Corporate Briefing Session - 2025
December 30th, 2025
Table of Contents
Company Overview
Economic Overview
Strategic / Operational Developments
Financial Results for 2024
Financial Results for 9M-2025
Q&A
Company Overview
Incorporated on July 02, 1948
Other segments (mainly includes general health and diabetes care)
1962 - Set up manufacturing facility in Karachi and listed as public limited company in 1982
Abbott Laboratories (Pakistan) Limited
Diagnostics
Pharmaceuticals
Nutritional
Two manufacturing
facilities
~1,400 Employees
> 150 Products
PAKISTAN - MACRO ECONOMIC OVERVIEW8.00%
7.00%
Gross Domestic Product Growth (GDP%)
Growth of Pakistan:
GDP growth FY25 - posted a growth of ground 2.8%-3.0% in FY2025 against a target of 3.6%. The improvement was supported by prudent fiscal and monetary policies, continued inflows from multilateral
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
4.56%
4.61%
6.10%
3.12%
0.94%
5.77%
6.10%
-0.29%
2.38%
Target
4.20%
and bilateral partners, and a gradual recovery in
industrial and services sectors. Despite challenges in agriculture and structural inefficiencies, the economy maintained positive momentum following FY2024, aided by easing inflation and a surplus in the current account.
Outlook for growth FY26 - GoP target is 4.2%, while SBP expects 3.25%-4.25%. IMF projects 3.6%, and other institutions remain cautious. Growth optimism is supported by lower inflation and fiscal reforms, but
-1.00%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
risks from structural inefficiencies, climate challenges, and external pressures could limit momentum.
Current Account Deficit 4MFY26
Pakistan posted a current account deficit of $733 million in the first four months of FY26, reversing last year's surplus of $218 million. The deterioration was driven by a sharp rise in imports and sluggish export growth, despite strong inflows of workers' remittances.
Imports - Imports in 4MFY26 rose by 10% to $20.7 billion from $18.83 billion
Exports - Exports in 4MFY26 increased by less than 1% to $10.6 billion from $10.51 billion
Workers' Remittance - The country's worker remittances clocked at $12.95 billion an increase of 9% from last year $11.85 billion.
Current Account
Imports
Exports
Worker's Remittance
-5
0
5
10
15
20
25
FY 2026 FY 2025
FISCAL LANDSCAPE
FBR REVENUE COLLECTION
5,000
4,000
3,000
2,000
1,000
-
Rs. Billion
2,438
2,483
1,406
FBR revenue collection: During Jul-Sep FY2026, the net
federal revenues grew by 186 percent to Rs 4,019 billion from Rs 1,406 billion same period last year. This was on account of various measures taken by the Government to improve tax
revenue.
Fiscal Update: Pakistan has posted a fiscal surplus of Rs 2.1
trillion or 1.6% of GDP and a primary surplus of Rs 3.5 trillion or 2.7% of GDP for the first quarter of Fiscal Year 2026 (1QFY26). The surplus was primarily driven by an impressive profit contribution from the State Bank of Pakistan (SBP),
which amounted to Rs 2.4 trillion
Non-tax collection: The government collected Rs 3.022 trillion
in non-tax collection, registering a massive growth of 566.9% compared to Rs 453 billion collected in the same quarter last
fiscal.
4,019
Fiscal Year - 25 Q1 Fiscal Year - 26 Q1
FISCAL Update
8Rs. trillion
5.83 6.2
4.13
4.1
1.7
2.1
6
4
2
0
Fiscal Year - 25 Q1 Fiscal Year - 26 Q1
MONETARY LANDSCAPE & CURRENCY OUTLOOK
CPI & POLICY RATE TREND
CPI & POLICY RATE TREND
Expansionary Monetary policy: Central bank brought down the interest rate to 13% in December 24 from 22% in June 24, it has remained stable since, clocking at 10.5% in December 2025.
CPI : Pakistan's average consumer price index inflation rate stands at 5% for the period Jul-Nov 2025, versus 8% in the same period last year.
USD/PKR MOVEMENT
PKR is currently trading around ₨281-283, showing minor fluctuations over recent weeks.
USD / PKR Parity
Movement has been range-bound since October, reflecting improved FX reserves in CY25 and controlled demand for imports.
CURRENCY OUTLOOK
PKR expected to stay around Rs. 279-285 till year-end, supported by IMF reforms and SBP measures.
Current account deficit remains contained due to strong remittances and controlled imports, helping stabilize PKR in the near term.
Risks include global USD strength and oil price volatility, which could pressure reserves and widen the current account gap.
