook:<\/strong> Companies with <strong>strong product pipelines<\/strong> and the ability to introduce new medicines are expected to outperform their peers.<\/li>\n<\/ul>\n\n\n\n<p>The pharma sector had a mixed quarter: some players grew thanks to better supply and product launches, while others faced disruptions. With price deregulation\u2019s effects now fully baked in, the real test ahead will be <strong>who can keep growing sales<\/strong> and expanding product lines.<\/p>\n\n\n\n<p><strong>Source: Insight Securities<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The April\u2013June 2025 (2QCY25) results are out for Pakistan\u2019s pharmaceutical sector, and the picture is mixed. Some companies delivered strong growth, while others struggled with falling sales.<\/p>\n","protected":false},"author":9252,"featured_media":6579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[154,155],"tags":[380,200,198,95,307,159],"class_list":["post-11406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-fundamental-analysis","tag-abot","tag-agp","tag-glaxo","tag-haleon","tag-hpl","tag-pharma"],"featured_image_src":{"landsacpe":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/11\/pharma-sector-psx-4-1140x445.jpg",1140,445,true],"list":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/11\/pharma-sector-psx-4-463x348.jpg",463,348,true],"medium":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/11\/pharma-sector-psx-4-300x188.jpg",300,188,true],"full":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/11\/pharma-sector-psx-4.jpg",1920,1200,false]},"_links":{"self":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/11406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/users\/9252"}],"replies":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/comments?post=11406"}],"version-history":[{"count":1,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/11406\/revisions"}],"predecessor-version":[{"id":11407,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/11406\/revisions\/11407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media\/6579"}],"wp:attachment":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media?parent=11406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/categories?post=11406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/tags?post=11406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}