Indies Pharma starts slow recovery from Hurricane Melissa

Profitability has slowed down but forward trajectory anticipated

Durrant Pate/Contributor

Montego Bay-based pharmaceuticals company, Indies Pharma, has started a slow recovery of the business from the adverse impact of Hurricane Melissa last October.

While profitability has dwindled, the company still managed to eke out a commendable profit for the half-year ended April 30, 2026. In addition, current revenue indicates a visible trajectory toward recovery from Hurricane Melissa, which suppressed projected revenue growth in the first quarter of the current fiscal year. 

Co-founder and Executive Director, Vishnu V. Muppuri reports, “This recovery is demonstrated by the company’s improved second-quarter performance. Notwithstanding this sequential improvement, year-to-date revenue experienced a 5% contraction—contracting from $596 million in 2025 to $565 million as of April 30, 2026—a decline predominantly attributable to the hurricane-related disruptions.” 

Fall in profitability

Gross profit for the year to-date went down by 6.7% or $419 million in comparison to $391 million in the prior year, while net profit nose-dived 38.5% J$53.4 million) to $84 million, down from the $138 million a year ago. Earnings per share contracted 38.2% in the second quarter to $0.064, down from $0.103 in the prior year.

Total assets as of April 30, 2026, were valued at $3.006 billion, an increase of $544 million or 22.1%, compared to the $2.462 billion recorded in 2025. This appreciation is due to the capital gain recognised from the recent revaluation of the 3-acre property designated for the construction of the Indies Pharma corporate headquarters. 

The asset growth highlights Indies Pharma’s continued robust financial position. The property in question has successfully obtained all necessary development and construction approvals from the relevant planning authorities.

Consequent to these approvals, the asset was revalued at US$7.5 million, marking a $435 million increase against the previous valuation conducted in September 2021. This appreciation directly contributed to a 30.6% growth in shareholders’ equity, which stood at $1.634 billion as of April 30, 2026, compared to $1.251 billion as of April 30, 2025. 

Total liabilities were recorded in the current year, Q2 2025-26, with a value of $ 1.372 billion compared to Q1 2024-25 of J$ 1.210 billion, an increase of 13.4%. This increase is due to the new NCB credit of $ 1 billion, which was used to retire the Sagicor bond of $805 million.