Reported Earnings • May 05
Third quarter 2026 earnings released: EPS: PK₨1.21 (vs PK₨0.96 in 3Q 2025) Third quarter 2026 results: EPS: PK₨1.21 (up from PK₨0.96 in 3Q 2025). Revenue: PK₨3.08b (down 7.7% from 3Q 2025). Net income: PK₨275.4m (up 25% from 3Q 2025). Profit margin: 8.9% (up from 6.6% in 3Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 23
Citi Pharma Limited to Report Q3, 2026 Results on Apr 29, 2026 Citi Pharma Limited announced that they will report Q3, 2026 results on Apr 29, 2026 New Risk • Feb 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (PK₨19.6b market cap, or US$70.3m). Announcement • Feb 03
Citi Pharma Limited to Report Q2, 2026 Results on Feb 13, 2026 Citi Pharma Limited announced that they will report Q2, 2026 results on Feb 13, 2026 Announcement • Oct 24
Citi Pharma Limited to Report Q1, 2026 Results on Oct 29, 2025 Citi Pharma Limited announced that they will report Q1, 2026 results on Oct 29, 2025 Reported Earnings • Oct 07
Full year 2025 earnings released: EPS: PK₨3.90 (vs PK₨3.65 in FY 2024) Full year 2025 results: EPS: PK₨3.90 (up from PK₨3.65 in FY 2024). Revenue: PK₨13.2b (up 6.0% from FY 2024). Net income: PK₨892.0m (up 7.0% from FY 2024). Profit margin: 6.8% (up from 6.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 04
Dividend increased to PK₨3.50 Dividend of PK₨3.50 is 7.7% higher than last year. Ex-date: 17th October 2025 Payment date: 17th November 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 24% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Announcement • Sep 26
Citi Pharma Limited to Report Fiscal Year 2025 Results on Oct 02, 2025 Citi Pharma Limited announced that they will report fiscal year 2025 results at 9:30 AM, Pakistan Standard Time on Oct 02, 2025 New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (PK₨18.9b market cap, or US$67.2m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨67.10, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 17x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 172% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨102, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 22x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 243% over the past three years. Reported Earnings • Mar 05
Second quarter 2025 earnings released: EPS: PK₨1.12 (vs PK₨1.64 in 2Q 2024) Second quarter 2025 results: EPS: PK₨1.12 (down from PK₨1.64 in 2Q 2024). Revenue: PK₨3.53b (up 7.9% from 2Q 2024). Net income: PK₨257.0m (down 32% from 2Q 2024). Profit margin: 7.3% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨85.58, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 26x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 206% over the past three years. New Risk • Feb 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Market cap is less than US$100m (PK₨21.3b market cap, or US$76.0m). New Risk • Jan 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (PK₨19.4b market cap, or US$69.6m). Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨77.09, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 23x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨51.33, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 22x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 96% over the past three years. New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (PK₨10.8b market cap, or US$38.9m). Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨49.14, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 18x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 64% over the past three years. Reported Earnings • Oct 12
Full year 2024 earnings released: EPS: PK₨3.65 (vs PK₨2.88 in FY 2023) Full year 2024 results: EPS: PK₨3.65 (up from PK₨2.88 in FY 2023). Revenue: PK₨12.4b (flat on FY 2023). Net income: PK₨833.5m (up 27% from FY 2023). Profit margin: 6.7% (up from 5.3% in FY 2023). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨44.23, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 19x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 31% over the past three years. Declared Dividend • Oct 05
Dividend of PK₨3.25 announced Shareholders will receive a dividend of PK₨3.25. Ex-date: 17th October 2024 Payment date: 18th November 2024 Dividend yield will be 8.8%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but not covered by cash flows (168% cash payout ratio). The dividend has increased by an average of 22% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 04
Citi Pharma Limited, Annual General Meeting, Oct 28, 2024 Citi Pharma Limited, Annual General Meeting, Oct 28, 2024. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨32.19, the stock trades at a trailing P/E ratio of 9.1x. Average forward P/E is 18x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 55% over the past year. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨31.59, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 18x in the Pharmaceuticals industry in Pakistan. Total returns to shareholders of 45% over the past year. New Risk • Apr 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (PK₨5.62b market cap, or US$20.2m). Reported Earnings • Oct 07
Full year 2023 earnings released: EPS: PK₨2.88 (vs PK₨2.80 in FY 2022) Full year 2023 results: EPS: PK₨2.88 (up from PK₨2.80 in FY 2022). Revenue: PK₨12.4b (up 27% from FY 2022). Net income: PK₨658.0m (up 3.5% from FY 2022). Profit margin: 5.3% (down from 6.5% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨27.84, the stock trades at a trailing P/E ratio of 9.1x. Average forward P/E is 18x in the Pharmaceuticals industry in Pakistan. Total loss to shareholders of 27% over the past year. Reported Earnings • Nov 19
First quarter 2023 earnings released: EPS: PK₨0.64 (vs PK₨0.37 in 1Q 2022) First quarter 2023 results: EPS: PK₨0.64 (up from PK₨0.37 in 1Q 2022). Revenue: PK₨3.12b (up 57% from 1Q 2022). Net income: PK₨145.8m (up 79% from 1Q 2022). Profit margin: 4.7% (up from 4.1% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Farzin Khan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 13
Full year 2022 earnings released: EPS: PK₨2.80 (vs PK₨2.37 in FY 2021) Full year 2022 results: EPS: PK₨2.80 (up from PK₨2.37 in FY 2021). Revenue: PK₨9.78b (up 69% from FY 2021). Net income: PK₨635.9m (up 81% from FY 2021). Profit margin: 6.5% (up from 6.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Reported Earnings • Jul 25
Third quarter 2022 earnings released: EPS: PK₨0.92 (vs PK₨0.74 in 3Q 2021) Third quarter 2022 results: EPS: PK₨0.92 (up from PK₨0.74 in 3Q 2021). Revenue: PK₨2.75b (up 54% from 3Q 2021). Net income: PK₨207.4m (up 109% from 3Q 2021). Profit margin: 7.5% (up from 5.6% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jun 04
Second quarter 2022 earnings released Second quarter 2022 results: EPS: PK₨1.11. Revenue: PK₨2.85b (flat on 2Q 2021). Net income: PK₨261.7m (up PK₨261.7m from 2Q 2021). Profit margin: 9.2% (up from null in 2Q 2021). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Farzin Khan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨39.00, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 12x in the Pharmaceuticals industry in Pakistan. Reported Earnings • Nov 03
First quarter 2022 earnings released: EPS PK₨0.41 (vs PK₨0.44 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨1.99b (up 68% from 1Q 2021). Net income: PK₨81.4m (up 88% from 1Q 2021). Profit margin: 4.1% (up from 3.7% in 1Q 2021). The increase in margin was driven by higher revenue. Executive Departure • Aug 10
Independent Director Rana Shaukat has left the company On the 2nd of August, Rana Shaukat's tenure as Independent Director ended after 1.3 years in the role. We don't have any record of a personal shareholding under Rana's name. A total of 2 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨45.77, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 16x in the Pharmaceuticals industry in Pakistan.