Pakistan’s pharmaceutical sector stands as one of the steadily growing industries within the country’s economy. With rising demand for healthcare services, an expanding population, and increased focus on domestic production of medicines, the industry continues to attract investor interest. Over the past decade, pharmaceutical companies listed on the Pakistan Stock Exchange (PSX) have shown notable performance, with several firms expanding their manufacturing capacities to meet local and export demand.
Pakistan’s pharmaceutical exports growth hit a two-decade high of 34% in the fiscal year ended June 30, 2025, securing the fifth position among the fastest-growing export categories in the country with sales of the locally produced medicines rising to $457 million in overseas markets in FY25.
This story takes a closer look at the top 10 pharma companies currently listed on the PSX, ranked based on market capitalisation as of July 24, 2025.
GlaxoSmithKline Pakistan Limited (GLAXO) ($438 million)
GlaxoSmithKline (PSX: GLAXO) was established as a limited liability company. It was set up through a merger of three companies: SmithKline and French of Pakistan Limited, Beecham Pakistan (Private) Limited and Glaxo Wellcome (Pakistan) Limited. It has two business divisions; one refers to prescription drugs and vaccines, while the consumer healthcare division entails OTC medicines, oral care and nutritional care.
As at December 31, 2021, over 82% shares are owned by the associated companies, undertakings and related parties. This category solely includes S.R.One International B.V.
The local general public holds 6% shares, followed by over 3% in each of the following: banks, Development Finance Institutions (DFIs), Non-banking Financial Institutions (NBFIs), and insurance companies. The directors, CEO, their spouses and minor children hold a negligible share while the remaining roughly 5% shares are with the rest of the shareholder categories.
The market capitalisation of GLAXO at the PSX stands at $438 million.
Abbott Laboratories (Pakistan) Limited (ABOT) ($371 million)
Abbott Laboratories Pakistan Limited (PSX: ABOT) is a multinational healthcare company engaged in providing efficient and life-changing medical technologies and services across the globe. Abbott was set up as a public listed company in Pakistan in 1948. The company manufactures, imports and markets pharmaceutical, diagnostic, nutritional, diabetic care hospital and consumer products.
The market capitalisation of ABOT at the PSX stands at $371 million.
Haleon Pakistan Limited (HALEON) ($330 million)
Haleon Pakistan Limited was incorporated in Pakistan as a public limited company in 2015. The principal activity of the company is the manufacturing, marketing, and sales of consumer healthcare and over-the-counter health products. The company is a subsidiary of “Haleon Netherlands B.V.’ while Haleon plc is the ultimate parent company.
Haleon recently revealed a plan to ramp up its investment in Pakistan with an initial outlay of $12 million, aimed at expanding its production capacity. The company said it would scale up the manufacturing of Panadol to meet the country’s rising demand more efficiently and ensure consistent supply of this essential medicine.
Earlier this year, Haleon named Qawi Naseer as the next Chief Executive Officer (CEO) of the company, after it was announced that the previous CEO and Executive Director of the Board Farhan Muhammad Haroon was being transferred to Haleon South Africa as General Manager.
The market capitalisation of HALEON at the PSX stands at $330 million.
Highnoon Laboratories Limited (PSX: HINOON) ($202 million)
Highnoon Laboratories Limited (PSX: HINOON) was incorporated in Pakistan as a private limited company in 1984 and was converted into a public limited company in 1995. The principal activity of the company is the manufacturing, import, sale and marketing of pharmaceutical and allied consumer products.
Earlier this month, Highnoon announced the appointment of Tariq Wajid (Independent Director) as new chairman of the company. Wajid assumed the role from July 01, 2025.
The market capitalisation of HINOON at the PSX stands at $202 million.
AGP Limited (PSX: AGP) ($189 million)
AGP Limited (PSX: AGP) was incorporated in Pakistan as a public limited company in 2014. The company is engaged in the import, export, marketing, distribution, dealership and manufacturing of a wide array of pharmaceutical products. Aitkenstuart Pakistan (Private) Limited is the ultimate parent company of AGP.
The market capitalisation of AGP at the PSX stands at $189 million.
The Searle Company Limited (PSX: SEARL) ($167 million)
The Searle Company Limited (PSX: SEARL) was incorporated in Pakistan as a private limited company in 1965 and was later converted into a public limited company. The principal activity of the company is the manufacturing and sale of pharmaceutical, consumer health and nutritional products. SEARL is a subsidiary of International Brands (Private) Limited.
International Brands (Private) Limited is the parent company of SEARL and holds 50.25% of its outstanding shares.
Earlier this month, SEARL announced the appointment of Tahir Ahmed as the Chief Executive Officer.
The market capitalisation of SEARL at the PSX stands at $167 million.
Hoechst Pakistan Limited (PSX: HPL) ($105 million)
Hoechst Pakistan Limited (PSX: HPL) got listed on the PSX in 1977. It underwent several mergers, acquisitions and divestments over the course of years, which led to the change of company’s name to Sanofi-Aventis Pakistan Limited.
During 2023, a consortium led by Packages limited, including IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group acquired entire 52.87% shares from Sanofi Foreign Participations B.V. and changed the name of the company from Sanofi-aventis Pakistan Limited to Hoechst Pakistan Limited with effect from September 27, 2023.
Last year, Hoechst announced plans to establish a subsidiary in the Gulf state to capitalise on the business-friendly environment in the United Arab Emirates (UAE).
The market capitalisation of HPL at the PSX stands at $105 million.
Citi Pharma Limited (PSX: CPHL) ($66 million)
Citi Pharma Limited (PSX: CPHL) was incorporated in Pakistan as a private limited company in 2012 and was converted into a public unlisted company in 2020. CPHL was listed on the PSX in 2021. The company is engaged in the manufacturing and sale of pharmaceuticals, medical chemicals, and botanical products.
Last year, the company entered into a strategic partnership with Mersi Farma, an Indonesian pharmaceutical entity, to establish Active Pharmaceutical Ingredient (API) manufacturing facilities and expand its nutraceutical market in Indonesia.
The market capitalisation of CPHL at the PSX stands at $66 million.
Macter International Limited (PSX: MACTER) ($62 million)
Macter International Limited (PSX: MACTER) was incorporated in Pakistan as a private limited company in 1992 and was converted into a public limited company in 2011. The company is engaged in the manufacturing and marketing of pharmaceutical products.
The market capitalisation of MACTER at the PSX stands at $62 million.
Ferozsons Laboratories Limited (PSX: FEROZ) ($60 million)
Ferozsons Laboratories Limited was incorporated in Pakistan as a public limited company in 1954. It was converted into a public limited company in 1960. The principal activity of the company is the manufacturing, import, and sale of pharmaceutical products and medical devices.
Earlier this year, Ferozsons announced that it was exploring a potential acquisition of Barrett Hodgson Pakistan Pvt Limited in collaboration with a consortium of leading Pakistani business groups.
The market capitalisation of FEROZ at the PSX stands at $60 million.
Market capitalisation for each company was calculated on Thursday, July 24, 2025.
For the purpose of this calculation, the exchange rate was used at Rs284 to 1 US dollar.