STRATEGIC / OPERATIONAL DEVELOPMENTS
Rx to OTC
The Rx-to-OTC transition effectively began in 2024, driven by price deregulation and followed by structural regulatory adjustments throughout 2025.
Historically, most medicines were prescription-only due to concerns about misuse and lack of pharmacist oversight.
DRAP has gradually allowed certain low-risk drugs (e.g., analgesics, antacids, vitamins) to be sold OTC, following WHO guidelines.
This switch follows patterns seen in other emerging market, where the transition has been driven by urbanization, improved awareness and regulatory harmonization with international standards.
Key Categories switched include Pain relievers, Vitamins & supplements.
Companies with strong OTC portfolio, branding and support systems (e.g., digital engagement, pharmacist training) can gain significant advantage.
Financial Results - 2024
Key Highlights - FY2024
7.7%
Net Profit Margin
22.9%
Sales Growth
29%
Gross Profit Margin
Rs. 68.18 bn
Sales Revenue
Overall revenue of the Company increased by 22.9% reaching Rs. 68.18 bn.
Gross profit and net profit margin increased to 29% and 7.7% from
21.3% and 0.5% from 2023 on account of favorable price adjustments, optimization of manufacturing processes and cost efficiency initiatives
Earnings per share was Rs. 53.46 per share (2023: Rs. 2.67 per share).
Revenue Analysis - FY24
Segment Wise Revenue
(PKR in millions)
Segment
2024
2023 %
Change
Pharmaceutical
46,137 37,783
22%
Annual Revenue
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
68,177
23%
55,475
2023 2024
Pharmaceutical sales increased by 22% driven by a combination of volume growth of established brands and price adjustments following deregulation of non-essential drugs.
Nutrition sales increased by 21%, primarily driven by price adjustments and increased volumes.
Diagnostics segment registered an organic growth of 37% this growth was driven by new customer acquisitions and improved volumes.
Revenue for Others which consists of Diabetes Care and General Health Care increased by 14% mainly on account increased volumes.
Nutritional | 13,784 | 11,414 | 21% |
Diagnostics | 6,537 | 4,774 | 37% |
Others | 1,720 | 1,504 | 14% |
Total | 68,177 | 55,475 | 23% |
Segment Gross Profit analysis - FY24
Segment Wise Gross Profit (PKR in millions) | ||||
Segment | 2024 | GP margin | 2023 | GP margin |
Pharmaceutical | 13,531 | 29% | 7,924 | 21% |
Nutritional | 4,976 | 36% | 2,726 | 24% |
Diagnostics | 880 | 13% | 744 | 16% |
Others | 351 | 20% | 423 | 28% |
Total | 19,738 | 29% | 11,817 | 21% |
Annual Gross Profit
67%
25,000
20,000
15,000
10,000
5,000
0
2023 2024
Pharmaceutical Gross profit margin improved to 29.3% from 21.0% driven by favorable price adjustments and product mix.
Gross profit margin for the nutrition segment improved substantially to 36.1% from 23.9% reflecting price adjustments and improved volumes towards the end of the year.
Diagnostic segment's Gross profit margin decreased to 13.5% from 15.6%, driven by higher product prices.
Cumulative gross profit margin for others which consists Diabetes Care and General Health Care decreased to 20.4% from 28.2% driven by increase in product cost and general inflation.
Financial Results - 9M FY2025
Key Highlights - 9M FY2025
13.44%
Sales Growth
Rs. 56.22 bn
Sales Revenue
Overall revenue of the Company increased by 13.44% reaching Rs. 56.22 bn.
34%
Gross Profit Margin
9.5%
Net Profit Margin
Profitability improved significantly following price adjustment and various other efficiency measure taken across the operations.
Revenue Analysis - 9M FY2025
60,000
50,000
Revenue
Segment Wise Revenue (PKR in
millions)
Segment
Jan - Sep
2025
Jan - Sep
2024
% change
Pharmaceutical
38,949
33,469
16%
Nutritional
12,044
10,129
19%
13%
49,564
56,227
40,000
30,000
20,000
10,000
0
Jan - Sep 2024 Jan - Sep 2025
Pharmaceutical sales increased on account of sustained
performance of established brands.
Sales for Nutrition increased primarily on account of price adjustments and slight volumetric increase.
Diagnostics | 3,834 | 4,546 | -16% |
Others | 1,400 | 1,420 | -1% |
Total | 56,227 | 49,564 | 13% |
Segment Gross Profit analysis - 9M FY2025
25,000
20,000
15,000
10,000
5,000
0
Gross Profit
37%
19,341
14,102
Segment-wise GP (PKR in millions) | ||||
Segment | Jan - Sep 2025 | GP % | Jan - Sep 2024 | GP % |
Pharmaceutical | 12,935 | 39% | 9,615 | 35% |
Nutritional | 5,296 | 52% | 3,544 | 39% |
Diagnostics | 614 | 14% | 625 | 17% |
Others | 496 | 35% | 318 | 27% |
Total | 19,341 | 39% | 14,102 | 34% |
Jan - Sep 2024 Jan - Sep 2025
Overall GP margin of the Company increased by 5% mainly on account of following:
Efficiency measures taken across the Company operations;
Price adjustments.
Statement of Profit or Loss - 9M FY 2025
Description | % | Jan - Sep 2025 | % | Jan - Sep 2024 | Variance | % |
Rupees in millions | ||||||
Sales | 100 | 56,227 | 100 | 49,564 | 6,663 | 13 |
Cost of Sales | 66 | 36,886 | 72 | 35,463 | 1,423 | 4 |
Gross Profit | 34 | 19,341 | 28 | 14,101 | 5,240 | 37 |
Selling and Distribution expenses | 15 | 8,501 | 14 | 7,120 | 1,381 | 19 |
Administrative Expenses | 2 | 972 | 2 | 857 | 115 | 13 |
Other income | 1 | 603 | 1 | 541 | 62 | 12 |
Other charges | 2 | 1,257 | 1 | 610 | 647 | 106 |
Operating Profit | 16 | 9,214 | 12 | 6,055 | 3,159 | 52 |
Finance costs | - | 55 | - | 19 | 36 | 191 |
Profit before taxation | 16 | 9,158 | 12 | 6,036 | 3,122 | 52 |
Taxation | 7 | 3,793 | 4 | 2,087 | 1,706 | 82 |
Net Profit after taxation | 10 | 5,366 | 8 | 3,949 | 1,417 | 36 |
--------------------------------------------- Rupees --------------------------------------
Earnings per share | 54.81 | 40.34 | 14.47 |
Statement of Financial Position - Sep 30, 2025
Description | Sep 2025 | Dec 2024 | Variance | |
Rupees in Millions | % | |||
Non-current assets | ||||
Property, plant and equipment | 14,702 | 14,253 | 450 | 3 |
Intangible assets | 1 | 1 | (0) | (29) |
Long-term loans and advances | 129 | 114 | 15 | 13 |
Long-term deposits | 33 | 8 | 25 | 335 |
Long-term prepayments | 10 | 14 | (4) | (26) |
Total non-current assets | 14,875 | 14,389 | 486 | 3 |
Stores and Spares | 570 | 530 | 41 | 8 |
Stock-in-trade | 13,517 | 10,695 | 2,823 | 26 |
Trade debts | 3,391 | 2,983 | 408 | 14 |
Loans and advances | 1,047 | 938 | 109 | 12 |
Trade deposits and short-term prepayments | 556 | 284 | 272 | 96 |
Other receivables | 1,330 | 1,183 | 148 | 13 |
Taxation - net Cash and bank Balances | 240 9,010 | 468 6,182 | (345) 2,827 | (74) 46 |
Total current assets | 29,661 | 23,262 | 6,400 | 28 |
Total Assets | 44,537 | 37,651 | 6,885 | 18 |
Description | Sep 2025 | Dec 2024 | Variance | |
Rupees in Millions | % | |||
Share capital and reserves | ||||
Issued, subscribed and paid-up capital | 979 | 979 | - | - |
Reserves - Capital | 1,994 | 1,750 | 243 | 14 |
Reserves - Revenue | 25,382 | 20,995 | 4,387 | 21 |
Total share capital and reserves | 28,355 | 23,725 | 4,630 | 20 |
Deferred taxation | 869 | 1,053 | (183) | (17) |
Staff retirement benefits | 1,231 | 1,184 | 47 | 4 |
Long-term lease liabilities | 349 | 30 | 320 | 1,082 |
Trade and other payables | 12,681 | 10,952 | 1,729 | 16 |
Unclaimed dividend | 72 | 64 | 8 | 12 |
Unpaid dividend | 210 | - | 2,517 | 100 |
Provision against GIDC | 86 | 23 | 63 | 279 |
Current maturity of lease liabilities | 684 | 622 | 62 | 10 |
Total liabilities | 16,182 | 13,927 | 2,255 | 16 |
Total Equity and Liabilities | 44,536 | 37,651 | 6,885 | 18 |
Q & A
Thank you